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What is the Implied Debt Beta, Re-Levered Equity Beta, Cost of Equity, and WACC? 2011 2012 2013 2014 Operating Forecasts 2010 2015 20 US Sales

What is the Implied Debt Beta, Re-Levered Equity Beta, Cost of Equity, and WACC?
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2011 2012 2013 2014 Operating Forecasts 2010 2015 20 US Sales International Sales Net Sales Cost of Goods Sold Depreciation Marketing Expense Other SG&A EBIT 330 29 359 160 24 23 107 45 328 32 360 150 9 24 108 69 330 36 366 140 9 24 111 82 Supplementary Schedules Net Working Capital working cash A/A Inventory Other CA A/P Networking capital ANWC 10 98 310 7 90 335 10 99 291 7 90 317 10 100 272 7 90 299 45 45 45 Other assets Other assets Beginning net PPE Capital Expenditures Depreciation Ending Net PPE 140 144 20 24 140 20 28 132 132 20 26 126 Free Cash Flow Calculation Pro Forma 2013 2014 2015 2016 tax rate 40% EBIT EBIT(1-1) Depreciation Capital expenditures ANWC Other assets Free cash flow Terminal value Perp.gr 3% Discount factor PV[FOF+TV) PV Enterprise Less EOY 2005 Debt Estimated Equity Value number of shares (000,000) 301 11.D 10 Value per share 2017|Pro forma assumptions 0.5% annual growth 13.0% annual growth 38.0% of sales 20.0% of beginning net PP&E 7.0% of sales 30.0% of sales 2.8% of sales 100 days sales outstanding 708 days of COGS 2.0% of sales 90 days of cash op expenses 12.50% of sales given 20% of beginning net PP&E 2012 WACC Calculation Asset beta Risk-free rate Market Risk Premium Cost of debt Target D/V 0.82 4.86% 5.00% 5.00% 35% implied debt beta growing perpetuity Re-levered equity beta Cost of equity WACC

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