Question $23(1$ point$)$

Coconut Inc. is a private firm that produces industrial laser equipment. It has expected EBIT of $$5\mathrm{.}5$ million this year. The company currently has $21\mathrm{.}0$ million shares, $$8\mathrm{.}5$ million cash, and no debt. It also has a plan to issue $50\mathrm{.}0$ million shares. Calculate the share price of Coconut Inc. based on the average EBIT multiple of similar companies:

$\backslash$table$[[,$Ray Products Corp.,Byce$-$Frasier, Inc.,Fire Industries$],[$Market value of equity,$260,250,140],[$Value of debt,$35,35,20],[$Cash$,6,15,3],[$EBIT$,20,17,12]]$

Instructions: Round the result to two decimal places and do not put the $"$$$"$ symbol in the answer box. For example if you get a result of $$17\mathrm{.}8492$ then write $17\mathrm{.}85$ in the answer box below.

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