Estimating Share Value Using the ROPI Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 30, 2016.

	Reported	Horizon Period				Terminal
$ millions	2016	2017	2018	2019	2020	Period
Sales	$74,229	$75,714	$77,228	$78,773	$80,348	$81,151
NOPAT	3,340	3,407	3,475	3,545	3,616	3,652
NOA	22,269	22,714	23,168	23,632	24,104	24,345

Answer the following requirement assuming a terminal period growth rate of 1%, a discount rate WACC of 6%, common shares outstanding of 602 million, and net nonoperating obligations (NNO) of $8,488 million. a. Estimate the value of a share of Target common stock using the residual operating income (ROPI) model as of January 30, 2016. Instructions: Round all answers to the nearest whole number, except for discount factors and stock price per share. Round discount factors to 5 decimal places. Round stock price per share to two decimal places. Do not use negative signs with any of your answers. Reported Forecast Horizon Terminal ($ millions) 2016 2017 2018 2019 2020 Period ROPI(NOPAT-INOABegx rw]) Discount factor t1/Crwd Present value of horizon ROP Cum present value of horizon ROP Present value of terminal ROPI 1,403X 1.431 1,460 X 1.489 1,483 X 0.9434 0.89 0.83962 0.79209 1,323 X 1.273X 1,226 X 1.180 X 5,002 x 29.653 X 22.269 56,924 x NOA Total firm value NNO 8,483 Firm equity value 48,436 Shares outstanding (millions) 602 80.46 Stock price per share