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Following are financial statement numbers and select ratios for Target Corp. for the fiscal year 2016 (ending January 28, 2017). ($ millions) Total revenues Net

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Following are financial statement numbers and select ratios for Target Corp. for the fiscal year 2016 (ending January 28, 2017). ($ millions) Total revenues Net operating profit after tax (NOPAT) Net operating assets (NOA) Current 2016 $69,495 3,302 21,128 Forecast Horizon 2017 2018 $71,580 $73,727 3,436 3,539 21,757 22,469 2019 $75,939 3,645 23,082 2020 $78,217 3,754 23,774 Terminal Year $78,999 3,792 24,012 Forecast assumptions and other financial information for Target are as follows: Revenue growth 3% Net operating profit margin (NOPM) 4.8% Net operating asset turnover (NOAT) 3.29 Terminal growth rate 1% Discount rate 7% Shares outstanding in millions 556.2 Stockholders' equity $10,953 Net nonoperating obligations (NNO) $10,175 Use the residual operating income (ROPI) model to estimate the value of Target's equity, per share at fiscal year-end Target Corp. shares closed at $53.82 per share on March 8, 2017, the date the 10-K was filed with the SEC. How does your valuation compare with this closing price

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