1. The following table provides summary information for J Corp. and its competitors K, Inc. and L Company. Use the information to compute the price to net operating assets ratio for K and L. In addition, using K and L as comparables, compute Js intrinsic value, equity intrinsic value and equity intrinsic value per share.
	(All amounts in millions)		J	K	L
	Company assumed value			57,250	36,178
	Equity assumed value			42,865	35,024
	Net operating assets		2,690	7,974	4,085
	Book value of equity		1,075	4,587	3,241
	Net nonoperating obligations		703	4,387	344
	Common shares outstanding		92.4	325.8	185.4