Using NOA 2016: 26,472 and NOPAT 2016: 10,575 what are the correct answers for the above (d)?

Cisco Sytems Inc. Consolidated Balance Sheets In millions, except par value July 30, 2016 July 25, 2015 Assets Current assets Cash and cash equivalents Investments Accounts receivable, net of allowance for doubtful accounts of $249 at July 30, 2016 and $302 at July 25, 2015 Inventories Financing receivables, net Other current assets Total current assets Property and equipment, net Financing receivables, net Goodwill Purchased intangible assets, net Deferred tax assets Other assets Total assets $7,631 58,125 5,847 1,217 4,272 1,627 78,719 3,506 4,158 26,625 2,501 4,299 1,844 $121,652 $6,877 53,539 5,344 1,627 4,491 1,490 73,368 3,332 3,858 24,469 2,376 4,454 1,516 $113,373 $4,160 1,056 517 2,951 10,155 6,072 24,911 24,483 Liabilities Current liabilities Short-term debt Accounts payable Income taxes payable Accrued compensation Deferred revenue Other current liabilities Total current liabilities Long-term debt Income taxes payable Deferred revenue Other long-term liabilities Total liabilities Cisco shareholders' equity Preferred stock, no par value: 5 shaes authorized; none issued and outstanding Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 5,029 and 5,085 shares issued and outstanding at July 30, 2016 and July 25, 2015, respectively Retained earnings Accumulated other comprehensive income (loss) Total Cisco shareholders' equity Noncontrolling interests Total equity Total liabilities and equity $3,897 1,104 62 3,049 9,824 5,476 23,412 21,457 1,876 5,359 1,562 53,666 925 6,317 1,431 58,067 43,592 16,045 44,516 19,396 (326) 63,586 61 59,698 63,585 $121,652 59,707 $113,373 Cisco Sytems Consolidated Statements of Income July 30, July 25, Years Ended December ($ millions) 2016 2015 Revenue Product $37,254 $37,750 Service 11,993 11,411 Total revenue 49,247 49,161 Cost of sales Product 14,161 15,377 Service 4,126 4,103 Total cost of sales 18,287 19,480 Gross margin 30,960 29,681 Operating expenses Research and development 6,296 6,207 Sales and marketing 9,619 9,821 General and administrative 1,814 2,040 Amortization of purchased intangible assets 303 359 Restructuring and other charges 268 484 Total operating expenses 18,300 18,911 Operating income 12,660 10,770 Interest income 1,005 Interest expense (676) (566) Other income (loss), net (69) 228 Interest and other income (loss), net 260 431 Income before provision for income taxes 12,920 11,201 Provision for income taxes 2,181 2,220 Net income $10,739 $8,981 769 (d) Estimate the value of a share of Cisco common stock using the discounted cash flow (DCF) model as of July 30, 2016; assume a discount rate (WACC) of 10%, common shares outstanding of 5,029 million, and net nonoperating obligations (NNO) of $(37,113) million (NNO is negative which means that Cisco has net nonoperating investments). Use your rounded answers for subsequent calculations. Do not use negative signs with any of your answers below. Terminal Period 2019 Est. 2020 Est. $ 0x 0 x Ox $ Ox Ox 0x 0 x $ Ox Ox Ox OX CSCO Reported Forecast Horizon ($ millions) 2016 2017 Est. 2018 Est. DCF Model Increase in NOA 0x $ 0 x FCFF (NOPAT - Increase in NOA) Ox 0x Discount factor (rounded 5 decimal places) 0.1 x Ox Present value of horizon FCFF (roundedto nearest whole number) Ox Cum present value of horizon FCFF $ 34,963 X (rounded to nearest whole number) Present value of terminal FCFF 5,711 x (rounded to nearest whole number) Total firm value 40,674 X (rounded to nearest whole number) NNO 37,113 NCI 0 x Firm equity value 0X (rounded to nearest whole number) Shares outstanding (millions) 5,029 (rounded to nearest whole number) Stock price per share 5.5 x (rounded to two decimal places)