Based on Disneys 2019 10-K (you have to google it), please answer the question below with the 10-k.

Please provide a well-annotated calculation of Disneys value using the Residual Operating Income Model. Exhibit 13.4 below can used as a template. Be sure to clearly discuss and support all assumptions and calculations.

Exhibit 13.4 Application of Residual Operating Income Model Horizon Period Reported 2016 Terminal Period 2017 2018 2019 2020 $ 65,299 10,072 70,391 $65,952 11,032 70,620 7,653 0.95420 7,302 P&GROPI ($ millions, except per share value and discount factors) Sales. NOPAT NOA ROPI (NOPAT [NOABeg Discount factor [1/(1 + r. PwT* Present value of horizon ROPI. Cum present value of horizon ROPI. Present value of terminal ROPI NOA Total firm value Less (plus): NNO** Less: NCI Firm equity value $67,271 11,253 70,622 7,863 0.91049 7,159 $68,616 11,459 72,996 8,069 0.86879 7,010 $69,989 11,688 74,455 8,184 0.82900 6,785 $70,689 11,805 75,200 8,231 Xrw!) 28,256 179,566 70,391 278,213 12,408 642 $265,163 Shares outstanding Stock value per share. 2,668 99.39 $ * To simplify present value computations, the discount factors are rounded to 5 decimal places. Net nonoperating obligations (NNO) is computed as nonoperating obligations minus nonoperating assets: ($2,343 + $11,653 + $18,945) - ($7,102 + $6,246 + $7,185) = $12,408. Exhibit 13.4 Application of Residual Operating Income Model Horizon Period Reported 2016 Terminal Period 2017 2018 2019 2020 $ 65,299 10,072 70,391 $65,952 11,032 70,620 7,653 0.95420 7,302 P&GROPI ($ millions, except per share value and discount factors) Sales. NOPAT NOA ROPI (NOPAT [NOABeg Discount factor [1/(1 + r. PwT* Present value of horizon ROPI. Cum present value of horizon ROPI. Present value of terminal ROPI NOA Total firm value Less (plus): NNO** Less: NCI Firm equity value $67,271 11,253 70,622 7,863 0.91049 7,159 $68,616 11,459 72,996 8,069 0.86879 7,010 $69,989 11,688 74,455 8,184 0.82900 6,785 $70,689 11,805 75,200 8,231 Xrw!) 28,256 179,566 70,391 278,213 12,408 642 $265,163 Shares outstanding Stock value per share. 2,668 99.39 $ * To simplify present value computations, the discount factors are rounded to 5 decimal places. Net nonoperating obligations (NNO) is computed as nonoperating obligations minus nonoperating assets: ($2,343 + $11,653 + $18,945) - ($7,102 + $6,246 + $7,185) = $12,408