The following figures are for X-Bakery. All figures except the stock price are in millions.

Fiscal year-end	20X3	20X2	20X1
Total stockholder's equity	$55.6	$54.10	$52.60
Net Revenues	$77.30	$73.60	$70.80
Net Income	$3.2	$1.10	$.40
Net CF from operations	$17.90	$15.20	$12.20
Stock Price	$11.40	$14.40	$12.05
Shares outstanding	4.476	3.994	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.

Lagging industry ratios	20X3
Price to earnings	8.6
Price to cash flow	4.6
Price to sales	1.4
Price to book value	3.6