Valuation Using Price-to-NOA Multiple The following table provides summary data for Cerner Corporation and its competitors, Eclipsys Corporation and McKesson Corporation. (in millions) Company assumed value Equity assumed value Net operating assets Book value of equity Net nonoperating obligations (assets) Common shares outstanding Center Eclipsys McKesson $1,110 $17,119 $1,110 $15,270 $1,328 $208 $8,354 $1,132 $208 $6,505 $196 $0 $1,849 80.4 shares 54.0 shares 288.8 shares (a) Compute the price to net operating assets ratio for both Eclipsys and McKesson. (Round your answers to two decimal places.) Eclipsys 4.1 x McKesson 2.13 (b) Use Eclipsys and McKesson as comparables, along with the rounded 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 3.12 x (Round to two decimal places.) Using the rounded average calculation above, calculate the following: Intrinsic value $ 4,143.36 x million Equity intrinsic value $ 3,947 x million Equity intrinsic value per share $ 49