b. Estimate the value of a share of AT&T common stock using the residual operating income (ROPI) model as of December 31, 2018 using the following assumptions and the information above. Assumptions Discount rate (WACC) Common shares outstanding 5.7% 6,990.3 million Net nonoperating obligations (NNO) $168,149 million Noncontrolling interest ($ millions) $9,403 million Reported 2018 ROPI (NOPAT - [NOABeg x rw]) Present value of horizon ROPI Cum present value of horizon ROPI $ 0 Present value of terminal ROPI 0 NOA Total firm value Less NNO 0 0 0 Less NCI 0 Firm equity value $ 0 Shares outstanding (millions) Stock price per share $ 0 0 2019 $ 223.76 $ 0 Forecast Horizon 2020 Terminal 2021 2022 Period 0 $ 0 0 $ 0 0 $ 0 0 c. AT&T closed at $30.85 on February 20, 2019, the date the Form 10-K was filed with the SEC. How does your valuation estimate compare with this closing price? MacBook Air