Estimating Share Value Using the ROPI Model Following are forecasted sales, NOPAT, and NOA for AT&T for 2019 through 2022 a. Forecast the terminal period values assuming a 2% terminal period growth rate. Round answers to the nearest dollar. Reported Forecast Horizon $ millions 2018 2019 2020 2021 2022 Terminal Period Sales $170,756 $181,001 $191,861 $203,373 $215,576 $ NOPAT 20,895 22,082 23,407 24,812 26,300 $ NOA 369,039 390,931 414,387 439,251 465,607 $ b. Estimate the value of a share of AT&T common stock using the residual operating income (ROPI) model as of December 31, 2018; assume a discount rate (WACC) of 5.7%, common shares outstanding of 7,281.6 million, net nonoperating obligations (NNO) of $175,155 million, and noncontrolling interest (NCI) from the balance sheet of $9,795 million. Rounding instructions: 2019 2020 Forecast Horizon 2021 $ 2022 Terminal Period $ $ $ $ millions ROPI (NOPAT - [NOABeg * rw]) Discount factor [1/(1+rw)t] Present value of horizon ROPI Present value of horizon ROPI $ Present value of terminal ROPI NOA Total firm value NNO NCI $ Firm equity value $ Shares outstanding Stock value per share $