Estimating Share Value Using the DCF Model Assume following are forecasts of Abercrombie & Fitch's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 29, 2011, Reported Horizon Period (In millions) 2011 2012 2013 2014 2015 Terminal Period Sales $3,750 $4,500 $5,400 $ 6,480 $ 7,776 $ 7,853 NOPAT 464 578 686 825 948 954 NOA 1.333 1,612 1,944 2.289 2,780 2.806 Answer the following requirements assuming a discount rate (WACC) of 13.3%, a terminal period growth rate of 1%, common shares outstanding of 86,2 million, and net nonoperating obligations (NNO) of $(255) million (negative NNO reflects net nonoperating assets such as investments rather than net obligations). (a) Estimate the value of a share of Abercrombie & Fitch common stock using the discounted cash flow (DCF) model as of January 29, 2011. (Round your answer to the nearest whole number except for the discount factors, shares outstanding, and the stock price per share. Rounding instructions: Round answers to the nearest whole number unless noted otherwise. Use your rounded answers for subsequent calculations. 2015 Terminal Period X x X OX OX Do not use negative signs with any of your answers. Reported Horizon Period (In millions) 2011 2012 2013 2014 Increase in NOA X x FCFF (NOPAT - Increase in NOAI OX OX Discount factor [1/(1+rw Jiround 5 decimal places) OX Present value of horizon FCFF OX OX Cum present value of horizon FCFF $ Present value of terminal FCFF Total firm value NNO Firm equity value $ OX Shares outstanding Imillions) 0 X (round one decimal place) Stock price per share $ 0 x (round two decimal places) G