How much was the company worth at the end of 1987? (Equity value & enterprise value) Exhibit

How much was the company worth at the end of 1987? (Equity value & enterprise value)

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Exhibit 3 Consolidated Balance Sheets for RJR Nabisco, 1986-1987 (in millions of dollars). 1986 1987 Assets: Cash $827 $1,088 Net receivables 1,675 1,745 Inventories 2,620 2,678 Other current assets 273 329 Property, plant and equipment, net 5,343 5,847 Goodwill and other intangibles 4,603 4,525 Net assets of discontinued operations 716 Other assets 644 649 Total assets $16,701 $16,861 Liabilities: Notes payable $518 $442 Accounts payable 2,923 3,187 Current portion of long-term debt 423 162 Income taxes payable 202 332 Long-term debt 4,833 3,884 Deferred income taxes 751 846 Redeemable preferred stock 291 173 Other noncurrent liabilities 1,448 1,797 Total liabilities $11,389 $10,823 Stockholders' equity 5,312 6,038 Total liabilities and stockholders' equity $16,701 $16,861 Exhibit 3 Consolidated Balance Sheets for RJR Nabisco, 1986-1987 (in millions of dollars). 1986 1987 Assets: Cash $827 $1,088 Net receivables 1,675 1,745 Inventories 2,620 2,678 Other current assets 273 329 Property, plant and equipment, net 5,343 5,847 Goodwill and other intangibles 4,603 4,525 Net assets of discontinued operations 716 Other assets 644 649 Total assets $16,701 $16,861 Liabilities: Notes payable $518 $442 Accounts payable 2,923 3,187 Current portion of long-term debt 423 162 Income taxes payable 202 332 Long-term debt 4,833 3,884 Deferred income taxes 751 846 Redeemable preferred stock 291 173 Other noncurrent liabilities 1,448 1,797 Total liabilities $11,389 $10,823 Stockholders' equity 5,312 6,038 Total liabilities and stockholders' equity $16,701 $16,861