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Problem $17-13$ Private Equity Valuation $($LO$2,$ CFA$4)$

Robbin Partners, a private equity fund, has identified Nest Corporation as a potential acquisition target. Nest has an EBITDA of $$38$ million. Robbin knows that these similar deals have recently closed:

$\backslash$table$[[$Company$,$EBITDA,Valuation$],[$Shell Technologies,$$28$ million,$$134\mathrm{.}4$ million$],[$Layer Company,$$43$ million,$$184\mathrm{.}9$ million$],[$Case Partners,$$33$ million,$$174\mathrm{.}9$ million$]]$

Based on the above transactions:

a$.$ What is the average price multiple?

Note: Do not round intermediate calculations. Round your answer to $1$ decimal place.

Average

b$.$ Using the valuation multiple from part $($a$),$ what is the estimated value of Nest Corporation?

Note: Do not round intermediate calculations. Enter your answer in millions. Round your answer to $1$ decimal place.

Estimated value million