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 $46,409 and $30,735 respectively. Determine whether, based on this estimate, K is over or underpriced at its May 1, 2019, price of $59.39.

EXHIBIT 8.2 Data for Valuation Using Balance Sheet Multiples GIS (in millions) Operating value Equity value. NOA..... Book value of equity. NFL (NFA) .... Common shares outstanding. $ $ $22,604 $ 6,930 $15,674 599 shares EA CA K $29,831 $20,430 $12,002 $ 2,601 $ 9,401 344 shares CPB $21,099 $11,534 $10,834 $ 1,269 $9,565 SJM $20,004 $13,967 $14,059 $8,022 $ 6,037 301 shares 114 shares