Estimating Share Value Using the DCF Model Following are forecasts of Abercrombie & Fitch's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 2, 2013. Reported Horizon Period (In millions) 2013 2014 2015 2016 2017 Terminal Period Sales $4,511 $4,872 $5,262 $5,683 $6,138 $6,261 NOPAT 242 261 282 305 329 336 NOA 1,446 1,562 1,687 1,821 1,967 2,007 Answer the following requirements assuming a discount rate (WACC) of 10%, a terminal period growth rate of 2%, common shares outstanding of 78.4 million, and net nonoperating obligations (NNO) of $(372) million (negative NNO reflects net nonoperating assets such as investments rather than net obligations). (a) Estimate the value of a share of Abercrombie & Fitch common stock using the discounted cash flow (DCF) model as of February 2, 2013. Rounding instructions: Round answers to the nearest whole number unless noted otherwise. Use your rounded answers for subsequent calculations. Horizon Period 2015 OX 2016 2017 OX Terminal Period OX OX OX OX 0 X 0 X OX 0 X 0 x 0 x OX OX Do not use negative signs with any of your answers. Reported (In millions) 2013 2014 Increase in NOA OX FCFF (NOPAT - Increase in NOA) OX Discount factor [1/(1+rw ] (Round 5 decimal places) OX Present value of horizon FCFF 0 x Cum present value of horizon FCFF $ 0X Present value of terminal FCFF OX Total firm value 0 X NNO OX Firm equity value 0 x Shares outstanding (millions) 0X (Round one decimal place) Open "https://mybusinesscourse.com" in a new window behind the current window decimal places)