Fubuki (12/10)

Hello and good day to you, I do not understand how to calculate the discount factor in this question to use in the APV calculation. I understand that there are 2 ways i can calculate this. However, i prefer to calculate it by ungearing the Asset Beta and then using that to find the cost of equity. Can you please show me how i can solve this problem by using the ungearing of the asset beta method? Regards