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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "The analysis suggests a WACC of 7.5% - 9.0% for TWC.",
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      "text": "WACC: 7.5% - 9.0%",
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      "text": "A DCF analysis was performed on TWC using financial projections based on consensus Wall Street research analysts' estimates. The projections used were pro forma for the Adelphia/Comcast transactions...",
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      "text": "(a) Barra Beta as of December 2005. (b) Unlevered Beta = Levered Beta / [1 + (1 - Tax Rate)(Debt / Equity)]. (c) Net Debt includes interest bearing short term and long term debt...",
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      "text": "Exhibit 4.82: WEIGHTED AVERAGE COST OF CAPITAL ANALYSIS",
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