Estimating Share Value Using the DCF Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 2, 2019, which we label fiscal year 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 2018 Sales $76,006 NOPAT 3,269 NOA 23,670 2019 2020 2021 $79,124 $83,730 $87,234 $92,246 2022 Period $93,428 4,052 3,572 4,401 3,939 4,667 24,197 26,057 26,677 28,661 28,571 Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate 2% Discount rate (WACC) 7.63% Common shares outstanding 517.80 million Net nonoperating obligations (NNO) $12,373 million Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of February 2, 2019. ($ millions) Increase in NOA FCFF (NOPAT - Increase in NOA) Reported 2018 Forecast Horizon Terminal 2019 2020 2021 2022 Period $ Present value of horizon FCFF 527 $ 3,525 3,276.02 1,860 $ 620 $ 1,984 $ 1,712 3,781 1,478.7 3,035.08 x 1,955 1,458.47 x (90) 4,757 Cum. present value of horizon FCFF $ 9,248.27 x Present value of terminal FCFF 63,371.8 x Total firm value 72,620.07 x NNO 12,373 Firm equity value $ 60,247.07 X Shares outstanding (millions) 517.8 Stock price per share $ 116.35