FISV 2010 – financial statement numbers and select ratios for Target Corp

FISV 2010 – financial statement numbers and select ratios for Target Corp

Following are financial statement numbers and select ratios for Target Corp. for the fiscal year 2011 (ending January 28, 2012).CurrentForecast HorizonTerminal Year($ millions)20112012201320142015Sales 69,86572,45075,13177,91080,79383,217Net operating profit after tax (NOPAT)3,4833,6233,7573,8964,0404,161Net operating assets (NOA)32,51033,69834,94536,23737,57838,706Forecast assumptions and other financial information for Target are as follows:Sales growth3.7%Net operating profit margin (NOPM)5.0%Net operating asset turnover (NOAT)2.15Terminal growth rate3%Discount rate5%Shares outstanding in millions669.3Stockholders’ equity$15,821Net nonoperating obligations (NNO)$ 16,689Use the residual operating income (ROPI) model to estimate the value of Target’s equity, per share at fiscal year end.Target Corp. shares closed at $50.05 per share on January 28, 2012. How does your valuation compare with this closing price?


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