Estimating Share Value Using the DCF Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 30, 2016 Reported Horizon Period $ millions 2016 Sales 2018 2017 2019 $73,785 $75,261 $76,766 $78,301 $79,867 2020 Terminal Period $80,666 NOPAT NOA 21,445 21,872 22,309 22.755 23,210 23,443 3,312 3,387 3,454 3,524 3,594 3,630 Answer the following requirements assuming a terminal period growth rate of 1%, a discount rate (WACC) of 6%, common shares outstanding of 602 million, and net nonoperating obligations (NNO) of $8,488 million. a. Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of January 30, 2016. Instructions: Round all answers to the nearest whole number, except for discount factors and stock price per share. Round discount factors to 5 decimal places. Round stock price per share to two decimal places. Do not use negative signs with any of your answers. ($ millions) Increase in NOA FCFF (NOPAT - Increase in NOA) Discount factor [1/(1+rwjt] Present value of horizon FCFF Cum. present value of horizon FCFF $ Present value of terminal FCFF Total firm value NNO Firm equity value Shares outstanding (millions) Stock price per share Reported 2016 Forecast Horizon Terminal 2017 2018 2019 2020 Period 0 x 0 x 0 x 0 x 80,656 x 0 x 0 x 0 x 0 x 3,630 x 0 x 0 * 0 x 0 x 0 x 0 x 0 x 0 * 0 * 0 * 0 % 0 % $ 56,413.29 x 602- $ 93.71 x