Using the bottoms-up approach discussed in Chapter 7 of the DePamphilis textbook, calculate a forward-looking, re-levered beta for Juniper Networks, Inc. Assume a target Debt/Equity ratio for the company of 1.25 and the industrys average tax rate of 25%. Show your work in detail. You may want to use Excel as your calculation tool. (25 points).

Junipers management has determined that the following firms are comparable companies for this analysis. Using these firms most recent financial statements (Form 10-K) for the financial data and Yahoo Finance to find each firms beta, calculate these firms unlevered betas to get an industry average unlevered beta to use in this analysis. In calculating total debt, make sure you capture short-term debt, long-term debt and lease obligations.

• Palo Alto Networks, Inc
• Fortinet, Inc.
• Check Point Software Technologies, Ltd.
• CyberArk Software, Ltd.
• CACI International, Inc.
• Akamai Technologies, Inc.