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Estimating Share Value Using the DCF Model Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 26, 2011, for Best Buy, Inc (In millions) Sales NOPAT NOA Assume Reported Horizon Period 2011 2012 2013 2014 2015 Terminal Period $40,023 544,577 $49,650 $55,300 $61,592 $62,208 1,448 1,628 1,777 2,009 2,226 2,265 5,287 5,891 6,545 7,282 8,101 8,214 2011 Answer the following requirements assuming a discount rate (WACC) of 11%, a terminal period growth rate of 1%, common shares outstanding of 410.5 million, net nonoperating obligations (NNO) of $787 million and noncontrolling interest (NCI) on the balance sheet of $690 million. (a) Estimate the value of a share of Best Buy's common stock using the discounted cash flow (DCF) model as of February 26, 2011. Rounding instructions: Round your answers to the nearest whole number except for the discount factors, shares outstanding, and the stock price per share. Round the discount factors to five decimal places, shares outstanding to one decimal place, and the stock price to two decimal places. Use your rounded answers for subsequent calculations. Do not use negative signs with any of your answers below. Assume Reported Horizon Period (In millions) 2012 2013 2014 Increase in NOA 654 FCFF (NOPAT - Increase in NOA) 1,024 1,123 1,272 1,407 2,152 Discount factor [1/(1+rwt] (round 5 decimal places) 0.9009 0.81162 0.73119 0.65873 Present value of horizon FCFF 926.83 x Cum present value of horizon FCFF $ 3,690.88 x Present value of terminal FCFF 14,317.65 x Total firm value 18,008.53 x NNO NCI Firm equity value 17,221.53 x Shares outstanding (millions) 410.5 round one decimal place) Stock price per share 41.95 x (round two decimal places) 2015 819 Terminal Period 113 604 737 922.52 X 911.45 X 930.08 X 787 0 x $ $