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A B C D E F G H I
Total
$250.00 $290.00 $5,211.43
Unlevered Value = PV at rsU = $3,960.01 thousand
Estimate the value of the tax shield
TS. Horizon Value =
$733.71 thousand
1 2 3
Interest tax shield
$32.00 $38.00 $48.00
Tax shield horizon value
$733.71
Total
$32.00 $38.00 $781.71
Tax Shield Value = PV at rsU = $584.94 thousand
Estimate the total value of operations
Vops = Tax shield value + Unlevered value = $4,544.95 thousand
( Tax Shield)(1+g)
Tax Shield Horizon Value =
rsU - g
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J K L
ered Firm +T x Debt
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J K L
ACC - g)
- g)
ered Firm + Value of Tax Shield
