You own $150$ shares of BAT, which currently has a debt$/$equity ratio of $40/60.$ If it was $100\%$ equity$-$based company then they would have had $8000$ shares outstanding. Each stock of BAT currently sells for $$40.$ The current EBIT is $$40000.$ Their overall debt has a cost of debt of $10\%.$ Ultimately, they decided to stick to their $40/60$ capital structure. However, you personally prefer the no debt. Use homemade leverage to convert your levered cash flow to unlevered cash flow. Share price will remain constant throughout. Ignore tax.