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\mathrm{.}068$ billion of debt outstanding in book

value terms, trading at a market value of $$3\mathrm{.}2$ billion and yielding a pre$-$tax interest rate of $8\%.$ ALSET had $62$ million shares outstanding, that were trading at $$64$ per share, and with a beta $($i$.$e$.$ levered beta$)$ of $1\mathrm{.}10.$ ALSET$$s tax rate is $40\%.$ The treasury bond rate is $7\%.$ Assume that the market risk premium is $5\mathrm{.}50\%.$

ALSET expects revenues, earnings, capital expenditures, and depreciation to grow at $9\mathrm{.}5\%$ 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 the steady state, resulting in the pre$-$tax interest rate on its debt dropping to $7\mathrm{.}5\%.$

Given the above information on ALSET,

A$.$ Calculate the value of the firm $($ALSET$$s enterprise value$).$

B$.$ Calculate ALSET$$s equity value.

C$.$ Calculate ALSET$$s value per share.

USE EXCEL AND SHOW FORMULAS