Valuation Using the PE Multiple The following table provides summary data for Applied Materials Inc. and its competitors, KLA Tencor Corporation and Lam Research Corporation. (in millions) Applied Materials KLA Tencor Lam Research Company assumed value $20,513 $26,202 Equity assumed value $18,829 $27,143 NOPAT $3,477 $ 1,145 $ 2,342 Net income $3,313 $ 1,176 $2,191 Net nonoperating obligations (assets) $(289) $1,684 $(941) Common shares outstanding 923.8shares 159.3 shares 144.5 shares a. Compute the price to net income ratio for both KLA Tencor Corporation and Lam Research Corporation. Round answers to two decimal places, when applicable. Price to Net income ratio KLA Tencor 17.44 X Lam Research 11.97 x b. Use KLA Tencor Corporation and Lam Research Corporation as comparables, along with the price to net income ratios from part a, and then estimate for Applied Materials its equity intrinsic value, its equity intrinsic value, and its equity intrinsic value per share. Round equity intrinsic values to the nearest million. Round equity intrinsic value per share to two decimal places. Note: Leave "Company intrinsic value" answer blank or enter zero. Applied Materials Company intrinsic value $ Equity intrinsic value $ Equity intrinsic value per share $ 0 million 0 x million 0 x