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Estimating Share Value Using the ROPI Model Assume following are forecasts of Abercrombie & Fitch's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 29, 2011. Refer to the information in the table to answer the following requirements. Reported Horizon Period (In millions) 2011 2012 2013 2014 2015 Terminal Period Sales $3,750 $ 4,500 $5,400 $ 6,480 S 7.776 S 7,853 NOPAT 464 539 654 794 982 960 NOA 1,320 1,602 1,933 2,332 2.791 2,802 Answer the following requirements assuming a discount rate (WACC) of 13.3%, a terminal period growth rate of 1%, common shares outstanding of 86.2 million, and net nonoperating obligations (NNO) of $(261) million (negative NNO reflects net nonoperating assets such as investments rather than net obligations). (a) Estimate the value of a share of Abercrombie & Fitch common stock using the residual operating income (ROPI) model as of January 29, 2011. Rounding instructions: Round answers to the nearest whole number unless noted otherwise, Use your rounded answers for subsequent calculations. Horizon Period 2013 494 x 0.779 2014 601 X 2015 650 X Terminal Period 606 X 0.68756 381 X 0.60685 391 x 361 x Do not use negative signs with any of your answers. . Reported (In millions) 2011 2012 ROPI (NOPAT - (NOABeg * rw]} 407 x Discount factor [1/(1 +rwit] (Round 5 decimal places) 0.88261 Present value of horizon ROPI 354 X Cum present value of horizon ROPI $ 1,493 X Present value of terminal ROPI 2.990 X NOA 1,350 X Total firm value al NNO 288 x Fimm equity value $ 6,121 X Shares outstanding (millions) 86.2 (round one decimal place) Stack price per share $ 71.01 X round two decimal places) 5,833 *