Question 3 Not complete Mark 3.71 out of 600 Estimating Share Value Using the DCF Model Pag question Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 2, 2019, which we label fiscal year 2018. Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places. Reported Forecast Horizon Period w 5 millions 2018 Sales NOPAT $76,056 3,269 NOA 23,720 Terminal 2019 2020 2021 2022 $79,124 $83,780 $87,234 $92,296 Period 4,102 3,572 4,451 3.939 24,197 26,107 26,677 28.711 28,571 $93,428 4,717 Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate Discount rate (WACC) 763% Common shares outstanding $17.80 million Net nonoperating obligations (NNO) $12.423 million Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of February 2, 2019. millions) Reported 2018 Forecast Horizon Terminal 2019 2020 2021 2022 Period Increase in NOA 4775 FCFF (NOPAT-Increase in NOA) 3,625 1,9101 1,662 570 2,034 5 (140) 1,905 4,857 Present value of horizon FCFF Cum present value of horizon FCFFS 9750 Ox OM OM Present value of terminal FCF Total firm value NNO 12,423 Firm equity value 0x Shares outstanding (millioma 5178 Stock price per share $ Reported Forecast Horizoh S millions 2018 2019 Sales $76,056 NOPAT 3,269 NOA 23,720 2021 2020 $79,124 $83,780 $87,234 $92,296 $93,428 3,572 4,451 3,939 4,717 4,102 28,571 24,197 26,107 26,677 28,711 2022 Period Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate 296 Discount rate (WACC) 7.63% Common shares outstanding 517.80 million Net nonoperating obligations (NNO) $12,423 million Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of February 2, 2019. ($ millions) Increase in NOA FCFF (NOPAT-Increase in NOA) Present value of horizon FCFF Reported 2018 Forecast Horizon Te 2019 2020 2021 2022 P $ 477 $ 1910 3625 1662 570 $ 3881 2034 $ 1905 3368.02 1434.71 3112.75 1419.59 Cum. present value of horizon FCFF $ 9335.06 Present value of terminal FCFF x Total firm value NNO 12423 Firm equity value $ x Shares outstanding (millions) 517.8 Stock price per share x Check