Thanks for the answer, but I have used both the per share calculation and the aggregate value of business to calculate intrinsic value per share (IVPS). The final figure does not match up.
My take is that shares outstanding each year which affects the values of BVPS and Dividends Per Share is different each year. Obviously these two inputs will affect the final IVPS.
That being said, the IVPS would not be the same if you did calculation based on the aggregate value of business ( calculated with annual total equity and annual total dividends ) first. Then divide with last year shares outstanding.
Am I missing something here?