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 January 31, 2016, for Wal-Mart Stores, Inc.

	Reported	Horizon Period
$ millions	2016	2017	2018	2019	2020	Terminal Period
Sales	$482,130	$486,951	$491,821	$496,739	$501,706	$506,723
NOPAT	16,634	17,043	17,214	17,386	17,560	17,735
NOA	124,940	126,186	127,448	128,722	130,009	131,309

Answer the following requirements assuming a discount rate (WACC) of 7%, a terminal period growth rate of 1%, common shares outstanding of 3,144 million, net nonoperating obligations (NNO) of $41,329 million, and noncontrolling interest (NCI) on the balance sheet of $3,065 million.

(a) Estimate the value of a share of Wal-Mart's common stock using the discounted cash flow (DCF) model as of January 31, 2016.

Rounding Instructions:

• Round your answer to the nearest whole number except for the discount factors and the stock price per share.

• Round the discount factors to five decimal places and the stock price to two decimal places.

• Use your rounded answers for subsequent calculations.

Do not use negative signs with any of your answers below.

	Reported	Forecast Horizon
WMT ($ millions)	2016	2017	2018	2019	2020	Terminal Period
Increase in NOA		Answer		Answer	Answer	Answer
FCFF (NOPAT - Increase in NOA)		Answer	Answer	Answer	Answer	Answer
Discount factor [1/(1+rw)t]	(round 5 decimal places)	Answer	Answer	Answer	Answer
Present value of horizon FCFF		Answer	Answer	Answer	Answer
C u m present value of horizon FCFF	Answer
Present value of terminal FCFF	Answer
Total firm value	Answer
NNO	Answer
NCI	Answer
Firm equity value	Answer
Shares outstanding (millions)	Answer
Stock price per share	Answer	(round two decimal places)