The following are from the financial statements for General Mills (in millions):

At the end of fiscal year 2010, 656.5 million shares were outstanding, and they traded at $60 each. The following forecasts were prepared:
Sales growth rate, 2011-2012 ......................7% per year
Sales growth rate, 2013-2014 ......................6% per year
Sales growth rate after 2014 ........................4% per year
Prepare a proforma for the years 2011 - 2014 with a forecast that core profit margins and asset turnovers will be the same as in 2010. Then calculate the per-share value at the end of fiscal year 2010 with the forecast that residual operating income will grow after 2014 at the sales growth rate. Use a required return for operations of 8 percent.

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2010 2009 Net operating assets Common equity Sales $11,803 5,173 $11,461 5,403 14,797 1,805 Core operating income (after tax)