Enterprise Market Value: General Mills and Hewlett-Packard (Medium)
a. General Mills, Inc., the large manufacturer of p ackaged foods, reported the following in its annual report for the year ending May 29, 2011 (in millions):
The short-term borrowing and long-term debt are carried on the balance sheet at approximately their market value. The firm's 644.8 million shares traded at $36.50 per share when the annual report was released. From these numbers, calculate General Mills's enterprise market value (the market value of the firm).
b. Hewlett-Packard, the computer equipment manufacturer and systems consultant, had 2,126 million shares outstanding in May 2011 , trading at $41 per share. Its most recent quarterly report listed the following (in millions):
Calculate the enterprise market value of Hewlett-Packard. The question requires you to consider the treatment of the interest-bearing debt investments. Are they part of the enterprise?
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