Estimating Share Value Using the DCF Model Following are forecasts of Illinois Tool Works Inc. sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of December 31, 2018 Reported Horizon Period $ millions 2018 2019 2020 2021 2022 Terminal Period Sales $14,768 $15,654 $16,593 $17,589 $18,664 $19,017 NOPAT 2.711 2,880 3,053 3,236 3,430 3,499 NOA 9,462 10.028 10,630 11,268 11,944 12.183 Answer the following requirements assuming a discount rate (WACC) of 7.35%, a terminal period growth rate of 2%, common shares outstanding of 328.1 million, and net nonoperating obligations (NNO) of $6,204 million. (a) Estimate the value of a share of ITW's common stock using the discounted cash flow (DC) model as of December 31, 2018, Instructions: Round all answers to the nearest whole number, except for discount factors, shares outstanding (do not round), 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, Reported 2018 2019 566 2,314 093153 2,156 Forecast Horizon 2020 2021 602 638 2,451 2.598 0.86775 080834 2,127 2,100 2022 676 2.754 0.75299 2.074 Terminal Period 239 3.260 (5 millions Increase in NOA FCFF (NOPAT - Increase in NOA) Discount factor [1/(1+rwelt Present value of horison FCFF Cum present value of horizon FCFFS Present value of terminal FCFF Total firm value NNO Firm equity value $ Shares outstanding (millions) Stock price per share 8.456.22 40,172.55 x 42,188.12 x 6,204 33,526 x 3281 131.75 X