Question: I need help figuring out the bottom figures. I have not idea what the formulas are. Please help Harley-Davidson Inc. 2004 ($ millions) Net income

I need help figuring out the bottom figures. I have not idea what the formulas are. Please help

Harley-Davidson Inc. 2004 ($ millions)

Net income $889.77

Number of common shares, millions 294.31

Earnings before interest and tax $1,402.30

Tax rate 35.5%

Book value interest-bearing debt $1,295.44

Total Sales $5,320.45

Total Assets $5,483.29

Price/earnings X

MV firm/EBIT(1 - tax rate) X

MV equity/BV equity X

MV firm/BV firm X

Price/sales (x) X

MV firm/sales (x) X

Step 4 - The implied value of HOG common stock per share for each indicator of value is: Price/earnings

MV firm/EBIT(1 - tax rate)

MV equity/BV equity

MV firm/BV firm

Price/sales

MV firm/sales

Average implied value Check Figure Cell B52 = $62.23

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