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In the case 1 2 HJ Heinz: Estimating the cost of Capital in Uncertain Times, Analyze the cost of capital. What are the steps used

In the case 12 HJ Heinz: Estimating the cost of Capital in Uncertain Times, Analyze the cost of capital.
What are the steps used and calculations made by Sheppard?
Are there any errors?
What changes can be made to the cost of capital recommendation?
What are the reason for the changes?

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