Interest tax shield increase the value of alco

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Question 1: Suppose drug retailer CVS has an equity beta of 0.80 and a debt-equity ratio of 0.10. Estimate its asset beta assuming its debt beta is zero. Suppose CVS were to increase its leverage so that its debt-equity ratio was 0.50. Assuming its debt beta were still zero, what would you expect its equity beta to be after the increase in leverage?

Question 2: Suppose ALCO plans to pay $60 million in interest each year for the next eight years, and then repay the principal of $1 billion in year 8. These payments are risk free, and ALCO's marginal tax rate will remain 39% throughout this period. If the risk-free interest rate is 6%, by how much does the interest tax shield increase the value of ALCO?

Question 3: Harris Solutions expects to have free cash flow in the coming year of $1.75 million, and its free cash flow is expected to grow at a rate of 3.5% per year thereafter. Harris Solutions has an equity cost of capital of 12% and a debt cost of capital of 7%, and it pays a corporate tax rate of 40%. If Harris Solutions maintains a debtequity ratio of 2.5, what is the value of its interest tax shield?

Reference no: EM132432762

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