You work at an investment bank that is considering buying all of the equity in a small privately-held enterprise. The target firm’s recent earnings were $15,723,080, and it has 4,325,000 shares outstanding. Your boss has suggested that you use the comparative P/E Ratio for another similar firm to put a reasonable price on the stock. The comparative firm your supervisor has identified recently announced earnings of $49,129,047, and it has 4,535,000 shares outstanding. This firm’s stock is selling at $172 per share. Use the comparable P/E ratio to estimate a reasonable price for the shares and overall equity of the target firm.