Valuation Using Price-to-NOA Multiple The following table provides summary data for Cerner Corporation (CERN) and its competitors, Allscripts Healthcare Solutions Inc. (MDRX) and McKesson Corporation (MCK).

(in millions)	CERN	MDRX	MCK
Company assumed value	--	$2,063	$21,063
Equity assumed value	--	$1,607	$19,962
Net operating assets	$4,296	$2,007	$ 9,195
Book value of equity	$4,928	$1,551	$ 8,094
Net nonoperating obligations (assets)	$(632)	$456	$ 1,101
Common shares outstanding	318.4 shares	166.7 shares	184.9 shares

(a) Compute the price to net operating assets ratio for both Allscripts Healthcare and McKesson. (Round your answers to two decimal places.) MDRX Answer MCK Answer (b) Use Allscripts Healthcare and McKesson as comparables, along with the price to NOA ratios from part a, and then estimate for Cerner its company intrinsic value, its equity intrinsic value, and its equity intrinsic value per share. (Round the intrinsic value and equity intrinsic value to the nearest million and the value per share to the nearest cent.) Average of the two rounded ratios in (a) above Answer (Round to two decimal places.)

Using the rounded average calculation above, calculate the following: Intrinsic value $Answer million Equity intrinsic value $Answer million Equity intrinsic value per share $Answer