Valuation Using Price-to-NOA Multiple and PB Multiple

The following table provides summary data for Target and its competitors, Kohl's and Walmart.

(in millions)	Target	Kohl's	Wal-Mart
Company assumed value	--	$23,098	$237,306
Equity assumed value	--	$22,470	$198,288
Net operating assets	$25,652	$6,231	$100,591
Book value of equity	$15,633	$5,603	$61,573
Net nonoperating obligations (assets)	$10,109	$628	$39,018
Common shares outstanding	860 shares	321 shares	41 shares

(c) Compute the PB ratio for both Kohl's and Wal-Mart.

Round your answers to two decimal places. Kohl's Answer Wal-Mart Answer

(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 Answer.(Round to two decimal places.)

Use the rounded average calculated above to calculate the following: Equity intrinsic value $Answer million Equity intrinsic value per share $Answer