Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 30, 2016.

	Reported	Horizon Period				Terminal
$ millions	2016	2017	2018	2019	2020	Period
Sales	$73,785	$75,261	$76,766	$78,301	$79,867	$80,666
NOPAT	3,312	3,387	3,454	3,524	3,594	3,630
NOA	21,445	21,872	22,309	22,755	23,210	23,443

Answer the following requirement assuming a terminal period growth rate of 1%, a discount rate (WACC) of 6%, common shares outstanding of 602 million, and net nonoperating obligations (NNO) of $8,488 million. a. Estimate the value of a share of Target common stock using the residual operating income (ROPI) model as of January 30, 2016.

Instructions:

Round all answers to the nearest whole number, except for discount factors and stock price per share.

Round discount factors to 5 decimal places.

Round stock price per share to two decimal places.

Do not use negative signs with any of your answers.

		Reported	Forecast Horizon				Terminal
($ millions)		2016	2017	2018	2019	2020	Period
ROPI (NOPAT - [NOABeg x rw])			Answer	Answer	Answer	Answer	Answer
Discount factor [1/(1+rw)t]			Answer	Answer	Answer	Answer
Present value of horizon ROPI			Answer	Answer	Answer	Answer
Cumu present value of horizon ROPI		$Answer
Present value of terminal ROPI		Answer
NOA		Answer
Total firm value		Answer
NNO		Answer
Firm equity value		Answer
Shares outstanding (millions)		Answer
Stock price per share		$Answer