I needed help on how to calculate NOA and NOPAT from financial statements
PER Forrcasting with Parsimonious Method and Estimating Share Value Using the DCF Model Following are income statements and balance sheets for Nike Inc. LOI N FAKINC Mayat 2019 2018 1 Depoisonom dat - May 31, 2019 May 31. 2018 Acis able 5.010 1209 150 7.00 3,464 3.547 2210 NIKE INC Consolidated Income Statements For Year Ended ($ millions) Revenues Cost of sales Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), nel Other (income) expense, net Income before income taxes Income tax expense......... Net income $39, 117 21.643 17474 3,753 8.949 12,702 49 (78) 4.B01 772 $ 4,029 536,397 20.441 15 956 3.577 7.934 11.511 54 06 4 325 2 392 51.933 Totalcars Logo Dedicada Comments and contingencias Note ta She juny Comunikat wated value Class A con-315 and 329 shares outstanding Chand 1.279 share outstanding Captain excess of stated value Accuerer comprehensive com oss) Hot Mofaned earning Totul shareholders guil Toulandsholder equity 3 3 7.163 231 1.040 9.00 3517 901 Required . Compute net operating (NOAI and net operating batons INNO) for 2019. The com punya NNO segative became cash exceeds deb i Computer net operating profit after tax (NOPAT) for 2010 federal and stay in rate of 23 c. Use the parcimonious forecast method, a hwn in the Analysis for bo po 13.4, se for calitate, NOPAT, and NOA for 3030 though 200 the following sumptions NIKE INC Consolidated Balance Sheets May 31, 2019 May 31, 2018 S millions $ 4,249 996 3.498 5.261 1.130 Current assets Cash and equivalents Short-term investments - Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill............... Deferred income taxes and other assets Total assets .................. S 4.466 197 4272 5.622 1.968 16.525 4,744 283 154 2.011 $23.717 Sales growth Net operating profit margin (NOPM) 2010 rounded to redem places Net operating asset turnover (NOAT) yed 2019 coded to three decimal places Forecast the terminal period value asuming termini period growth and using the NOPM and NOATsumptions above Estimate the value of a share of Nike's common stock wing the tiscounted cash flow (DCF) models of May 31,2019, assume a discount to (WACC 615 and common shares outstanding of million Nike's stock closed at $86.70 on July 22, 2019, the date the Form 10-K was filed with the SEC How does your valuation estimate compare with this closing price? What do you believe me reasons for the difference? What investment decision is suggested from your results! Forecasting with the Parsimonious Method and Estimating Shure Value Using the ROPI Mold Refer to the information for Nike Inc. in P13-30 to answer the following requirements, Required Estimate the value of a 15,134 4.454 285 154 2509 $22.536 PER Forrcasting with Parsimonious Method and Estimating Share Value Using the DCF Model Following are income statements and balance sheets for Nike Inc. LOI N FAKINC Mayat 2019 2018 1 Depoisonom dat - May 31, 2019 May 31. 2018 Acis able 5.010 1209 150 7.00 3,464 3.547 2210 NIKE INC Consolidated Income Statements For Year Ended ($ millions) Revenues Cost of sales Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), nel Other (income) expense, net Income before income taxes Income tax expense......... Net income $39, 117 21.643 17474 3,753 8.949 12,702 49 (78) 4.B01 772 $ 4,029 536,397 20.441 15 956 3.577 7.934 11.511 54 06 4 325 2 392 51.933 Totalcars Logo Dedicada Comments and contingencias Note ta She juny Comunikat wated value Class A con-315 and 329 shares outstanding Chand 1.279 share outstanding Captain excess of stated value Accuerer comprehensive com oss) Hot Mofaned earning Totul shareholders guil Toulandsholder equity 3 3 7.163 231 1.040 9.00 3517 901 Required . Compute net operating (NOAI and net operating batons INNO) for 2019. The com punya NNO segative became cash exceeds deb i Computer net operating profit after tax (NOPAT) for 2010 federal and stay in rate of 23 c. Use the parcimonious forecast method, a hwn in the Analysis for bo po 13.4, se for calitate, NOPAT, and NOA for 3030 though 200 the following sumptions NIKE INC Consolidated Balance Sheets May 31, 2019 May 31, 2018 S millions $ 4,249 996 3.498 5.261 1.130 Current assets Cash and equivalents Short-term investments - Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill............... Deferred income taxes and other assets Total assets .................. S 4.466 197 4272 5.622 1.968 16.525 4,744 283 154 2.011 $23.717 Sales growth Net operating profit margin (NOPM) 2010 rounded to redem places Net operating asset turnover (NOAT) yed 2019 coded to three decimal places Forecast the terminal period value asuming termini period growth and using the NOPM and NOATsumptions above Estimate the value of a share of Nike's common stock wing the tiscounted cash flow (DCF) models of May 31,2019, assume a discount to (WACC 615 and common shares outstanding of million Nike's stock closed at $86.70 on July 22, 2019, the date the Form 10-K was filed with the SEC How does your valuation estimate compare with this closing price? What do you believe me reasons for the difference? What investment decision is suggested from your results! Forecasting with the Parsimonious Method and Estimating Shure Value Using the ROPI Mold Refer to the information for Nike Inc. in P13-30 to answer the following requirements, Required Estimate the value of a 15,134 4.454 285 154 2509 $22.536
