Question: Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below

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 Terminal $ millions 2018 2019 2020 2021 2022 Period Sales $12,110 $12,836 $13,606 $14,423 $15,288 NOPAT NOA $15,594 2,711 2,880 3,053 3,236 3,430 7,759 8,223 8,717 9,240 9,794 Answer the following requirements with the following assumptions: 3,499 9,990 Assumptions Terminal period growth rate 2% Discount rate (WACC) 7.35% Common shares outstanding 328.1 million Net nonoperating obligations (NNO) $5,087 million (a) Estimate the value of a share of ITW's common stock using the residual operating income model (ROPI) model as of December 31, 2018. ($ millions) ROPI (NOPAT-[NOABeg x rw]) Present value of horizon ROPI Cum present value of horizon ROPI $ Present value of terminal ROPI NOA Reported 2018 Forecast Horizon Terminal 2019 2020 2021 2022 Period $ 0 $ 0 $ 0 $ 0 0 0 0 $ 0 0 0 0 0 Total firm value 0 Less NNO 0 Firm equity value $ 0 Shares outstanding (millions) 0 Stock price per share $ 0

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