In this workout, we're being asked to calculate the share price for Juno Ltd. And we've got some information for Juno Ltd on screen. We're also asked to do this using the information about Peacock Inc, a close comparable. So what we're going to do is we're to go up and over the bridge for Peacock. So we'll calculate the market cap over, go over the bridge to get to EV and then calculate an EV/EBITDA for peacock. So let's do that! We start with the market capitalization or equity value. Being the share price times by the shares outstanding and that comes out as 1,200. I want to then get from that market cap or equity value to EV. So I take my market cap, I add on the debt, subtract off cash and cash equivalents (so basically add on net debt). That gets me an enterprise value of 1,430. I can now divide that by EBITDA to get me a multiple of 11. And let's just change the formatting in there to make it a multiple. Now because these are close comparable companies, we might be able to say that Juno will use the same multiple of 11. So if I take that multiple and multiply it by EBITDA. I'll get Juno's implied enterprise value. 660 Now I've got Juno's implied enterprise value, I could work out an implied market capitalization. Take EV, I add on cash and cash equivalents, subtract off debt. So I basically subtract net debt. To get me to market cap. Divide the market cap by 59 shares outstanding and thus I have an implied share price for Juno of 10.