b. The following figures are for X-Bakerv. All figures except the stock price are in millions Fiscal vear-end Total stockholder's S55.60 20X3 20X2 $54.10 20x1 $52.60 Lll Net revenues Net income Net CF from operations Stock price Shares outstandin $77.30 $3.20 $17.90 $73.60 $1.10 $15.20 $70.80 $0.40 $12.20 $11.40 4.476 $14.40 3.994 $12.05 3.823 Calculate X-Bakery's lagging P/E, P/CF, P/S, and P/B ratios. Judge whether the firm is undervalued or overvalued using the following relevant industry averages for 20X3 and the firm's historical record. (6 points) Lagging industry ratios Price-to-earnings Price-to-cash flow Price-to-sales Price-to-book value c. The forecast for the forward earnings per share for the S&P500 was about $55. The 10 year Treasury bond yield at this time was about 4.1%. Given that the earnings yield on the S&P 500 is most recently about 0.5% above the 10-year Treasury yield, what would be the implied P/E ratio? What would be the forecast for the level of the S&P500 then? (3 points) 20X3 8.6 4.6 3.6