What is value of a share of Nike's common stock?

Estimate the value of a share of Nike's common stock using the residual operating income $($ROPI$)$ model as of May $31,2019$; assume a discount rate $($WACC$)$ of $6\mathrm{.}8\%$ and common shares outstanding of $1,682$ million.

Note: Round your final answer to two decimal places $($for example, round $$15\mathrm{.}555$ to $$15\mathrm{.}56).$

Given:

Following are income statements and balance sheets for Nike Inc.

NIKE INC.

Consolidated Income Statements

May $31,$ May $31,$

For Year Ended $($$ millions$)20192018$

Revenues $$39,117$ $$36,397$

Cost of sales $21,64320,441$

Gross profit $17,47415,956$

Demand creation expense $3,7533,577$

Operating overhead expense $8,9497,934$

Total selling and administrative expense $12,70211,511$

Interest expense $($income$),$ net $4954$

Other $($income$)$ expense, net $(78)66$

Income before income taxes $4,8014,325$

Income tax expense $7722,392$

Net income $$4,029$ $$1,933$

NIKE INC.

Consolidated Balance Sheets

May $31,$ May $31,$

$ millions $20192018$

Current assets

Cash and equivalents $$4,466$ $$4,249$

Short$-$term investments $197996$

Accounts receivable, net $4,2723,498$

Inventories $5,6225,261$

Prepaid expenses and other current assets $1,9681,130$

Total current assets $16,52515,134$

Property, plant and equipment, net $4,7444,454$

Identifiable intangible assets, net $283285$

Goodwill $154154$

Deferred income taxes and other assets $2,0112,509$

Total assets $$23,717$ $$22,536$

Current liabilities

Current portion of long$-$term debt $$6$ $$6$

Notes payable $9336$

Accounts payable $2,6122,279$

Accrued liabilities $5,0103,269$

Income taxes payable $229150$

Total current liabilities $7,8666,040$

Long$-$term debt $3,4643,468$

Deferred income taxes and other liabilities $3,3473,216$

Commitments and contingencies $($Note $18)$

Shareholders' equity

Common stock at stated value:

Class A convertible$315$ and $329$ shares outstanding $--$

Class B$1,253$ and $1,272$ shares outstanding $33$

Capital in excess of stated value $7,1636,384$

Accumulated other comprehensive income $($loss$)231(92)$

Retained earnings $1,6433,517$

Total shareholders' equity $9,0409,812$

Total liabilities and shareholders' equity $$23,717$ $$22,536$