You have been hired as a junior analyst to do a valuation of Adidas. Your boss wants you to calculate the WACC. You have the following information to calculate the WACC.

The current share price of the company is 169 per share and the total number of shares outstanding is 209 million. Analysists consensus target price for Adidas is 173.

The company has issued bonds that have a book value of 1,500 million on the balance sheet and a market value of 2,300 million. Bonds that are comparable to those issued by Adidas are offering a YTM of 2.25%.

Adidas shares are quoted on the German stock market where the market risk premium is estimated to be 5.08%. You can assume a risk-free rate of is 1.5% and an equity beta of Adidas equal to 0.81. Finally, the company tax rate is 30%.

Given this information, what is your estimate of the WACC of Adidas? (Please, illustrate any intermediate step that you follow to reach the final answer.)