Estimating Share Value Using the DCF Model Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 31, 2013, for Wal-Mart Stores, Inc.

	Reported	Horizon Period
(In millions)	2013	2014	2015	2016	2017	Terminal Period
Sales	$469,162	$492,620	$517,251	$543,114	$570,269	$575,972
NOPAT	19,056	20,197	21,207	22,268	23,381	23,615
NOA	128,612	134,964	141,713	148,798	156,238	157,801

Answer the following requirements assuming a discount rate (WACC) of 7%, a terminal period growth rate of 1%, common shares outstanding of 3,314 million, net nonoperating obligations (NNO) of $46,874 million, and noncontrolling interest (NCI) on the balance sheet of $5,395 million.

(a) Estimate the value of a share of Wal-Mart's common stock using the discounted cash flow (DCF) model as of January 31, 2013.

Rounding instructions:

• Round your answers to the nearest whole number except for the discount factors and the stock price per share.

• Round the discount factors to five decimal places and the stock price to two decimal places.

• Use your rounded answers for subsequent calculations.

Do not use negative signs with any of your answers below.

	Reported	Forecast Horizon
WMT (In millions)	2013	2014	2015	2016	2017	Terminal Period
Increase in NOA		Answer	Answer	Answer	Answer	Answer
FCFF (NOPAT - Increase in NOA		Answer	Answer	Answer	Answer	Answer
Discount factor [1/(1+rw)t]	(round 5 decimal places)	Answer	Answer	Answer	Answer
Present value of horizon FCFF		Answer	Answer	Answer	Answer
present value of horizon FCFF	Answer
Present value of terminal FCFF	Answer
Total firm value	Answer
NNO	Answer
NCI	Answer
Firm equity value	Answer
Shares outstanding (millions)	Answer
Stock price per share	Answer	(round two decimal places)