CSCO ($ millions) Sales (rounded two decimal places) Reported 2016 Forecast Horizon Terminal 2017 Est. 2018 Est. 2019 Est. 2020 Est. Period $ 49,247 $ 49,739.47 $ 52,226.44 * $ 50,739.23 * $ 51,246.63 * $ 51,759.09 x Sales (rounded nearest whole number) NOPAT (rounded nearest whole number)* NOA (rounded nearest whole number)* 49,247 10,575 49,739 10,694 0 x 0 x 0 x 0 x 26,472 26,741 0 x 0 x 0 x 0 x 0 x 0 x 0 x 0 x * Use sales rounded to nearest whole number for this calculation. (d) Estimate the value of a share of Cisco common stock using the residual operating income (ROPI) 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 $(37,113) million (NNO is negative which means that Cisco has net nonoperating investments). Instructions: Use your rounded answers for subsequent calculations. Round all answers to the nearest whole number, except for discount factors and stock price per share. Round discount factors to 5 decimal places. Round stock price per share to two decimal places. Use a negative sign with your NNO answer. CSCO ($ millions) ROPI Model Reported 2016 2017 Est. Forecast Horizon 2018 Est. 2019 Est. 2020 Est. Terminal Period ROPI [NOPAT - (NOA beg x WACC)] (rounded to nearest whole number) Discount factor 0 x 0 x 0 x 0 x 0 x (rounded to 5 decimal places) 0 x 0 x 0 x 0 x Present value of horizon ROPI (rounded to nearest whole number) 0 x 0 x 0 x 0 x Cum present value of horizon ROPI $ 0x Present value of terminal ROPI NOA $ 0 x 26,472 Total firm value 0 x NNO 0 x NCI 0 x Firm equity value $ 0 x Shares outstanding (millions) 0 x Stock value per share $ 0 x