ABC group is privately held and considering the sale of the company to an outside buyer. net sales of $2.12 million, EBITDA of $11.1 million and net income of $2.9 million. $12 MILLION in debt. Compared to 3 companies in the industry and will bench mark its value off the AVERAGE of these companies. no surplus cash is being held by any.

                                  Group X                     Group Y              Group Z

net sales                  25,000,000                 37,500,000       80,000,000

ebitda                         12,500,000             20,000,000        37,500,000

net income                    2,500,000          3,000,000         10,000,000

equity value                 45,000,000        60,000,000      160,000,000

interest baring debt      15,000,000        20,000,000    40,000,000

Assume you must use the average of the 3 companies which benchmark P&L line item will provide the highest equity value of ABC group.