Answer the following requirements assuming a terminal period growth rate of 1%, a discount rate (WACC) of 6%, common shares outstanding of 602 million, and net nonoperating obligations (NNO) of $8,488 million.

Estimating Share Value Using the DCF Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 30, 2016 Reported Horizon Period Terminal $ millions 2016 2017 2018 2019 2020 Period Sales $73,341 $74,808 $76,304 $77,830 $79,387 $80,181 NOPAT 3,300 3,366 3,434 3,502 3,572 3,608 NOA 22,002 22,442 22,891 23,349 23,816 24,054 Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of January 30, 2016. Instructions: Round all answers to the nearest whole number, except for discount factors and stock price per share. Round discount factors to 5 decimal places. Round stock price per share to two decimal places. Do not use negative signs with any of your answers. Forecast Horizon 2018 2019 Terminal Period 2017 2020 Reported ($ millions) 2016 Increase in NOA FCFF (NOPAT - Increase in NOA) Discount factor [1/(1+rw)t] Present value of horizon FCFF Cum. present value of horizon FCFF $ Present value of terminal FCFF Total firm value NNO Firm equity value $ Shares outstanding (millions) Stock price per share $ Estimating Share Value Using the DCF Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 30, 2016 Reported Horizon Period Terminal $ millions 2016 2017 2018 2019 2020 Period Sales $73,341 $74,808 $76,304 $77,830 $79,387 $80,181 NOPAT 3,300 3,366 3,434 3,502 3,572 3,608 NOA 22,002 22,442 22,891 23,349 23,816 24,054 Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of January 30, 2016. Instructions: Round all answers to the nearest whole number, except for discount factors and stock price per share. Round discount factors to 5 decimal places. Round stock price per share to two decimal places. Do not use negative signs with any of your answers. Forecast Horizon 2018 2019 Terminal Period 2017 2020 Reported ($ millions) 2016 Increase in NOA FCFF (NOPAT - Increase in NOA) Discount factor [1/(1+rw)t] Present value of horizon FCFF Cum. present value of horizon FCFF $ Present value of terminal FCFF Total firm value NNO Firm equity value $ Shares outstanding (millions) Stock price per share $