QUESTION 1 Not complete Marked out of 23.00 PFlag question Estimating Share Value Using the ROPI Model Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 31, 2016, for Wal-Mart Stores, Inc. Horizon Period Reported Terminal 2018 2017 2019 Period $ millions 2016 2020 Sales $482,130 $486,951 $491,821 $496,739 $501,706 $506,723 NOPAT 16,634 7,043 17,214 17,386 17,560 17,735 124,940 126,186 127,448 128,722 130,009 131,309 NOA Answer the following requirements assuming a discount rate(WACC) of 7%, a terminal period growth rate of 1 %, common shares outstanding of 3,144 million, net nonoperating obligations (NNO) of $41,329 million, and noncontrolling interest (NCI) on the balance sheet of $3,065 million. (a) Estimate the value of a share of Walmart common stock using the residual operating income (ROPI) model as of January 31, 2016. Rounding Instructions: Round your answer to the nearest whole number except for the discount factors and the stock price per share. Round the discount factors to five decimal places 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. Do not use negative signs with any of your answers below Forcast Horizon Reported Terminal WMT 2016 2017 2019 2020 Period (S millions) 2018 0 0 ROPI (NOPAT-INOABeg rw) (round 5 Discount factor [1/(1+rw)t] decimal places) Present value of horizon ROPI 0 0 Cum present value of horizon ROPI Present value of terminal ROPI 0 NOA Total firm value 0 NNO NCI 0 Firm equity value Shares outstanding (millions) (round two Stock price per share decimal places)