Estimating Share Value Using the DCF Model Following are forecasts of Illinois Tool Works Inc. sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of December 31, 2018. Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places. Reported Forecast Horizon Period Terminal millions Sales 2018 2019 2020 2021 2022 $14,768 $15,654 $16,593 $17,589 $18,644 Period $19,017 NOPAT NOA 2,711 2,880 3,053 3,236 3,430 3,499 9,462 10,028 10,630 11,268 11,944 12,183 Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate 2% Discount rate (WACC) 7.35% Common shares outstanding 328.00 million Net nonoperating obligations (NNO) $6,204 million (a) Estimate the value of a share of ITW's common stock using the discounted cash flow (DCF) model as of December 31, 2018. ($ millions) Increase in NOA FCFF (NOPAT - Increase in NOA) Forecast Horizon 2020 Reported 2018 2019 2021 2022 Terminal Period $ 566 $ 602 $ 638 $ 676 $ 239 2314 2451 2598 2754 3260 2156 2127 2100 2074 Present value of horizon FCFF Cum. present value of horizon FCFF $ Present value of terminal FCFF Total firm value NNO Firm equity value Shares outstanding (millions) Stock price per share $ $