Photon Inc. is considering acquiring a competitor firm and has collected information about its two major competitors to determine which one is most undervalued. These two firms are JNJ and PFE. The information that Photon Inc retrieved about the competitors are contained in the table below:

	JNJ	PFE
Projected annual earnings per share growth rate	7.9%	4.8%
Current earnings per share (2018)	$5.32	$3.34
Share prices 30 June 2018	$68.50	$25.70

Furthermore, the industry average P/E ratio and projected 5-year growth rate are 19.7 and 11.6%, respectively.

Use the information above to determine which firm is a more attractive takeover target when they are compared. Show all your workings.