APV:

WACC $8\mathrm{.}00\%($numbers are in million$)$

Unlevered Cost of Equity $10\mathrm{.}0\%$

Levered Cost of Equity $11\mathrm{.}0\%$

Cost of Debt $4\mathrm{.}0\%$

Effective Tax Rate $30\mathrm{.}0\%$

Market Value of Debt $1,000\mathrm{.}0$

Number of Shares Outstanding $100\mathrm{.}0$

Year $1$ Year $2$ Year $3$

Interest Expense $50\mathrm{.}040\mathrm{.}030\mathrm{.}0$

Residual $($Levered$)$ Cash Flow $200\mathrm{.}0220\mathrm{.}0240\mathrm{.}0$

Unlevered Free Cash Flow $400\mathrm{.}0420\mathrm{.}0440\mathrm{.}0$

Terminal Value $5,000\mathrm{.}0$

Discounted Cash Flows $($DCF$)$

Free Cash Flow $($FCF$)$

Enterprise Value $($EV$)$

Market Value of Debt

Market Value of Equity

Number of Shares Outstanding

Share Price

$$ FCF $=$ Residual $($Levered$)$ Cash Flow $+$ Interest Expense $\backslash$times $(1$ tax rate$)$

Adjusted Present Value $($APV$)$

FCF

Enterprise Value $($EV$)$

Interest Tax Shield

PV of Interest Tax Shield

Enterprise Value $($EV$)$ with Tax Shield

Market Value of Debt

Market Value of Equity

Number of Shares Outstanding

Share Price