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.

(Please show calculations on how to determine the estimate)

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