3. Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of December 31, 2013 for Stellar Stores, Inc. Horizon Period (in Reported Terminal millions) 2013 2014 2015 2016 2017 Period Sales $37,006 $44,777 $54,180 $65,558 $79,325 $80,912 NOPAT 1,292 1,563 1,891 2,288 2,768 2,824 NOA 10,007 102 14,643 17,718 21,439 21,868 Assuming a terminal period growth rate of 2%, a discount rate (WACC) of 8%, common shares outstanding of 814.3 million, and net nonoperating obligations (NNO) of $1,676 million, estimate the value of a share of Stellar common stock using the discounted cash flow (DCF) model as of December 31, 2013. a. $23.59 b. $32.95 C. $25.23 d. $31.06 Cambridge Business Publishers, @2015 Practice Quiz, Module 13 13-1