Estimating Share Value Using the DCF Model Following are forecasted sales, NOPAT, and NOA for AT&T for 2019 through 2022 Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places. a. Forecast the terminal period values assuming the following terminal period growth rate. Assumption Terminal period growth rate 2% Reported Forecast Horizon Period Terminal $ millions 2018 2019 2020 2021 2022 Period Sales $170,756 $181,001 $191,861 $203,373 $215,576 Answer NOPAT 20,895 22,082 23,407 24,812 26,300 Answer NOA 369,039 390,931 414,387 439,251 465,607 Answer b. Estimate the value of a share of AT&T common stock using the discounted cash flow (DCF) model as of December 31, 2018 using the following assumptions and the information above. Assumptions Discount rate (WACC) 5.70% Common shares outstanding 7,281.6 million Net nonoperating obligations (NNO) $175,155 million Noncontrolling interest $9,795 million Reported Forecast Horizon Terminal ($ millions) 2018 2019 2020 2021 2022 Period Increase in NOA Answer Answer Answer Answer Answer FCFF (NOPAT - Increase in NOA) Answer Answer Answer Answer Answer Present value of horizon FCFF Answer Answer Answer Answer Cum. present value of horizon FCFF Answer Present value of terminal FCFF Answer Total firm value Answer Less (plus) NNO Answer Less NCI Answer Firm equity value Answer Shares outstanding (millions) Answer Stock price per share Answer c. AT&T closed at $30.85 on February 20, 2019, the date the Form 10-K was filed with the SEC. How does your valuation estimate compare with this closing price? Answer d. If WACC has been 6.2%, what would the valuation estimate have been? Value Answer What about if WACC has been 5.2%? Value