1. Select a company that has at least two divisions

2. For each division find what is the closest industry it belongs to (using the "Betas by sector" tab on the Google's calculations" spreadsheet on Moodle)

3. Find each division's total sales (revenue) using your company's most recent annual report - for all the divisions record the average industry levered beta, debt-to-equity ratio, tax rate, EV/Sales, cash-to-firm value ratio . Find each division's value by multiplying its total sales (revenue) by the corresponding industry's EV/Sales ratio.

4. Calculate the weighted average unlevered beta, and weighted average pure-play beta using both revenue weights, and value weights. 5. Find your company's overall market equity (market capitalization or market cap) value, and total debt value. Using these calculate its debt-to-equity ratio.

6. Find your company's most recent cash balance on the balance sheet.

7. Find your company's most recent tax rate.

8. Calculate your company's re-levered beta.

9. Find your company's levered beta online (e.g. Yahoo Finance). Comment on the difference between your calculated re-levered beta, and levered beta you find online. Any insight on why the difference is large (if it is indeed large. Do this in Excel/Google Sheet.