Suppose Rocky Brands has earnings per share of $2.24 and EBITDA of $30.4 million.

The firm also has 5.6 million shares outstanding and debt of $140 million (net of cash). You believe Deckers Outdoor Corporation is comparable to Rocky Brands in terms of its underlying business, but Deckers has no debt. If Deckers has a P/E of 12.9 and an enterprise value to EBITDA multiple of 7.1, estimate the value of Rocky Brands stock using both multiples. Which estimate is likely to be more accurate?