The separate incomes (which do not include investment income) of Celine Corporation and Margaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows: CELINE MARGAUX Sales . P800,000 P200,000 Less Cost of sales . 400,000 P400,000 120,000 P 80,000 60,000 P 20,000 Gross profit . 200,000 P200,000 Other expenses Separate incomes . During 2020 Celine sold merchandise that cost P40,000 to Margaux for P80,000, and at December 31, 2020 half of these inventory items remained unsold by Margaux,

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Estimating Share Value Using the DCF Model Following are forecasts of sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of December 31, 2018, for Humana. 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 Sales NOPAT NOA 2021 2022 2020 2018 2019 $57,472 $58,326 $59,192 $60,072 $60,964 3,179 3,218 3,140 3,052 3,102 4,844 4,657 4,718 4,781 4,592 Period $61,568 3,244 4,887 Answer the following requirements with the following assumptions: Assumptions Terminal period growth rate 1% Discount rate (WACC) 7.8% Common shares outstanding 135.60 million Net nonoperating obligations (NNO) $(5,569) million Noncontrolling interest $0 million NNO is negative because Humana's nonoperating assets exceed its nonoperating liabilities. (a) Estimate the value of a share of Humana's common stock using the…