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Milano, Inc. has the following actual (for 2018) and forecast (for 2019 onwards) information: Year NOAEnd of Year NOPAT Additional Data $6,837.0 $737.0 2020 (actual)

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Milano, Inc. has the following actual (for 2018) and forecast (for 2019 onwards) information: Year NOAEnd of Year NOPAT Additional Data $6,837.0 $737.0 2020 (actual) 2021 7,012.0 818.0 2022 8,193.0 902.0 WACC: 9.3% Cost of equity (KE): 11% Terminal year growth rate: 1% Net nonoperating obligations (NNO) at the end of 2020: $4,640 million Noncontrolling interest (NCI) at the end of 2020: $299 million Number of shares at the end of 2020: 862. 9 million 2023 8,378.0 989.0 2024 8,570.0 979.0 Terminal Year 8,655.7 988.8 Required: Calculate the value of Milano stock at the end of 2020 using (1) the Free Cash Flow and (11) Residual Operating Income (ROPI) valuation models

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