An analyst values a levered firm by discounting operating free cash flows (OFCF) by the WACC after tax to find the firm's enterprise value (EV). The market value of assets (V) is found by adding cash and marketable securities to the enterprise value. The market capitalisation of equity (E) is calculated by subtracting interest-bearing liabilities (D) from the assets (V). Which of these amounts do NOT include the benefit of interest tax shields?

Select one:

a. EV.

b. E.

c. V.

d. EV, E and V.

e. OFCF and D.