Estimating Share Value Using the ROPI Model Following are forecasts of Abercrombie & Fitch's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 2, 2013. Refer to the information in the table to answer the following requirements. Reported Horizon Period (In millions) 2013 2014 2015 2016 2017 Terminal Period Sales $4,511 $4,872 $5,262 $5,683 $6,138 $6,261 NOPAT 242 261 282 305 329 336 NOA 1,446 1.562 1.687 1.821 1.967 2,007 Answer the following requirements assuming a discount rate (WACC) of 10%, a terminal period growth rate of 2%, common shares outstanding of 78.4 million, and net nonoperating obligations (NNO) of $(372) million, (negative NNO reflects net nonoperating assets such as investments rather than net obligations). (a) Estimate the value of a share of Abercrombie & Fitch common stock using the residual operating income (ROPI) model as of February 2, 2013. Rounding instructions: Round answers to the nearest whole number unless noted otherwise. Use your rounded answers for subsequent calculations. Horizon Period 2015 0X 2017 2016 0X Terminal Period 0 X OX OX OX OX 0 X OX OX Do not use negative signs with any of your answers. Reported (In millions) 2013 2014 ROPI (NOPAT - INOA Beg x rw]) 0 x Discount factor [1/(1+rwit] (Round 5 decimal places) 0 x Present value of horizon ROPI OX Cum present value of horizon ROPI $ 0X Present value of terminal ROPI 0 % NOA OX Total firm value OX NNO OX Firm equity value $ X Shares outstanding (millions) 78.4 (round one decimal place) Stock price per share $ 0x (round two decimal places)