Assume a discount rate (WACC) of 10%, 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).

(f) Estimate the value of a share of Cisco common stock using the discounted cash flow (DCF) model as of July 30, 2016;

Having a hard time finding the correct value of share of common stock...

Cisco Systems Inc. Consolidated Statements of Income Years Ended December (S millions) July 30, 2016 July 25, 2015 Venue $37,750 11411 49.161 Product Service otal revenue st of sales Product Service $37,254 49.247 14,161 4.126 18,287 30,960 15,377 4,103 19,480 29,681 otal cost of sales ross margin rating expenses Research and development Sales and marketing General and administrative Amortization of purchased intangible assets Restructuring and other charge:s 6,296 9,619 1,814 303 268 18,300 12.660 6,207 9,821 2,040 359 484 18,911 10,770 otal operating expenses ting income nterest income nterest expense ther income (loss), net Interest and other income (loss), net Income before provision for income taxes 1,005 (676) (69) 260 12,920 2.181 769 (566) 228 431 11,201 2,220 vision for income taxes et income $10,739 $8,981 Cisco Systems Inc. Consolidated Balance Sheets In millions, except par value July 30,2016 July 25, 2015 Assets urrent assets Cash and cash equivalents Investments Accounts receivable, net of allowance for doubtful accounts of $249 at July 30, 2016 and $302 at July 25, 2015 Inventories Financing receivables, net Other current assets $7,631 58,125 $6,877 53,539 5,344 1,627 4,491 1.490 73,368 3,332 3,858 24,469 2,376 4,454 1516 S113.373 5,847 1,217 4,272 627 78,719 3,506 4,158 26,625 2,501 4,299 L 844 $121,652 otal current assets Property and equipment, net Financing receivables, net oodwill ased intangible assets, net eferred tax assets r assets Total assets iabilities urrent liabilities $4,160 1,056 517 2,951 10,155 6,072 24,911 24,483 925 6,317 1431 58,067 Short-term debt Accounts payable Income taxes payable Accrued compensation Deferred revenue Other current liabilities S3,897 1,104 62 3,049 9,824 5,476 otal current liabilities 23,412 ng-term debt come taxes payable eferred revenue 21,457 1,876 5,359 1.562 53,666 r long-term liabilities Total liabilities Cisco Systems Inc. Consolidated Balance Sheets In millions, except par value July 30,2016 July 25, 2015 isco shareholders' equity Preferred stock, no par value: 5 shaes authorized; none issued and outstanding Common stock and additional paid-in capital, $0.001 par value 20,000 shares authorized; 5,029 and 5,085 shares issued and outstanding at July 30, 2016 and July 25, 2015, respectively Retained earnings Accumulated other comprehensive income (loss) otal Cisco shareholders' equity oncontrolling interests 44,516 43,592 19,396 (326 63,586 16,045 61 59,698 Total equity 63.585 59.707 Total liabilities and equity $121,652 S113.373 Sales growth 2017 Sales growth 2018-2020 Terminal growth Net operating profit margin Net operating asset turnover 190 2% 1% 2016 rate rounded to three decimal places 2016 rate rounded to three decimal places Cisco Systems Inc. Consolidated Statements of Income Years Ended December (S millions) July 30, 2016 July 25, 2015 Venue $37,750 11411 49.161 Product Service otal revenue st of sales Product Service $37,254 49.247 14,161 4.126 18,287 30,960 15,377 4,103 19,480 29,681 otal cost of sales ross margin rating expenses Research and development Sales and marketing General and administrative Amortization of purchased intangible assets Restructuring and other charge:s 6,296 9,619 1,814 303 268 18,300 12.660 6,207 9,821 2,040 359 484 18,911 10,770 otal operating expenses ting income nterest income nterest expense ther income (loss), net Interest and other income (loss), net Income before provision for income taxes 1,005 (676) (69) 260 12,920 2.181 769 (566) 228 431 11,201 2,220 vision for income taxes et income $10,739 $8,981 Cisco Systems Inc. Consolidated Balance Sheets In millions, except par value July 30,2016 July 25, 2015 Assets urrent assets Cash and cash equivalents Investments Accounts receivable, net of allowance for doubtful accounts of $249 at July 30, 2016 and $302 at July 25, 2015 Inventories Financing receivables, net Other current assets $7,631 58,125 $6,877 53,539 5,344 1,627 4,491 1.490 73,368 3,332 3,858 24,469 2,376 4,454 1516 S113.373 5,847 1,217 4,272 627 78,719 3,506 4,158 26,625 2,501 4,299 L 844 $121,652 otal current assets Property and equipment, net Financing receivables, net oodwill ased intangible assets, net eferred tax assets r assets Total assets iabilities urrent liabilities $4,160 1,056 517 2,951 10,155 6,072 24,911 24,483 925 6,317 1431 58,067 Short-term debt Accounts payable Income taxes payable Accrued compensation Deferred revenue Other current liabilities S3,897 1,104 62 3,049 9,824 5,476 otal current liabilities 23,412 ng-term debt come taxes payable eferred revenue 21,457 1,876 5,359 1.562 53,666 r long-term liabilities Total liabilities Cisco Systems Inc. Consolidated Balance Sheets In millions, except par value July 30,2016 July 25, 2015 isco shareholders' equity Preferred stock, no par value: 5 shaes authorized; none issued and outstanding Common stock and additional paid-in capital, $0.001 par value 20,000 shares authorized; 5,029 and 5,085 shares issued and outstanding at July 30, 2016 and July 25, 2015, respectively Retained earnings Accumulated other comprehensive income (loss) otal Cisco shareholders' equity oncontrolling interests 44,516 43,592 19,396 (326 63,586 16,045 61 59,698 Total equity 63.585 59.707 Total liabilities and equity $121,652 S113.373 Sales growth 2017 Sales growth 2018-2020 Terminal growth Net operating profit margin Net operating asset turnover 190 2% 1% 2016 rate rounded to three decimal places 2016 rate rounded to three decimal places