Valuation Using Income Statement Multiples The following table provides summary data for Target and its competitors, Kohl's and Wal-Mart. (in millions) Target Kohl's Wal-Mart Company assumed value -- $13,255 $251,159 Equity assumed value -- $9,254 $209,830 NOPAT $3,788 $902 $16,421 Net income $3,363 $673 $14,694 Net nonoperating obligations (assets) $8,714 $4,001 $41,329 Common shares outstanding 640.2 shares 186.0 shares 3,162.0 shares (a) Compute the price to NOPAT ratio for both Kohl's and Wal-Mart. Round your answers to two decimal places. Kohl's Answer Wal-Mart Answer (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 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.) Use your rounded answer above to calculate the following: Intrinsic value $Answer million Equity intrinsic value $Answer million Equity intrinsic value per share $Answer