The following are from the financial statements for General Mills (in millions):

At the end of fiscal year 2008, 337.5 million shares were outstanding, and they traded at $60 each. The following forecasts were prepared:
Sales growth rate, 2009-2010...........9% per year
Sales growth rate, 2011-2012...........6% per year
Sales growth rate after 2012..........5% per year
Prepare a pro forma for the years 2009-2012 with a forecast that core profit margins and asset turnovers will be the same as in 2008. Then calculate the per-share value at the end of fiscal year 2008 with the forecast that residual operating income will grow after 2012 at the sales growth rate. Use a required return for operations of 8percent.

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2008 2007 Net operating assets Common equity Sales Core operating income (after tax) 12,847 $12,297 6,216 13,652 1,560 5,319