This is the question that I couldn't solve:
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Here is how I would approach that problem:
1) Find the average ratios of the competitors:
P/E = (8.7 + 15.5 + 21.1 + 4.3 + 11.9 + 9.9) / 6 = 11.9 P/B = (1.2 + 0.8 + 1.9 + 0.3) / 4 = 1.05
2) Find the earnings and book value per share of Hawaiian
EPS: 57.63 / 53 = 1.087 BVPS: 85.67 / 53 = 1.62
3) Multiply the EPB and BVPS by the average ratios.
Note that you get two very different numbers. This illustrates why pricing from ratios is inexact. How you use those answers to estimate a "price" is up to you. You can take the higher of the two, the average, the P/E result since you have more data points, or whatever other method you feel you can justify. There is no "right" answer since no one can accurately predict the future price of any stock.