3. Suppose that Valero energy Company reported the following forecasted financial data. The cost of capital of the company is 10%. The company has currently a net non-operating liabilities (NNO) balance of 44,970 and 10,500 shares. All values are given in millions. Required: (a) Determine the value per share of Valero, assuming the last forecasted Residual operating income (ROPI) grows at a constant rate of 1% indefinitely. (b) Calculate the value per share of Valero, if the last forecasted Residual operating income (ROPI) remains constant indefinitely. (c) Using the results from (a) and (b), and given the current market price of the stock is \$25, assess whether the stock is undervalued or overvalued