Sales ($ millions) NOPAT = Forecasted sales x NOPM assumption NOA = Forecasted sales / NOAT assumption $ 2019 2020 Est. 2021 Est. 2022 Est. 2023 Est. Period 56,334 $ 59,150.7 $ 62,108.24 $ 65,213.65 $ 68,474.33 $ 69,159.07 0x 0 x 0x 0 % 0 x 0 * 0x 0x 0 x 0 x 0 x 0 x (d) Estimate the value of a share of Cisco common stock using the residual operating income (ROPI) model as of July 27, 2019; assume a discount rate (WACC) of 7.6%, common shares outstanding of 5,029 million, and net nonoperating obligations (NNO) of $(8,747) million (NNO is negative, which means that Cisco has net nonoperating investments). Assumptions Discount rate (WACC) Common shares outstanding 7.60% 5,029 million Net nonoperating obligations (NNO) $(8,747) million NNO is negative, which means that Cisco has net nonoperating investments Forecast Horizon ($ millions) Reported 2018 2019 2020 2021 2022 Terminal Period ROPI (NOPAT - [NOABeg x rw]) Present value of horizon ROPI $ 0 x $ 0 x $ 0 x $ 0 x $ 0 x 0 x 0 x 0 x 0x Cum present value of horizon ROPI $ Present value of terminal ROPI 0 x 0 x NOA 0 x Total firm value 40,989 x Less NNO (8,747) Firm equity value $ 0 x Shares outstanding (millions) 5,029 Stock price per share $ 1.74 x