P/S P/E

HEWLETT 1.06 10.3

LENOVO 0.27 23.7
0.67 17.00

average
multiple for sales dells dells number
comparables

sales 0.67 50,002 33,501

earning 17 2635.00 44,795
book value 2.8 7766.00 21,745
average 33,347

figure 4 cash flows for a $ 1.000, five year, 8 %. Coupon bond and a five year
for a bond
periodic cash coupon 100 100 100 100
cash at redemption
purchase price ($1.079,85
cf 100 100 100 100
1.08 1.17 1.26 1.36
92.59 85.73 79.38 73.50
 P/B
2.2
3.3
2.75 6.805

outstanding
dell valuation 1,918
shares

17.5
23.4
11.3
17.39

oupon bond and a five year

100
1000

1100
1.47 100/(1+i)^t I = 8%
748.64 1,079.85