Estimating Share Value Using the ROPI Model Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 31, 2013, for Wal-Mart Stores, Inc. 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	$469,162	$492,620	$517,251	$543,114	$570,269	$575,972
NOPAT	19,056	20,197	21,207	22,268	23,381	23,615
NOA	128,612	134,964	141,713	148,798	156,238	157,801

Answer the following requirements assuming a discount rate (WACC) of 7%, a terminal period growth rate of 1%, common shares outstanding of 3,314 million, net nonoperating obligations (NNO) of $46,874 million, and noncontrolling interest (NCI) on the balance sheet of $5,395 million. (a) Estimate the value of a share of Wal-Mart common stock using the residual operating income (ROPI) model as of January 31, 2013. Rounding instructions: Round answers to the nearest whole number unless noted otherwise. Use your rounded answers for subsequent calculations.

	Reported	Forcast Horizon
WMT (In millions)	2013	2014	2015	2016	2017	Terminal Period
ROPI (NOPAT - [NOABeg rw])		Answer	Answer	Answer	Answer	Answer
Discount factor [1/(1+rw)t]	(round 5 decimal points)	Answer	Answer	Answer	Answer
Present value of horizon ROPI		Answer	Answer	Answer	Answer
Cumulative present value of horizon ROPI	$Answer
Present value of terminal ROPI	Answer
NOA	Answer
Total firm value	Answer
Less NNO	Answer
Less NCI	Answer
Firm equity value	$Answer
Shares outstanding (millions)	Answer
Stock price per share	$Answer	(round two decimal points)