Based on the corporate valuation model, Gray Entertainment's total corporate value is $1,150 million. The company's balance sheet shows $120 million of notes payable, $300 million of long-term debt, $50 million of preferred stock, $180 million of retained earnings, and $800 million of total common equity. If the company has 30 million shares of stock outstanding, what is the best estimate of its price per share?

A. $22.44
B. $17.68
C. $22.67
D. $18.81
E. $26.07


Answer: C

Business

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