Estimating Share Value Using the DCF Model Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of December 31, 2018, for Humana. 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 $ millions 2018 2019 2020 2021 2022 Terminal Period Sales NOPAT $56,912 $57,766 $58,632 $59,512 $60,404 $61,008 2,492 2,542 2,580 2,619 2,658 2,684 NOA 4,032 4,097 4,158 4,221 4,284 4,327 Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate Discount rate (WACC) 1% 7.8% 135.60 million Common shares outstanding Net nonoperating obligations (NNO) $(6,129) million Noncontrolling interest $0 million NNO is negative because Humana's nonoperating assets exceed its nonoperating liabilities. (a) Estimate the value of a share of Humana's common stock using the discounted cash flow (DCF) model as of December 31, 2018. ($ millions) Increase in NOA FCFF (NOPAT - Increase in NOA) Present value of horizon FCFF Reported 2018 2019 Forecast Horizon 2020 2021 2022 Terminal Period $ 65 $ 2,492 x 61 $ 3,039 x 2,780.14 x 2,615 x 63 $ 3,076 x 2,455 x 63 $ 3,124 x 2,313 x 43 3,161 x Cum. present value of horizon FCFF $ 10,163.14 * Present value of terminal FCFF Total firm value NNO Firm equity value Shares outstanding (millions) Stock price per share 34,766.11 x 44,929.25 x 5,609 x $ 39,320.25 x 135.6 $ 319.47