Q11.10 How is the ROIM different from the DCF valuation model? EXERCISES El1.11 Beaver Co. completed the year with sales of $30.0 million and NOPAT of $4.5 million. NOA at year end is $48.5 million. Management estimates for the next 4 years, sales will grow at 6 percent per year with an operating PM of 15 percent and operating ATO of 0.65 times. Using the ROIM, calculate Beaver's operating value with an 8.0 percent 'WACC