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 $ millions 2018 Sales $75,906 NOPAT 3,269 NOA 23,570 2019 2020 2021 2022 $79,124 $83,630 $87,234 $92,146 $93,428 3,952 3,572 4,301 3,939 4,567 24,197 25,957 26,677 28,561 28,571 Terminal Period Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate Discount rate (WACC) Common shares outstanding 2% 7.63% 517.80 million Net nonoperating obligations (NNO) $12,273 million Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of February 2, 2019. ($ millions) Increase in NOA FCFF (NOPAT -Increase in NOA) Reported Forecast Horizon 2018 2019 2020 2021 2022 Terminal Period $ 627 $ 3,325 3,089.29 1,760 $ 1,812 1,564.2 720 $ 3,581 2,872.13 1,884 S 2,055 1,531.36 28,571 x (10) x Present value of horizon FCFF Cum. present value of horizon FCFF $ 9,056.98 Present value of terminal FCFF Total firm value 27,744.07 x 36,801.05 x NNO 12,273 Firm equity value $ 24,528.05 x Shares outstanding (millions) 517.8 Stock price per share $ 47.37 x