In doing our P/E multipole, you need to choose which year to go for We could use last 12 months, calendar year 1 or calendar year 2 I'm going to go with the P/E multiple from calendar year 2 To have some consistency with the EV/EBITDA multiple that we've already done But you could include calendar year 1 as well, you could include last 12 months as well if you really wanted to So we start off by going and finding our calendar year 2 multiple We'll find that multiple on the comparable valuation tab There are three companies to choose from to compare to Tumi. That was Samsonite, Burberry and LVMH And we're going to exclude Burberry because Burberry has a negative long term EPS growth rate So it's between Samsonite and LVMH. We'll take LVMH as our low and we'll take Samsonite as our high I'm also taking consistent companies. With the EV/EBITDA multiple we did earlier, that was traded comps My P/E is also coming from trading comps, I want to try and have some consistency It's quite interesting though that the high and low have actually swapped aroun I need to take that multiple and multiply it by the fully diluted EPS, so calendarized year 2 Fully diluted EPS We're going to find that on the Tumi 1 tabs, that's supplying data to our trading comps There's the EBITDA that we would use for an EV/EBITDA multiple but we're looking for EPS going to our P/E. So that's 1.08 I'm going to lock that, so I can then copy that to the right I can now multiply the multiple and the EPS together to get to my implied share price By copying that to the right, I've now got my implied share price range between 17.57 and 17.76