Question: Valuation Using a Balance Sheet Multiple Chipotle Mexican Grill reports total book value of $1,538 million and common shares outstanding of 27.72 million. The average

Valuation Using a Balance Sheet Multiple

Chipotle Mexican Grill reports total book value of $1,538 million and common shares outstanding of 27.72 million. The average PB ratio for restaurant companies is 16.35. Using the industry average PB ratio, estimate the intrinsic value of Chipotle Mexican Grills equity.

Round answer to two decimal places.

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