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 February 2, 2019, which we label fiscal year 2018. 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. Reported Forecast Horizon Period Terminal $ millions 2018 Sales $76,056 NOPAT 3,269 NOA 23,720 2019 2020 2021 2022 $79,124 $83,780 $87,234 $92,296 Period $93,428 4,102 3,572 4,451 3,939 4,717 24,197 26,107 26,677 28,711 28,571 Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate 2% Discount rate (WACC) 7.63% Common shares outstanding 517.80 million Net nonoperating obligations (NNO) $12,423 million Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of February 2, 2019. ($ millions) Increase in NOA FCFF (NOPAT - Increase in NOA) Present value of horizon FCFF Reported 2018 Forecast Horizon 2019 2020 2021 $ 477 $ 3,625 3,368.02 1,910 $ 1,662 1,434.71 Cum. present value of horizon FCFF $ Present value of terminal FCFF 9,335.06 87,995.38 x Total firm value 75,331.6 x NNO Firm equity value $ 12,423 62,908.6 x Shares outstanding (millions) 517.8 Stock price per share $ 121.49 x 570 $ 3,881 3,112.75 Terminal 2022 2,034 $ 1,905 Period (140) 4,857 1,419.59