On October 9, 2002, the seven auto manufacturers publicly traded in the United States were as follows:

Manufacturer Market Cap Earnings Manufacturer Market Cap Earnings Volvo (ADR) $5.7 −$0.18 DaimlerChrysler $32.3 $4.63 Ford $14.1 −$5.30 Honda (ADR) $37.7 $3.09 GM $18.8 $1.83 Toyota (ADR) $87.3 $4.51 Nissan (ADR) $27.0 $2.55

(All quoted dollars are in billions. Ignore debt. ADR means American Depositary Receipt, a method by which foreign companies can list on the New York Stock Exchange.) On the same day, Yahoo! Germany reported that Volkswagen AG had earnings of 3.8 billion euros. In terms of sales, Volkswagen was most similar to Volvo and Ford. What would you expect Volkswagen to be worth?What assumptions are you making?