Following are forecasted sales, NOPAT, and NOA for Texas Roadhouse for 2016 through 2019.

Forecast the terminal period values assuming a 1% terminal period growth rate for all three model inputs: Sales, NOPAT, and NOA.

Round your answers to the nearest dollar.

	Reported	Forecast Horizon				Terminal
$ thousands	2015	2016	2017	2018	2019	Period
Sales	$1,807,368	$2,069,436	$2,369,504	$2,559,064	$2,763,789	Answer
NOPAT	102,495	169,694	194,299	209,843	226,631	Answer
NOA	662,502	758,591	868,587	938,073	1,013,119	Answer

a. Estimate the value of a share of TXRH common stock using the residual operating income (ROPI) model as of December 29, 2015; assume a discount rate (WACC) of 7%, common shares outstanding of 70,091 thousand, net nonoperating obligations (NNO) of $(14,680) thousand, and noncontrolling interest (NCI) from the balance sheet of $7,520 thousand. Note that NNO is negative because the companys cash exceeds its nonoperating liabilities.

Rounding instructions:

• Use rounded answers for subsequent computations.

• Round answers to the nearest whole number unless otherwise noted.
• Round discount factor to 5 decimal places and stock price per share to two decimal places.
• Use a negative sign with your negative NNO answer. Otherwise, do not use negative signs with your answers.

TXRH	Reported			Forecast Horizon		Terminal
$ thousands	2015	2016	2017	2018	2019	Period
ROPI (NOPAT - [NOABeg rw])		Answer	Answer	Answer	Answer	Answer
Discount factor [1 / (1 + rw)t ]		Answer	Answer	Answer	Answer
		Answer	Answer	Answer	Answer
Present value of horizon ROPI	Answer
Present value of terminal ROPI	Answer
NOA	Answer
Total firm value	Answer
NNO	Answer
NCI	Answer
Firm equity value	Answer
Shares outstanding (thousands)	Answer
Stock value per share	Answer