Book 6 Exam 3 PM - Q70 on EVA + MVA balance, include, equity

hanvinh

In Q70, Book Value per Share is calculated using the balance sheet values for Common and RE as follows:
((Common Stock + Retained Earnings) / Share Outstanding) + EPS net of dividends
However, when calculating MVA, the Market Value is calculated as
(Shares Outstanding x Market Price) + MV of Debt
I see that this is also stated in the book (Bk 4 pg 294).
Why does book value of equity include RE, but market value ignores it? Is the RE assumed to me implicit in the stock price?
I think I’m missing something basic here. Any help is appreciated.