Continue using the data in Exhibit 8.2 for GIS, CPB, and SJM to estimate the value per share of K using a BV multiple. Determine whether, based on this estimate, K is over- or underpriced at its May 1, 2019 price of $59.39. Discuss the validity of the result and what drives your conclusions.

CPB SJM EXHIBIT 8.2 Data for Valuation Using Balance Sheet Multiples (in millions) GIS Operating value $ $29,831 Equity value $ $20,430 NOA..... $22,604 $12,002 Book value of equity. $ 6,930 $ 2,601 NFL (NFA) .... $15,674 $ 9,401 Common shares outstanding. 599 shares 344 shares $21,099 $11,534 $10,834 $ 1,269 $ 9,565 301 shares $20,004 $13,967 $14,059 $ 8,022 $ 6,037 114 shares