E15.11. Pro Forma Analysis and Valuation: Nike, Inc. (Medium) At the end of fiscal year 2008, Nike reported $5,806 million in net operating assets and common shareholders' equity of $7,797 million. Develop a pro forma and valuation at the end of fiscal year 2008 with the following forecasts. Then calculate the per-share value of the 491.1 million shares outstanding at the end of fiscal year 2008. Use a required return for operations of 8.6 percent and forecast that residual operating income will grow at an annual rate of 4 percent after 2012. Forecast 2009E 2010E 2011E 2012E Sales growth rate 10.0% 9.0% 8.0% 7.0% Core profit margin 9.0% 8.5% 8.0% 7.5% Asset turnover 3.4 3.4 3.5 3.6 (After working this exercise, you might go to the BYOAP feature on the Web site and develop alternative forecasts and valuations for Nike using the technology there.)