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5) Kelbasa is a Polish company. The Polish risk free rate is 5 percent. The risk premium in the Polish stock market is 10 percent. Kelbasa's beta is 2.8 when measured against the Polish market. Kelbasa's pretax borrowing cost in Poland on new long-term zloty denominated debt is 8 percent. The debt to equity ratio for Kelbasa 42 percent. Interest payments are tax deductible in Poland at the marginal corporate tax rate of 48%. Kelbasa could appeal to international investors by listing on the New York stock exchange. If they chose to do so, Kelbasa could borrow Polish zloty in the New York market at a pretax cost of 7 percent. International investors are willing to tolerate a 52 percent debt-to-equity mix at this cost of debt. With a 52 percent debt to equity ratio, the beta of Kelbasa is 2.5 against the MSCI World index. The risk premium on the world market portfolio is 8 percent. Suppose Kelbasa generated after-tax operating cash flow of 30 million Polish zloty last year, and that earnings are expected to grow at 3 percent perpetually. Find Kelbasa's value assuming they do not have access to the international capital markets (segmented markets). Show all necessary calculations to support your answer. 5) Kelbasa is a Polish company. The Polish risk free rate is 5 percent. The risk premium in the Polish stock market is 10 percent. Kelbasa's beta is 2.8 when measured against the Polish market. Kelbasa's pretax borrowing cost in Poland on new long-term zloty denominated debt is 8 percent. The debt to equity ratio for Kelbasa 42 percent. Interest payments are tax deductible in Poland at the marginal corporate tax rate of 48%. Kelbasa could appeal to international investors by listing on the New York stock exchange. If they chose to do so, Kelbasa could borrow Polish zloty in the New York market at a pretax cost of 7 percent. International investors are willing to tolerate a 52 percent debt-to-equity mix at this cost of debt. With a 52 percent debt to equity ratio, the beta of Kelbasa is 2.5 against the MSCI World index. The risk premium on the world market portfolio is 8 percent. Suppose Kelbasa generated after-tax operating cash flow of 30 million Polish zloty last year, and that earnings are expected to grow at 3 percent perpetually. Find Kelbasa's value assuming they do not have access to the international capital markets (segmented markets). Show all necessary calculations to support your