Use the following information obtained for the pharmaceutical industry to work out the implied share value of Novartis AG (NVS), one of the largest pharmaceutical companies in the world. Earnings per Book Value Company Ticker Price per Share Share per Share Abbott Labs ABT $54 $3 $14 Bristol-Myers-Squibb BMY $25 $2.5 $7 GlaxoSmithKline GSK $40 $4 $6 Johnson & Johnson JNJ $62 $4.5 $18 Merck MRK $36 $3.8 $10 Pfizer PFE $18 $1.2 $8 Required: Complete all questions below by filling in your answers. Note: Please provide your answer with two decimal points in the format of xx.xx (for example, if the answer is $1.234, type in 1.23). (a) Assuming that Novartis AG (NVS) has an EPS of $3.3, based upon the average P/E ratio for its competitors, Novartis' stock price is closest to: $ (b) Assuming that Novartis AG (NVS) has a book value of $20 per share, based upon the average price-to-book ratio for its competitors, Novartis' stock price is closest to: $