Estimating Share Value Using the ROPI Model Following are forecasts of Abercrombie & Fitch's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 2, 2013. Refer to the information in the table to answer the following requirements.

	Reported	Horizon Period
(In millions)	2013	2014	2015	2016	2017	Terminal Period
Sales	$4,511	$4,872	$5,262	$5,683	$6,138	$6,261
NOPAT	242	261	282	305	329	336
NOA	1,446	1,562	1,687	1,821	1,967	2,007

Answer the following requirements assuming a discount rate (WACC) of 10%, a terminal period growth rate of 2%, common shares outstanding of 78.4 million, and net nonoperating obligations (NNO) of $(372) million, (negative NNO reflects net nonoperating assets such as investments rather than net obligations). (a) Estimate the value of a share of Abercrombie & Fitch common stock using the residual operating income (ROPI) model as of February 2, 2013. Rounding instructions: Round answers to the nearest whole number unless noted otherwise. Use your rounded answers for subsequent calculations.

	Reported	Horizon Period
(In millions)	2013	2014	2015	2016	2017	Terminal Period
ROPI (NOPAT - [NOABeg rw])		Answer	Answer	Answer	Answer	Answer
Discount factor [1 / (1 + rw)t ] (round 5 decimal places)		Answer	Answer	Answer	Answer
Present value of horizon ROPI		Answer	Answer	Answer	Answer
Cumulative present value of horizon ROPI	$ Answer
Present value of terminal ROPI	Answer
NOA	Answer
Total firm value	Answer
Plus negative NNO	Answer	(enter as negative number)
Firm equity value	$Answer
Shares outstanding (millions)	Answer	(round one decimal place)
Stock price per share	$Answer	(round two decimal places)