Following are financial statement numbers and select ratios for Target Corp. for the fiscal year 2011 (ending January 28, 2012).

	Current	Forecast Horizon	Terminal Year
($ millions)	2011	2012	2013	2014	2015
Sales	69,865	72,450	75,131	77,910	80,793	83,217
Net operating profit after tax (NOPAT)	3,483	3,623	3,757	3,896	4,040	4,161
Net operating assets (NOA)	32,510	33,698	34,945	36,237	37,578	38,706

Forecast assumptions and other financial information for Target are as follows:

Sales growth	3.7%
Net operating profit margin (NOPM)	5.0%
Net operating asset turnover (NOAT)	2.15
Terminal growth rate	3%
Discount rate	5%
Shares outstanding in millions	669.3
Stockholders' equity	$15,821
Net nonoperating obligations (NNO)	$ 16,689

Use the residual operating income (ROPI) model to estimate the value of Targets equity, per share at fiscal year end.

Target Corp. shares closed at $50.05 per share on January 28, 2012. How does your valuation compare with this closing price?