I am given the following problem and solution. Can someone just explain where the BOLD values in part B are coming from? ($60,000,000, $80,000,000, $200,000,000)

1. [Relative Value Concepts Using Multiples] The WestTek privately held venture is considering the sale of the venture to an outside buyer. WestTek has net sales = $21.2 million, EBITDA = $11.1 million, net income = $2.9 million, and interest-bearing debt = $12 million. Three publicly-traded comparable firms or competitors in the industry have the following net sales, EBITDA, net income, equity value or market capitalization (stock price times number of shares of common stock outstanding), and interest-bearing debt information:

EastTek SouthTek NorthTek
Net sales $25,000,000 $37,500,000 $80,000,000
EBITDA 12,500,000 20,000,000 37,500,000
Net Income 2,500,000 3,000,000 10,000,000
Equity Value 45,000,000 60,000,000 160,000,000
Interest-bearing 15,000,000 20,000,000 40,000,000

A. Calculate the enterprise value to net sales ratios for each of the three competitors (EastTek, SouthTek, and NorthTek), as well as the average ratio for the competitors.

Enterprise value = equity value + interest-bearing debt

Equity value = market capitalization (i.e., stock price times shares outstanding)

EastTek: ($45,000,000 + $15,000,000)/$25,000,000 = 2.40

SouthTek: ($60,000,000 + $20,000,000)/$37,500,000 = 2.13

NorthTek: ($160,000,000 + $40,000,000)/$80,000,000 = 2.50

Average: (2.40 + 2.13 + 2.50)/3 = 7.03/3 = 2.34

B) Calculate the enterprise value to EBITDA ratios for each of the three competitors, as well as the average ratio for the competitors.

EastTek: $60,000,000/$12,500,000 = 4.80

SouthTek: $80,000,000/$20,000,000 = 4.00

NorthTek: $200,000,000/$37,500,000 = 5.33

Average: (4.80 + 4.00 + 5.33)/3 = 14.13/3 = 4.71