Home Comments Data Review View = = = General ETEE E $ %) E 2 D Insert Draw Page Layout Formulas Times New Roman v 14 v A BIUD A xv fx 3 insert v Delete Share 48 O - 4 : Find & Conditional Format Formatting as Table Ideas Cell Styles Format Sort & Filter X v Paste D16 Capital Structure and Value Tablc 6. The asset valuation approach. No Debt Recapitalized 72,800 72,800 6 Free cash flow 7 Discount rate for operations (cost of equity using unlevered beta) 8 Value of operations 10 Value of tax shield (1 x D) 11 12 Enterprise value 13 Debt outstanding 14 Equity value 16 Price without tax shield 17 18 Value of tax shield 19 Per share value of tax shield 21 Price reflecting both values 22 23 Shares repurchased 24 New shares outstanding 25 Price postrecapitalization 26 27 28 29 Title Page Financial Risk Valuation (No Taxes) - WACC Valuation - WACC Valuation - Value of Claims Valuation - Value of Assets Per Share Effects + Home Comments Data Review View = = = General ETEE E $ %) E 2 D Insert Draw Page Layout Formulas Times New Roman v 14 v A BIUD A xv fx 3 insert v Delete Share 48 O - 4 : Find & Conditional Format Formatting as Table Ideas Cell Styles Format Sort & Filter X v Paste D16 Capital Structure and Value Tablc 6. The asset valuation approach. No Debt Recapitalized 72,800 72,800 6 Free cash flow 7 Discount rate for operations (cost of equity using unlevered beta) 8 Value of operations 10 Value of tax shield (1 x D) 11 12 Enterprise value 13 Debt outstanding 14 Equity value 16 Price without tax shield 17 18 Value of tax shield 19 Per share value of tax shield 21 Price reflecting both values 22 23 Shares repurchased 24 New shares outstanding 25 Price postrecapitalization 26 27 28 29 Title Page Financial Risk Valuation (No Taxes) - WACC Valuation - WACC Valuation - Value of Claims Valuation - Value of Assets Per Share Effects +