Using the information in Exercise 20-38 for Yum! Brands, determine the estimated valuation of the company at the end of 2019 using each of the following three methods (round answers to the nearest whole dollar). Assume earnings and cash flows for the coming 10 years are equal to the earnings and cash flows in 2019. The appropriate free cash flow multiplier is 23.4. 

a. Market capitalization.

b. Enterprise value.

c. Free cash flow multiple.

Exercise 20-38

Consider the following balance sheet and income statement for Yum! Brands Inc. (the company that operates Kentucky Fried Chicken and Pizza Hut), in condensed form, including some information from the cash flow statement:

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Yum! Brands Inc. (millions) 2019 2018 2017 Balance Sheet Cash and short-term investments $ 743 $ 443 $ 1,723 Accounts receivable 623 597 575 Inventory 13 196 Other current assets 161 167 Long-lived assets Total assets 3,704 5,231 2,923 4,130 2,804 5,311 $ 1,301 12,056 $1,541 13,247 (8,016) $5,231 $ 1,512 11,645 (6,334) $ 5,311 Current liabilities Total liabilities Shareholders' equity Total liabilities and equity (7,926) $ 4,130 Income Statement $5,597 1,235 $ 5,688 1,634 $ 5,878 2,954 Sales Cost of sales $ 4,054 $ 2,924 $ 2,719 Gross margin $4,362 Earnings before interest and taxes $1,859 $ 2,291