Estimating Share Value Using the ROPI Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 30, 2016. Reported Horizon Period Terminal $ millions 2016 Sales 2017 2018 2019 2020 $73,785 $75,261 $76,766 $78,301 $79,867 Period $80,666 NOPAT NOA 3,630 3,312 3,387 3,454 3,524 3,594 21,445 21,872 22,309 22,755 23,210 23,443 Answer the following requirement assuming a terminal period growth rate of 1%, a discount rate (WACC) of 6%, common shares outstanding of 602 million, and net nonoperating obligations (NNO) of $8,488 million. Estimate the value of a share of Target common stock using the residual operating income (ROPI) model as of January 30, 2016. Instructions: Round all answers to the nearest whole number, except for discount factors and stock price per share. Round discount factors to 5 decimal places. Round stock price per share to two decimal places. Do not use negative signs with any of your answers. ($ millions) ROPI (NOPAT [NOABeg x rw]) Reported 2016 Forecast Horizon 2017 2018 2019 2,960 x 437 x 466 * Discount factor [1/(1+rw)t] 0.94 x 3,017 x 3,078 x Present value of horizon ROPI 2,792 x 2,685 x 2,584 x Cum present value of horizon ROPI $ 10,548 x Present value of terminal ROPI 67,940 x NOA 53,815 x Total firm value 64,363 NNO 8,488 Firm equity value 55,875 Shares outstanding (millions) 602- Stock price per share $ 92.82