Valuation Using Price-to-NOA Multiple and PB Multiple 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 $22,598 $217,306 Equity assumed value $21,970 $178,288 Net operating assets $23,152 $6,231 $100,591 Book value of equity $15,633 $5,603 $61,573 Net nonoperating obligations (assets) | $7,519 $628 $39,018 Common shares outstanding 860 shares 321 shares 41 shares (a) Compute the price to net operating assets ratio for both Kohl's and Wal-Mart. Round your answers to two decimal places. Kohl's 14.7 Wal-Mart 15.29