Provided below are an analysts forecasts of revenue, net operating profit after tax (NOPAT), and net operating assets (NOA) as of 12/31/2020 for 3M.

($ millions)	Reported 2020	Forecast Horizon Period				Terminal Period
		2021	2022	2023	2024
Revenue:	$32,184.0	$33,149.5	$34,144.0	$35,168.3	$36,223.4	$36,947.8
NOPAT:	$5,744.0	$5,916.3	$6,093.8	$6,276.6	$6,464.9	$6,594.2
NOA:	$26,688.0	$27,488.6	$28,313.3	$29,162.7	$30,037.6	$30,638.3

The following additional information is provided (dollar and share amounts in millions).

• Common shares outstanding: 577.750
• Net nonoperating obligations (NNO): $13,757.0
• Noncontrolling interest (NCI): $64.0
• Preferred stock: $0.0
• WACC: 6.5%
• Terminal period growth rate: 2.0%

Use the residual operating income (ROPI) method to answer the following questions. Do not round intermediate calculations. All values other than per-share amounts are shown in millions.

According to the ROPI model, what is the total value of the firm? According to the ROPI model, what is the value per share of common stock? The company's stock closed at $177.10 on 02/04/2021, the date the 10K was filed with the SEC. In comparing your valuation estimate (also known as 'intrinsic value') with the actual stock price, was the stock overvalued or undervalued, and why? According to the ROPI model, what is the total value of the firm? According to the ROPI model, what is the value per share of common stock? The company's stock closed at $177.10 on 02/04/2021, the date the 10K was filed with the SEC. In comparing your valuation estimate (also known as 'intrinsic value') with the actual stock price, was the stock overvalued or undervalued, and why