If the risk of the ITS is similar to that of assets, we do not include it (e.g. constant debt-to-equity ratio). This is because the equityholders do not change their risk; hence, they do not change their required return
If the risk of ITS is different from that of assets, we include it (e.g., constant debt)
If the risk of ITS is different from that of assets, we include it (e.g., constant debt)