The earnings of Astra and Zen are (–5 year refers to 5 years ago, 0year the dividend due this year, not paid yet, +1year the expected dividend for next year). All the below are in millions.
The companies pay almost 100% of their after-tax cash flows to owners. Astra has no debt while Zen has debt with 4% YTM and 50 m market value. The asset (unlevered) β for companies in that type of industry is 0.5. The corporate tax rate is 35%. There are no personal taxes. The risk-free rate is 3% and the market return is 6%.