Estimating Share Value Using the DCF Model Following are forecasts of Home Depots sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 3, 2019, which the company labels fiscal 2018.

		Forecast Horizon Period
	Reported					Terminal
$ millions	2018	2019	2020	2021	2022	Period
Sales	$108,203	$115,777	$123,882	$132,553	$141,832	$144,669
NOPAT	12,073	12,967	13,875	14,846	15,885	16,203
NOA	25,546	27,332	29,245	31,292	33,483	34,152

Answer the following requirements assuming a discount rate (WACC) of 7.85%, a terminal period growth rate of 2%, common shares outstanding of 1,105 million, net nonoperating obligations (NNO) of $27,424 million.

Required a. Estimate the value of a share of Home Depots common stock using the discounted cash flow (DCF) model as of February 3, 2019.

Note: Do not round until your final answer; round your final answer to two decimal places.

Stock price per share: $Answer b. Home Depot stock closed at $190.06 on March 28, 2019, the date the Form 10-K was filed with the SEC. How does your valuation estimate compare with this closing price?