Estimating Share Value Using the DCF Model Following are forecasted sales, NOPAT, and NOA for Texas Roadhouse for 2016 through 2019. a. Forecast the terminal period values assuming a 1% terminal period growth rate for all three model inputs: Sales, NOPAT, and NOA. Round your answers to the nearest dollar. $ thousands Sales Reported Forecast Horizon 2015 2016 2017 2018 2019 $1,807,368 $2,069,436 $2,369,504 $2,547,217 $2,738,258 $ 102,495 169,694 194,299 208,872 224,537 $ 662.502 758,591 868,587 933,731 1,003,760 $ Terminal Period 0 x 0 x NOPAT NOA 0 x b. Estimate the value of a share of TXRH common stock using the discounted cash flow (DCF) model as of December 29, 2015; assume a discount rate (WACC) of 7%, common shares outstanding of 70,091 thousand, net nonoperating obligations (NNO) of $(14,680) thousand, and noncontrolling interest (NCI) from the balance sheet of $7,520 thousand. Note that NNO is negative because the company's cash exceeds its nonoperating liabilities. Rounding instructions: Use rounded answers for subsequent computations. Round answers to the nearest whole number unless otherwise noted. Round discount factor to 5 decimal places and stock price per share to two decimal places. Use a negative sign with your negative NNO answer. Otherwise, do not use negative signs with your answers. TXRH $ thousands Increase in NOA Terminal Period 2016 Forecast Horizon 2017 2018 0 x $ Ox $ 2019 $ 0 x $ 0 x $ OX OX 0 x 0 x Ox Ox OX 0 x 0 x 0 x 0 X OX Ox 0 X FCFF (NOPAT - Increase in NOA) Discount factor (1/(1 + rw)t] Present value of horizon FCFF Cum PV of horizon FCFF Present value of terminal FCFF Total firm value NNO $ 0x 0 x OX 0x NCI 0x $ 0 x Firm equity value Shares outstanding (thousands) Stock price per share OX $ 0 x Estimating Share Value Using the DCF Model Following are forecasted sales, NOPAT, and NOA for Texas Roadhouse for 2016 through 2019. a. Forecast the terminal period values assuming a 1% terminal period growth rate for all three model inputs: Sales, NOPAT, and NOA. Round your answers to the nearest dollar. $ thousands Sales Reported Forecast Horizon 2015 2016 2017 2018 2019 $1,807,368 $2,069,436 $2,369,504 $2,547,217 $2,738,258 $ 102,495 169,694 194,299 208,872 224,537 $ 662.502 758,591 868,587 933,731 1,003,760 $ Terminal Period 0 x 0 x NOPAT NOA 0 x b. Estimate the value of a share of TXRH common stock using the discounted cash flow (DCF) model as of December 29, 2015; assume a discount rate (WACC) of 7%, common shares outstanding of 70,091 thousand, net nonoperating obligations (NNO) of $(14,680) thousand, and noncontrolling interest (NCI) from the balance sheet of $7,520 thousand. Note that NNO is negative because the company's cash exceeds its nonoperating liabilities. Rounding instructions: Use rounded answers for subsequent computations. Round answers to the nearest whole number unless otherwise noted. Round discount factor to 5 decimal places and stock price per share to two decimal places. Use a negative sign with your negative NNO answer. Otherwise, do not use negative signs with your answers. TXRH $ thousands Increase in NOA Terminal Period 2016 Forecast Horizon 2017 2018 0 x $ Ox $ 2019 $ 0 x $ 0 x $ OX OX 0 x 0 x Ox Ox OX 0 x 0 x 0 x 0 X OX Ox 0 X FCFF (NOPAT - Increase in NOA) Discount factor (1/(1 + rw)t] Present value of horizon FCFF Cum PV of horizon FCFF Present value of terminal FCFF Total firm value NNO $ 0x 0 x OX 0x NCI 0x $ 0 x Firm equity value Shares outstanding (thousands) Stock price per share OX $ 0 x