Dave & Buster's Entertainment, Inc. (PLAY)

Market price: $7.58

3 valuation methods

• P / B: $2.50 to $4.53 (midpoint $3.54)
• EV / Revenue: $2.02 to $38.33 (midpoint $12.26)
• EV / EBITDA: $21.84 to $106.30 (midpoint $44.97)

Debt is most of what funds this company — its shares are about 15% of its total enterprise value. The enterprise-value bars here (2) value the whole business and then subtract the debt, so a small difference in the business's value becomes a large one per share. That is arithmetic, not a fault in the estimate, but it is why those ranges are wide.