Valuation Using Price-to-NOA Multiple The following table provides summary data for Cerner Corporation and its competitors, Eclipsys Corporation and McKesson Corporation.

(in millions)	Center	Eclipsys	McKesson
Company assumed value	--	$1,090	$17,619
Equity assumed value	--	$1,090	$15,670
Net operating assets	$1,328	$248	$8,454
Book value of equity	$1,132	$248	$6,505
Net nonoperating obligations (assets)	$196	$0	$1,949
Common shares outstanding	80.4 shares	54.0 shares	288.8 shares

(a) Compute the price to net operating assets ratio for both Eclipsys and McKesson. (Round your answers to two decimal places.) Eclipsys Answer McKesson Answer (b) Use Eclipsys and McKesson as comparables, along with the rounded price to NOA ratios from part (a), and then estimate for Cerner its company intrinsic value, its equity intrinsic value, and its equity intrinsic value per share. (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 Answer (Round to two decimal places.)

Using the rounded average calculation above, calculate the following: Intrinsic value $Answer million Equity intrinsic value $Answer million Equity intrinsic value per share $Answer