( e ) Forecast Cisco's sales , NOPAT , and NOA for years 2017 through 2020 and the terminal period using the following assumptions Sales growth 2017 190 Sales growth 2018 - 2020 20 Terminal growth Net operating profit margin 2016 rate rounded to three decimal places Net operating asset turnover 2016 rate rounded to three decimal places Assume a discount rate WACO of 1096 , common shares outstanding of 5 029 million and net nonoperating obligations ( NO ) of $ 37 113 ) million ( NO 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