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ALSET Corporation, an electric vehicle manufacturer, reported EBITDA of $ 1 , 2 9 0 million in 2 0 2 0 , prior to interest

ALSET Corporation, an electric vehicle manufacturer, reported EBITDA of $1,290 million in 2020,prior to interest expenses of $215 million and depreciation charges of $400 million. Capital Expenditures in 2020 amounted to $450 million, and working capital was 7% of revenues. Revenues in 2020 were $13,500 million. The firm had $3.068 billion of debt outstanding in book value terms, trading at a market value of $3.2 billion and yielding a pre-tax interest rate of 8%. ALSET had 62 million shares outstanding, that were trading at $64 per share, and with a beta (i.e. levered beta) of 1.10. ALSETs tax rate is 40%. The treasury bond rate is 7%. Assume that the market risk premium is 5.50%.
ALSET expects revenues, earnings, capital expenditures, and depreciation to grow at 9.5% a year from 2021 to 2025, after which time the growth rate is expected to drop to 4% during this steady state period in perpetuity. During this steady state, CAPEX will offset depreciation. The company also plans to lower its Debt/Equity ratio to 50% during he steady state, resulting in the pre-tax interest rate on its debt dropping to 7.5%.
Given the above information on ALSET,
A. Calculate the value of the firm (ALSETs enterprise value).
B. Calculate ALSETs equity value.
C. Calculate ALSETs value per share.

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