Following are forecasts of Target Corporations sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 2, 2019, which we label fiscal year 2018.

Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places.

	Reported	Forecast Horizon Period				Terminal
$ millions	2018	2019	2020	2021	2022	Period
Sales	$75,856	$79,124	$83,580	$87,234	$92,096	$93,428
NOPAT	3,269	3,902	3,572	4,251	3,939	4,517
NOA	23,520	24,197	25,907	26,677	28,511	28,571

Answer the following requirements with the following assumptions:

Assumptions
Terminal period growth rate	2%
Discount rate (WACC)	7.63%
Common shares outstanding	517.80	million
Net nonoperating obligations (NNO)	$12,223	million

Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of February 2, 2019.

		Reported	Forecast Horizon	Terminal
	($ millions)	2018	2019	2020	2021	2022	Period
	Increase in NOA		Answer	Answer	Answer	Answer	Answer
	FCFF (NOPAT - Increase in NOA)		Answer	Answer	Answer	Answer	Answer
	Present value of horizon FCFF		Answer	Answer	Answer	Answer
	Cum. present value of horizon FCFF	Answer
	Present value of terminal FCFF	Answer
	Total firm value	Answer
	NNO	Answer
	Firm equity value	Answer
	Shares outstanding (millions)	Answer
	Stock price per share	Answer