Following are forcasts of P&G's sales, net operating profit after tax (NOPAT), and net operating assets (NOA). We assume a terminal growth rate of 4%

Reported Horizon Period Terminal (In millions) 2013 2014 2015 2016 2017 Period Sales growth. ........ 1.5% 4.0% 4.0% 4.0% 4.0% Sales (unrounded) ..... $84,167 $85,429.51 $88,846.69 $92,400.56 $96,096.58 $99,940.44 ($84,167 X 1.015) ($85,429.51 x 1.04) ($88,846.69 X 1.04) ($92,400.56 x 1.04) ($96,096.58 x 1.04) Sales (rounded) . ....... $84,167 $85,430 $88,847 $ 92,401 $ 96,097 $ 99,940 NOPAT ........ $11,174 $11,362 $11,817 $ 12,289 $ 12,781 $ 13,292 NOA ...... $94,305 $95,989 $99,828 $103,821 $107,974 $112,292 Use the forecasts above to compute P&G's free cash flows to the firm (FCFF) and an estimate of its stock value using the DCF model. Make the following assumptions: discount rate (WACC) of 7% (Bloomberg estimate as of August, 2013), shares outstanding of 2,742.3 million, net nonoperating obligations (NNO) of $25,596 million, and noncontrolling interest (NCI) from the balance sheet of $645 million