(A) Assume a discount rate (WACC) of 12%, common shares outstanding of 5,029 million, and net nonoperating obligations (NNO) of $37,113 million (NNO is negative which means that Cisco has net nonoperating investments).

Estimate the value of a share of Cisco common stock as of July 30, 2016 using the discounted cash flow (DCF) model and sales, NOPAT and NOA forecast in (e).

2016 Sales, rounded

$37,254

NOPAT

11,165

NOA

26,472

2017 Sales 37,999

NOPAT11,388

NOA27,001