Valuation Using Income Statement Multiples The following table provides summary data for Target and its competitors, Kohl's and Wal-Mart. (in millions) Company assumed value Equity assumed value NOPAT Net income Net nonoperating obligations (assets) Target -- $3,159 Kohl's Wal-Mart $23,098 $237,306 $22,470 $198,288 $995 $12,105 $2,686 $1,109 $12,178 $10,109 $628 $39,018 Common shares outstanding 860 shares 321 shares 41 shares (a) Compute the price to NOPAT ratio for both Kohl's and Wal-Mart. Round your answers to two decimal places. Kohl's 3.71 Wal-Mart 2.36 (b) Use Kohl's and Wal-Mart as comparables, along with the company value to NOPAT ratios from part (a), and then estimate for Target its company intrinsic value, its Round the intrinsic value and equity intrinsic value to the nearest million and the value per share to the nearest cent. Average of the two rounded ratios in (a) above 3.03 x (Round to two decimal places.) Use your rounded answer above to calculate the following: Intrinsic value $ 77,803 x million Equity intrinsic value $ 67.694 xmillion