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The following information is from the financial statements for the Vitamin Shoppe. 20132014 Net Operating Assets454.651547.963 Common...

The following information is from the financial statements for the Vitamin Shoppe.

                                                                       2013               2014

Net Operating Assets                                     454.651          547.963

Common Equity                                                         528.34            551.934

Sales                                                                                       1213.046

Core operating income (after tax)                                           61.546

Assume the following are forecasts about Vitamin Shoppe's sales growth:

Growth rate 2014-2015: 7%, ATO=2.67, Operating Income Profit Margin=5%

Growth rate: 2016-2018:4%, ATO=2.90, Operating Income Profit Margin= 6%

Growth rate after 2018: 2%, ATO=3.00, Operating Income Profit Margin =6%

Further assume: WACC =8.5%; Profit Margin and ATO after 2018 will remain 3.00 and 6%, forever and Residual Operating Income will also grow at 6%.

Find the value of NOA and Common Equity.

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