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Question 14.4: You are required to compute the MVA for 2009, 2010 and 2011 ...

You are required to compute the MVA for 2009, 2010 and 2011 from the estimated information for a large supermarket group.

2011 2010 2009
Number of shares 6.823 m 6.823 m 6.776 m
Share price 261 p 169 p 177 p
Adjusted net assets £5,000 m £4,769 m £4,377 m
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2011 2010 2009
Adjusted net assets £5,000 m £4,769 m £4,377 m
Market value   \underline{£17,808   m}   \underline{£11,531   m}   \underline{£11,995   m}
MVA   \underline{£12,808   m}   \underline{£6,762   m}   \underline{£7,618   m}

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