stimating Share Value Using the DCF Model Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 26, 2011, for Best Buy, Inc.

Assume ReportedHorizon Period

(In millions)20112012201320142015Terminal Period

Sales$40,023$44,577$49,650$55,300$61,592$62,208

NOPAT1,4481,6271,8012,0062,2202,251

NOA5,2805,8856,5367,2788,1318,189

Answer the following requirements assuming a discount rate (WACC) of 11%, a terminal period growth rate of 1%, common shares outstanding of 410.5 million, net nonoperating obligations (NNO) of $794 million, and noncontrolling interest (NCI) on the balance sheet of $690 million. (a) Estimate the value of a share of Best Buy's common stock using the discounted cash flow (DCF) model as of February 26, 2011.

Rounding instructions:

Round your answers to the nearest whole number except for the discount factors, shares outstanding, and the stock price per share.

Round the discount factors to five decimal places, shares outstanding to one decimal place, 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.

Assume ReportedHorizon Period

(In millions)20112012201320142015Terminal Period

Increase in NOAAnswerAnswerAnswerAnswerAnswer

FCFF (NOPAT - Increase in NOA)AnswerAnswerAnswerAnswerAnswer

Discount factor [1/(1+rw)t ](round 5decimal places)AnswerAnswerAnswerAnswer

Present value of horizon FCFFAnswerAnswerAnswerAnswer

Cummute present value of horizon FCFFAnswer

Present value of terminal FCFFAnswer

Total firm valueAnswer

NNOAnswer

NCIAnswer

Firm equity valueAnswer

Shares outstanding (millions)Answer(round one decimal place)

Stock price per shareAnswer(round two decimal places)