CE8.16 Using the data in Exhibit 8.2 for GIS, CPB, and SJM. estimate the value per share of K using an NOA multiple. Additional information for the process is that the operating value and equity value of GIS are $40,409 and $30,735, respectively. Detemine whether, based on this estimate. K is over- or underpriced at its May 1,2019 price of $59,39. For each company shown in Exhibit 8.2, NOA, book value of equity, amount owed to debt holders, and common shares outstanding are found from the most recent quarter balance sheets using an approach similar to our previous analysis of the balance sheet data. For the comparable companies, the equity value is equal to the closing price per share at May 1,2019 (the date of our valuation), multiplied by common shares outstanding per the most recent financial statements. Also, for the companble companies, the operating value is equal to the equity value plus the book value of amounts owed to debt holders per the most recent financial statements. 5