The company has net nonoperating obligations (NNO) of $10,000 and 5,000 shares outstanding. Calculate the per-share stock price for 2021 using the FCFF information above, a discount rate of 7%, and a terminal growth rate of 2%. Hint: a. Calculate PV FCFF for each of 2022 to 2025 and sum them up; b. Calculate PV Terminal Year; c. Calculate Total Firm value by adding up (a) and (b); d. Subtract net nonoperating obligation to get total equity value; e. Divide total equity value by shares outstanding to get the per-share stock price (Please show your calculations)

The per-share stock price for 2021 using the FCFF information for Target Corp. is $2.37.

Explanation:

Net non-operating obligations (NNO) = $10,000

Outstanding shares = 5,000 shares

Discount rate = 7%

Terminal Growth rate = 2%

Expected free cash flows for Target Corp. for 2019:

                                     Current   Forecast Horizon                        Terminal

                                          2019    2020    2021     2022     2023      Year

Free cash flows (FCFF) $4,650 $4,880 $5,130  $5,390 $5,650   $5,766

Discount factor at 7%                  0.935   0.873     0.816    0.763     0.713

PV of FCFF                                $4,563  $4,478  $4,398   $4,311     $4,111

a. Sum of PV of FCFF for 2020 to 2032 = $17,750 ($4,563 + $4,478 + $4,398 + $4,311)

b. The PV Terminal Year = $4,111

c. Total Firm Value = $21,861 ($17,750 + $4,111)

d. Total Equity Value = $11,861 ($21,861 - $10,000)

e. Per Share Stock Price = $2.37 ($11,861/5,000)

Thus, the per-share stock price for 2021 using the FCFF information for Target Corp. is $2.37.

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