(Module 13 Question 1) Please answer all questions with a red X next to them. Thank you!

QUESTION 1 crect Marked out o. ag question Estimating Share Value Using the DCF Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 30, 2016 Horizon Period s millions 2016 2017 2018 2019 2020 Periad $77,118 7B,660 $80,233 $81,838 $83475 84310 3470 3,5403610 3683 3,756 3794 23,135 23,5 24,070 24551 25,043 25,293 NOA Answer the following requirements 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 discounted cash flow (DCF) model as of January 30, 2016. 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. Forecast Horizon 2018 B0,223 (S millions) 2016 2017 2019 2020 78,660 81,838 B3,475 84,310 Increase in NOA FCFF (NOPAT Increase in Discount factor w Preser value of horizon FCFF Cum. present value of horizon FCFF 10,969.44 Present value of terminal FCFF Total irm value NNO Firm equity value Shares outstanding Stock price per share