You have gathered the following information for Company A as follows:

Recent share price $31.25

Shares outstanding 30 million

Total liabilities $115 million

Total assets $359.6 million

Net income $119.4 million

Interest expense $5.8 million

Depreciation $6.9 million

Amortization $2.3 million

Taxes $85.9 million

The average P/B (price per share divided by book value per share) ratio of comparable companies in Company A's industry is 4.81. Based on the comparable companies' P/B ratio, what should the intrinsic value of a share of Company A should be?

2. Financial managers tend to______

3. The first public sale of equity by a company is called a(n)______