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 $ millions 2018 2019 Sales $76,106 2020 2021 2022 $79,124 $83,830 $87,234 $92,346 Terminal Period $93,428 NOPAT 3,269 NOA 23.770 4,152 3,572 4,501 3,939 4,767 24,197 26,157 26,677 28,761 28,571 Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate 2% Discount rate (WACC) 7.63% Common shares outstanding 517.80 million ($ millions) Reported 2018 2019 Net nonoperating obligations (NNO) $12,473 million Estimate the value of a share of Target common stock using the discounted cash flow (DCF) model as of February 2, 2019. Terminal Period Forecast Horizon 2020 2021 2022 Increase in NOA $ FCFF (NOPAT- Increase in NOA) 427 $ 3,725 v 1,960 $ 2,362 x 520 2.481 x 2.084 $ 2,605 x 560 X 3,457 x Present value of horizon FCFF 2,067 x 2,039 X 1,990 X 1.941 x Cum. present value of horizon FCFF $ 8,037 x Present value of terminal FCFF 45,757 x Total firm value 53,794 x NNO (11,723) x Firm equity value $ 42,071 x Shares outstanding (millions) 517.8 Stock price per share 81.25 x