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.

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.

$\backslash$table$[[$Assumptions$,],[$Discount rate $($WACC$),5\mathrm{.}70\%,],[$Common shares outstanding,$7,281\mathrm{.}6,$million$],[$Net nonoperating obligations $($NNO$),$$$177,838,$million$],[$Noncontrolling interest,$$12,478,$million$]]$

c$.$ AT&T closed at $$30\mathrm{.}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?

d$.$ If WACC has been $6\mathrm{.}2\%,$ what would the valuation estimate have been?

$\backslash$table$[[,$Value$],[$$$,0]]$

What about if WACC has been $5\mathrm{.}2\%?$

$\backslash$table$[[$Value$],[$$$,0]]$