Estimate the value of Pinkerton's to Wathen. Use a discounted cash flow approach (not multiples). The case presents forecasts for the "expected" scenario as well as for a "pessimistic" scenario. Use the "expected" scenario to forecast expected cash flows. Assume that the cost of unlevered equity is 15%. 

Suppose Wathen proceeds with the acquisition of Pinkerton's. Which financing alternative do you recommend?

Explain why and provide the necessary calculations to back up your recommendation.

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