Exercise 8 (Fall 2022) The following is extracted from Dell's balance sheet at January 31, 2018 (in millions of dollars): Vet financial assets 9,167 Common equity ( 2,579 million shares outstanding) 4,873 Analysts are forecasting consensus earnings per share of \$1.01 for the year ending January 31,2019. a. Calculate net operating assets at January 31,2018. b. Net financial assets are expected to earn an after-tax return of 4% in 2019 . What is the forecast of operating income implicit in the analysts' eps forecast? c. Forecast the residual operating income for 2019 that is implicit in the analysts' forecast. Use a required annual return for operations of 9%. d. Dell's shares are currently trading at $34 each. With the above information, value the shares under the following assumptions using residual income methods: (i) Sales will grow at 5% per year after 2019. (ii) Operating assets and operating liabilities will both grow at 5\% per year after 2018. (iii) Operating profit margins (after tax) will be the same as these forecasted for 2019. e. Under the same assumptions, forecast free cash flow for 2019 . f. Under the same assumptions, forecast abnormal growth in operating income for 2020