The table above shows the stock prices and multiples for a number of firms in the newspaper publishing industry. Another newspaper publishing firm (not shown) had sales of $640 million, EBITDA of $84 million, excess cash of $67 million, $14 million of debt, and 120 million shares outstanding. If the enterprise value to sales for comparable businesses is used, which of the following is the range of reasonable share price estimates?

Question options:

	$4.59 to $12.23
	$6.19 to $9.32
	$6.27 to $8.86
	$1.15 to $1.53

Name	Market Capitalization ($ million)	Enterprise Value ($ million)	P/E	Price/ Book	Enterprise Value/ Sales	Enterprise Value/ EBITDA
Gannet	6350	10,163	7.36	0.73	1.4	5.04
New York Times	2423	3472	18.09	2.64	1.10	7.21
McClatchy	675	3061	9.76	1.68	1.40	5.64
Media General	326	1192	14.89	0.39	1.31	7.65
Lee Enterprises	267	1724	6.55	0.82	1.57	6.65
Average			11.33	1.25	1.35	6.44
Maximum			+60%	112%	+16%	+22%
Minimum			-40%	-69%	-18%	-19%