Solution for QID #72544: Company D's IPO (initial public offering). just finished | StudyHelpMe

Company D's IPO (initial public offering). just finished and the shares will be listed tomorrow. Companies A, B and C, which are in the same industry, are all listed and trade at a forward P/E (price-to-earnings) multiple of 12x. If company D expects to have earnings of $35 million in the next twelve months and shares outstanding are 10 million, what would you expect company D's share price to be when it starts trading based on comparable analysis?