Valuation Using the PB Multiple Refer to information given below to complete the requirements. The following table provides summary data for Cerner Corporation and its competitors, Eclipsys Corporation and McKesson Corporation.

(in millions)	Center	Eclipsys	McKesson
Company assumed value	--	$1,140	$17,519
Equity assumed value	--	$1,140	$15,570
Net operating assets	$1,328	$228	$8,454
Book value of equity	$1,132	$228	$6,505
Net nonoperating obligations (assets)	$196	$0	$1,949
Common shares outstanding	80.4 shares	54.0 shares	288.8 shares

(a) Compute the PB ratio for both Eclipsys and McKesson. (Round your answers to two decimal places.) Eclipsys Answer McKesson Answer (b) Use Eclipsys and McKesson as comparables, along with the rounded PB ratios from part (a), and then estimate for Cerner its equity intrinsic value and its equity intrinsic value per share. (Round the 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 calculated above, calculate the following: Equity intrinsic value $Answer million Equity intrinsic value per share $Answer