of February 2, 2019, which we label fiscal Estimating Share Value Using the ROPI Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) year 2018. Reported Horizon Period Terminal $ millions 2018 2019 2020 2021 2022 Period Sales $75,356 $79,124 $83,080 $87,234 $91,596 $93,428 NOPAT 3,269 3,402 3,572 3,751 3,939 4,017 NOA 23,020 24,197 25,407 26,677 28,011 28,571 Answer the following requirements assuming a terminal period growth rate of 2%, a discount rate (WACC) of 7.63%, common shares outstanding of 517.8 million, and net nonoperating obligations (NNO) of $11,723 million Estimate the value of a share of Target common stock using the residual operating income (ROPI) model as of February 2, 2019. Instructions: Round all answers to the nearest whole number, except for discount factors, shares outstanding (do not round), and stock price per share. Round discount factors to 5 decimal places. Round stock price per share to two decimal places. Do not use negative signs with any of your answers. Forecast Horizon 2020 2021 Terminal Period 2019 2022 0 0 0 0 0 0 0 0 0 0 0 0 0 Reported ($ millions) 2018 ROPI (NOPAT - [NOABeg x rw]) Discount factor [1/(1+rw)t] Present value of horizon ROPI Cum present value of horizon ROPI $ 0 Present value of terminal ROPI 0 NOA 0 Total firm value 0 NNO 0 Firm equity value 0 Shares outstanding (millions) 0 Stock price per share $ 0