Forecast Target's (NYSE:TGT) free cash flows to the firm (FCFF) over the next five years. You may use Target's income statement, balance sheet, and statement of cash flows available on either Targets earnings reports and/or Capital IQ.

From 2023 to 2027, project the following balance sheet items as ratios to sales revenue. The final objective here is to project invested capital aka IC. You may choose to combine some line items in your projection (fractional items which can be baked into sales). Provide a comprehensive analysis and support your projection of each of the ratios below.

Net PP&E + NOWC = Invested capital aka IC

• Net property, plant, and equipment (Net PP&E)
• Net operating working capital (NOWC)