Your client is considering buying control of Sky High Software, an innovative software company. It expects to generate revenue of $400 million, EBIT of $82 million, and EBITDA of $100 million in the coming year. You have gathered the following data regarding comparable change-of-control transactions that have recently occurred:

Company

Pixel Software

Genesis Technology

Gates Software

Bezos Analytics

Virgin Technology

EV/Revenue

4.0

3.7

3.5

4.3

5.1

EV/EBIT

20.5

18.2

17.9

22.1

26.5

EV/EBITDA

15.2

14.3

13.7

15.8

20.7

Assuming your analysis suggests that Sky High is really just an 'average' software company, use the comparable transactions method to determine a reasonable valuation range for Sky High's enterprise value.

b. Upon further analysis, you now believe that Sky High is more nearly comparable to Virgin Technology. Use the comparable transactions method to determine a reasonable valuation range for Sky High's enterprise value under this new assumption.