Valuation Using Price-to-NOA Multiple and PB Multiple The following table provides summary data for Target Corp. and its competitors, Kohl’s Corp. and Walmart Stores Inc.

(in millions) Target Kohl’s Walmart Company assumed value. . . . . . . . . . . . . . . . . . . . . . . . . . . — $13,255 $251,159 Equity assumed value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ 9,254 $209,830 Net operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,671 $ 9,492 $124,940 Book value of equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,957 $ 5,491 $ 83,611 Net nonoperating obligations (assets) . . . . . . . . . . . . . . . . . $ 8,714 $ 4,001 $ 41,329 Common shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . 640.2 shares 186.0 shares 3,262.0 shares Required

a. Compute the price to net operating assets ratio for both Kohl’s and Walmart.

b. Use Kohl’s and Walmart as comparables, along with the price to NOA ratios from part

a, and then estimate for Target its company intrinsic value, its equity intrinsic value, and its equity intrinsic value per share.

c. Compute the PB ratio for both Kohl’s and Walmart.

d. Use Kohl’s and Walmart as comparables, along with the PB ratios from part

c, and then estimate for Target its equity intrinsic value and its equity intrinsic value per share.