You are the financial manager of a listed UK company and your task is to prepare a briefing note for its board of directors to advise it on the following matters: Whether the company's shares are currently fairly valued by the equity market using the price earnings ratio and dividend yield methodologies; Whether the company should proceed with an international expansion project which is under consideration by calculating its internal rate of return, net present value and discounted payback period (using your estimate of its current weighted average cost of capital); Whether the company's current capital structure is optimal and, if not, how it can be improved; and Whether the company's dividend policy is optimal and, if not, how it can be improved.