Valuation Using Price-to-NOA Multiple and PB Multiple The following table provides summary data for Target Corp. and its competitors, Kohl's Corp. and Walmart Stores Inc. (in millions) Target Kohl's Wal-Mart Company assumed value $13,487 $322,123 Equity assumed value $10,922 $272,541 Net operating assets $22,640 $8,092 $122,082 Book value of equity $11,300 $5,527 $ 72,500 Net nonoperating obligations (assets) $11,340 $2,565 $49,582 Common shares outstanding 510.9 shares 159.0 shares 2,844.0 shares (a) Compute the price to net operating assets ratio for both Kohl's and Wal-Mart. Round your answers to two decimal places. Kohl's Wal-Mart (b) Use Kohl's and Walmart as comparables, along with the price to NOA ratios from part a, and then estimate for Target its company intrinsic value, its equity intrinsic value, and its equity intrinsic value per share. Average of the two rounded ratios in (a) above (Rounded to two decimal places.) Use your rounded answer above to calculate the following: Round company intrinsic value and equity intrinsic value to the nearest million. Round equity intrinsic value to the nearest cent. Company intrinsic value $ million Equity intrinsic value $ million Equity intrinsic value per share $ (c) Compute the PB ratio for both Kohl's and Wal-Mart. Round your answers to two decimal places. Kohl's Wal-Mart (d) Use Kohl's and Wal- Mart as comparables, along with the PB ratios from part (c), and then estimate for Target its equity intrinsic value and its equity intrinsic value per share. Round the equity intrinsic value to the nearest million and the value per share to the nearest cent. Average of the two rounded ratios in (c) above (Round to two decimal places.) Use the rounded average calculated above to calculate the following: Equity intrinsic value $ million (c) Compute the PB ratio for both Kohl's and Wal-Mart. Round your answers to two decimal places. Kohl's Wal-Mart (d) Use Kohl's and Wal-Mart as comparables, along with the PB ratios from part (c), and then estimate for Target its equity intrinsic value and its equity intrinsic value per share. Round the equity intrinsic value to the nearest million and the value per share to the nearest cent. Average of the two rounded ratios in (C) above (Round to two decimal places.) Use the rounded average calculated above to calculate the following: Equity intrinsic value $ million Equity intrinsic value per share $ Check