Holding all other factors constant, which of the following securities would be most attractive to a portfolio manager who looks for value?

Stock K = 2.25M shares, annual earnings of $2,772,000, current price $26.50

Stock L = 5M shares, annual earnings of $2,580,000, current price $11.50

Stock M = 10M shares, annual earnings of $5,650,000, current price $14.10

Stock N = 3M shares, annual earnings of $2,465,000, current price $15.40

PLEASE SHOW EXCEL CALCULATIONS