Use the bullish case assumptions for this DCF question. First, estimate the net operating profit after tax (NOPAT) forecast for 2012, 2013, 2014, and 2015. Revenue Growth and Operating Margin are provided in Exhibit 8. Use a tax rate of 39%. The NOPAT is $93 in 2012, $94 in 2013, __________ in 2014 and ____________ in 2015. Please respond asap, or as soon as you reasonably can.

A. $96 in 2014 and $99 in 2015

B. $94 in 2014 and $95 in 2015

C.$83 in 2014 and $86 in 2015

D. None of these

*********** Forecast *********** Actual 2011 2012 2013 2014 2015 Bullish Scenario Revenue Growth Operating Margin Net Working Capital Turnov Fixed Asset Turnover 5.3% 9.4% 5.02 1.95 1.0% 9.0% .00 1.95 1.5% 0.0% 6.50 1.95 2.0% 0.0% 7.00 1.95 2.5% 0.0% 7.50 1.95 6 713 619 478 526 276 2008 2009 2010 2011E (Feb 2009) (Feb 2010) (Feb 2011) (Feb 2012) Total American Greetings Figures Total Revenue 1,691 1,636 1,593 1,677 Material, Labor, and Other Pruduction Costs 810 682 743 Selling, Distribution, and Marketing Expenses 508 Administrative and General Expenses 226 261 Goodwill and Other Intangible Asset Impairmen 290 0 0 Other Operating Expenses 0 Operating Income (253) 139 175 Net Interest and Other Nonoperating Expenses 22 19 28 Income Before Income Tax Expense (275) 121 156 129 Income Tax Expense (47) 47 Net Income (228) 82 82 258 1 3 (6) 18 39 69 87 2.18 Earnings Per Share (Basic) Dividends per Share (4.89) 0.60 2.07 0.36 0.56 2.22 0.60 1,095 By Business Unit Operating Segment Net Sales North American Social Expression Products International Social Expression Products Retail Operations AG Interactive 1,191 262 1,215 344 271 1,235 254 12 80 179 83 78 68 70 Operating Segment Earnings North American Social Expression Products International Social Expression Products Retail Operations AG Interactive 236 17 218 20 (78) (35) (19) (162) 14 704 753 823 Total Revenue by Product Category Everyday Greeting Cards Seasonal Greeting Cards Gift Packaging Other Revenue All Other Products 357 240 764 369 221 377 223 239 44 38 32 32 345 244 207 176