Estimating Share Value Using the DCF Model Following are forecasts of Home Depots sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 3, 2019, which the company labels fiscal 2018.

		Forecast Horizon Period
	Reported					Terminal
$ millions	2018	2019	2020	2021	2022	Period
Sales	$125,515	$134,301	$143,703	$153,761	$164,525	$167,816
NOPAT	14,005	15,042	16,095	17,221	18,427	18,795
NOA	29,633	31,705	33,924	36,299	38,840	39,616

Answer the following requirements assuming a discount rate (WACC) of 7.85%, a terminal period growth rate of 2%, common shares outstanding of 1,105 million, net nonoperating obligations (NNO) of $31,812 million.

Required a. Estimate the value of a share of Home Depots common stock using the discounted cash flow (DCF) model as of February 3, 2019. Note: Do not round until your final answer; round your final answer to two decimal places. Stock price per share: $Answer b. Home Depot stock closed at $220.47 on March 28, 2019, the date the Form 10-K was filed with the SEC. How does your valuation estimate compare with this closing price?