CVS HEALTH $2022$ BALANCE SHEETIn USD millions except per share amounts$2022$Period Ended$12/31/22$Cash and Equivalents$12,945\mathrm{.}00$Short$-$Term Investments$2,778\mathrm{.}00$Trade Receivables$27,276\mathrm{.}00$Inventories$19,090\mathrm{.}00$Deferred Tax Assets, CurrentDivestment Assets, Current$908$Prepaid Expenses and Other Current Assets$2,636\mathrm{.}00$Total Current Assets$65,633\mathrm{.}00$Property, Plant and Equipment$12,873\mathrm{.}00$Property, Plant and Equipment, Net$12,873\mathrm{.}00$Right$-$Of$-$Use Assets$17,872\mathrm{.}00$Long$-$Term Investments$21,096\mathrm{.}00$Goodwill$78,150\mathrm{.}00$Intangible Assets, Net$24,803\mathrm{.}00$Other Assets$7,848\mathrm{.}00$Total Assets$228,275\mathrm{.}00$Accounts Payable$24,980\mathrm{.}00$Debt, Current$1,778\mathrm{.}00$Operating Lease Liabilities, Current$1,678\mathrm{.}00$Divestment Liabilities, Current$228$Accrued and Other Current Liabilities$40,757\mathrm{.}00$Total Current Liabilities$69,421\mathrm{.}00$Long$-$Term Debt and Capital Lease Obligations$50,476\mathrm{.}00$Operating Lease Liabilities, Noncurrent$16,800\mathrm{.}00$Deferred Taxes, Noncurrent$4,016\mathrm{.}00$Other Noncurrent Liabilities$15,793\mathrm{.}00$Total Liabilities$156,506\mathrm{.}00$Commitments and ContingenciesCommon Stock$48,193\mathrm{.}00$Additional Paid In CapitalTreasury Stock$-31,858\mathrm{.}00$Accumulated Other Comprehensive Income$-1,264\mathrm{.}00$Retained Earnings $($Deficit$)56,398\mathrm{.}00$ESOP and Employee Related EquityTotal Equity Attributable to Parent$71,469\mathrm{.}00$Noncontrolling Interest$300$Total Equity$71,769\mathrm{.}00$Total Liabilities and Equity$228,275\mathrm{.}00$Preferred Stock, Par Value$0\mathrm{.}01$Preferred Stock, Shares Authorized$0\mathrm{.}1$Common Stock, Class A$,$ Par Value$0\mathrm{.}01$Common Stock, Class A$,$ Shares Authorized$3,200\mathrm{.}00$Common Stock, Class A$,$ Shares Issued$1,758\mathrm{.}00$Common Stock, Class A$,$ Shares Outstanding$1,300\mathrm{.}00$Common Stock, Class A$,$ Treasury SharesCVS HEALTH $2022$ INCOME STATEMENTIn USD millions except per share amounts$2022$Period Ended$12/31/22$Operating Revenue$321,629\mathrm{.}00$Cost of Revenue$267,965\mathrm{.}00$Gross Profit$53,664\mathrm{.}00$Restructuring and Impairment Charges$2,533\mathrm{.}00$Nonrecurring and Special Charges$5,803\mathrm{.}00$Other Operating Expenses$38,212\mathrm{.}00$Total Operating Expenses$46,548\mathrm{.}00$Operating Income$7,116\mathrm{.}00$Interest Expense$-2,287\mathrm{.}00$Interest and Investment Income$838$Restructuring and Impairment ChargesOther Income $($Expense$)169$Total Other Income $($Expense$)-1,280\mathrm{.}00$Income Before Income Taxes$5,836\mathrm{.}00$Income Taxes$1,509\mathrm{.}00$Discontinued OperationsConsolidated Net Income $($Loss$)4,327\mathrm{.}00$Noncontrolling Interest$-16$Other Adjustments to IncomeNet Income $($Loss$)$ Attributable to Common Shareholders, Basic$4,311\mathrm{.}00$Net Income $($Loss$)$ Attributable to Common Shareholders, Diluted$4,311\mathrm{.}00$Basic Earnings Per Share$3\mathrm{.}29$Diluted Earnings Per Share$3\mathrm{.}26$Basic Shares Outstanding$1,312\mathrm{.}00$Diluted Shares Outstanding$1,323\mathrm{.}00$CVS HEALTH $2022$ STATEMENT OF CASHFLOWIn USD millions except per share amounts$2022$Period Ended$12/31/22$Net Income$4,327\mathrm{.}00$Depreciation, Depletion and Amortization$4,224\mathrm{.}00$Share$-$Based Compensation$447$Deferred Income Taxes and Tax Credits$-2,029\mathrm{.}00$Gain $($Loss$)$ On Sale$-475$Pension and Other Postretirement BenefitsRestructuring and Impairment Charges$2,533\mathrm{.}00$Other Operating Activities$332$Change In Trade Receivables$-2,971\mathrm{.}00$Change In Inventories$-1,435\mathrm{.}00$Change In Accounts Payable$4,260\mathrm{.}00$Change In Other Operating Assets and Liabilities, Net$6,964\mathrm{.}00$Cash From Operating Activities $-$ Continuing Operations$16,177\mathrm{.}00$Net Cash From Operating Activities$16,177\mathrm{.}00$Purchase of Property, Plant and Equipment$-2,727\mathrm{.}00$Sale of Property, Plant and EquipmentAcquisitions$-139$Divestitures$-1,249\mathrm{.}00$Purchase of Investments$-7,746\mathrm{.}00$Sale and Maturity of Investments$6,729\mathrm{.}00$Other Investing Activities$85$Net Cash From Investing Activities $-$ Continuing Operations$-5,047\mathrm{.}00$Net Cash From Investing Activities$-5,047\mathrm{.}00$Short$-$Term Debt Issuances $($Repayments$)$Long$-$Term Debt IssuancesLong$-$Term Debt Repayments$-4,211\mathrm{.}00$Equity Repurchases$-3,500\mathrm{.}00$Proceeds From Incentive Plans$551$Dividends$-2,907\mathrm{.}00$Noncontrolling InterestsOther Financing Activities$-449$Net Cash From Financing Activities $-$ Continuing Operations$-10,516\mathrm{.}00$Net Cash From Financing Activities$-10,516\mathrm{.}00$Effect of Currency Exchange RateChange In Cash and Equivalents$614$Cash Paid for Income TaxesCash Paid for InterestAnswer the following requirements with the following assumptions:AssumptionsTerminal period growth rate$3\%$Discount rate $($WACC$)5\mathrm{.}60\%$Common shares outstanding$1,284,111,667$millionNet nonoperating obligations $($NNO$)$million$)$ Estimate the value of a share of common stock using the residual operating income $($ROPI$)$ model as of December $31,2022.$ReportedForecast HorizonTerminal$($$ millions$)2022202320242025$PeriodROPI $($NOPAT $-[$NOABeg x rw$])$AnswerAnswerAnswerAnswerPresent value of horizon ROPIAnswerAnswerAnswerCum present value of horizon ROPIAnswerPresent value of terminal ROPIAnswerNOAAnswerTotal firm valueAnswerLess NNOAnswerFirm equity valueAnswerShares outstanding $($millions$)$AnswerStock price per shareAnswer