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 $31,2018.$

$\backslash$table$[[,$Reported,Forecast Horizon Period,Terminal$],[$$ millions,$2018,2019,2020,2021,2022,$Period$],[$Sales$,$$$8,122,$$$8,610,$$$9,126,$$$9,674,$$$10,254,$$$10,459$