STRICTLY PRIVATE AND CONFIDENTIAL

Mar-20
Happy Hour Co — MODEL
Assumptions
Circular switch

On / off 1

Key assumptions

Last Historical FYE 30-Mar-19

Transaction date 31-Mar-20

Enterprise value calculation

Current share price (c) 165.0 p_price

NOSH (m) 199.0
Market cap ($m) 328.4
Net debt / (cash) ($m) 84.6
Minority interests ($m) 0.0
Pension liability ($m) 0.0
Investment in associates ($m) 0.0

EV ($m) 413.0
Happy Hour Co - 5 Year plan

5 Year Plan
FY20 FY21 FY22 FY23 FY24
Revenue 1,149 1,256 1,354 1,447 1,443
YoY growth % 9.3% 7.8% 6.9% -0.3%
GP $ 583 634 689 737 753
GM% 50.7% 50.5% 50.9% 50.9% 52.2%
Opex (523) (580) (622) (662) (678)
Operating profit 60 54 67 75 75
Operating margin % 5.2% 4.3% 4.9% 5.2% 5.2%
Interest and Amortisation (5) (6) (6) (6) (6)
Group PBT (Underlying) 55 48 61 68 69

Exceptionals (18) (7) 1 (5)

Group PBT post exceptionals 55 30 54 70 64
Add back: Interest 3 4 4 4 4
Add back: Amortisation 2 2 2 2 2
Add back: Depreciation 34 38 45 50 53
EBITDA post exceptionals 94 75 105 126 123

Adjust for non-cash exceptionals 0 0 0 24 0

Capex (36) (51) (50) (50) (50)
Acquisition (9) (9) 0 0 0
Tax (18) (9) (11) (12) (12)
Interest (3) (4) (4) (4) (4)
Working Capital 6 16 15 11 4
Dividend (37) (24) (24) (24) (24)
Other 0 (5) (5) (5)

Net Cash flow (3) (6) 26 65 31

Free Cash Flow 43 27 50 89 55

Opening Net Debt (82) (85) (91) (65) 0

Closing Net Debt (85) (91) (65) 0 32
Net debt : EBITDA 0.9x 1.0x 0.6x (0.0x) (0.2x)
 Income statement
Actuals CMD case Extrapolations

March YE ($mm) 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Total revenue 939.7 1,004.9 1,021.5 1,095.0 1,135.1 1,138.6 1,149.0 1,256.0 1,354.0 1,147.0 1,443.0 1,471.9 1,486.6 1,501.4 1,516.5 1,531.6 1,546.9
Management case 1,149.0 1,256.0 1,354.0 1,147.0 1,443.0
% forecast growth 0.9% 9.3% 7.8% (15.3%) 25.8% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%

EBITDA 101.1 109.9 114.6 108.7 109.5 98.2 94.1 92.6 111.8 124.4 127.6 131.0 132.3 133.6 135.0 136.3 139.2
Management case 94.1 92.6 111.8 124.4 127.6
% growth n.a. 8.7% 4.3% (5.1%) 0.7% (10.3%) (4.1%) (1.6%) 20.7% 11.3% 2.6% 2.7% 1.0% 1.0% 1.0% 1.0% 2.1%
% forecast margin 8.2% 7.4% 8.3% 10.8% 8.8% 8.9% 8.9% 8.9% 8.9% 8.9% 9.0%

Depreciation and amortisation (23.3) (25.3) (30.1) (31.6) (34.9) (36.0) (36.0) (40.4) (47.3) (51.9) (54.9) (53.5) (51.0) (49.5) (48.5) (47.5) (47.5)
% growth n.a. 8.6% 19.0% 5.0% 10.4% 3.2% 0.0% 12.2% 17.1% 9.7% 5.8% (2.6%) (4.7%) (2.9%) (2.0%) (2.1%) 0.0%
% capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.0% 79.2% 94.6% 103.8% 109.8% 107.0% 102.0% 99.0% 97.0% 95.0% 95.0%
% margin 2.5% 2.5% 2.9% 2.9% 3.1% 3.2% 3.1% 3.2% 3.5% 4.5% 3.8% 3.6% 3.4% 3.3% 3.2% 3.1% 3.1%

EBIT 77.8 84.6 84.5 77.1 74.6 62.2 58.1 52.2 64.5 72.5 72.7 77.5 81.3 84.1 86.5 88.8 91.7
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.5%) (10.2%) 23.5% 12.4% 0.2% 6.6% 4.9% 3.5% 2.8% 2.7% 3.3%
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.1% 4.2% 4.8% 6.3% 5.0% 5.3% 5.5% 5.6% 5.7% 5.8% 5.9%

% tax rate 19.0% 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

x Net income 55.5 65.8 64.9 59.5 58.4 48.3 44.5 39.9 50.2 56.8 57.0
% growth n.a. 18.6% (1.4%) (8.3%) (1.8%) (17.3%) (7.9%) (10.3%) 25.9% 13.2% 0.3%
% margin 5.9% 6.5% 6.4% 5.4% 5.1% 4.2% 3.9% 3.2% 3.7% 5.0% 3.9%

Cashflow statement

Capex (30.4) (37.5) (40.3) (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
% growth n.a. 23.4% 7.5% (10.4%) 3.3% (16.9%) 16.1% 41.7% (2.0%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% sales 3.2% 3.7% 3.9% 3.3% 3.3% 2.7% 3.1% 4.1% 3.7% 4.4% 3.5% 3.4% 3.4% 3.3% 3.3% 3.3% 3.2%
% Cash conversion 69.9% 65.9% 64.8% 66.8% 65.9% 68.4% 61.8% 44.9% 55.3% 59.8% 60.8% 61.8% 62.2% 62.6% 63.0% 63.3% 64.1%

Change in Working Capital (5.3) 25.1 (11.2) (16.3) (12.6) (10.4) 6.0 16.0 15.0 11.0 4.0 0.0 0.0 0.0 0.0 0.0 0.0
% growth n.a. (573.6%) (144.6%) 45.5% (22.7%) (17.5%) (157.7%) 166.7% (6.3%) (26.7%) (63.6%) (100.0%) n.a. n.a. n.a. n.a. n.a.
% sales (0.6%) 2.5% (1.1%) (1.5%) (1.1%) (0.9%) 0.5% 1.3% 1.1% 1.0% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Cashflows (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)
% growth n.a. n.a. n.a. n.a. n.a. (149.3%) (100.0%) n.a. n.a. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% sales 0.0% 0.0% 0.0% 0.0% 0.1% (0.1%) 0.0% 0.0% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%

Exceptional items 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
% growth n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (62.5%) (472.3%) (119.4%) (100.0%) n.a. n.a. n.a. n.a. n.a.
% sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.4% 0.5% (2.2%) 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Summary financials
March Y/E 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Revenue 940 1,005 1,022 1,095 1,135 1,139 1,149 1,256 1,354 1,147 1,443 1,472 1,487 1,501 1,516 1,532 1,547
% growth n.a. 6.9% 1.7% 7.2% 3.7% 0.3% 0.9% 9.3% 7.8% (15.3%) 25.8% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%
EBITDA 101 110 115 109 110 98 94 93 112 124 128 131 132 134 135 136 139
% growth n.a. 8.7% 4.3% (5.1%) 0.7% (10.3%) (4.1%) (1.6%) 20.7% 11.3% 2.6% 2.7% 1.0% 1.0% 1.0% 1.0% 2.1%
% margin 10.8% 10.9% 11.2% 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 10.8% 8.8% 8.9% 8.9% 8.9% 8.9% 8.9% 9.0%
D&A (23) (25) (30) (32) (35) (36) (36) (40) (47) (52) (55) (54) (51) (50) (49) (48) (48)
% of revenue (2.5%) (2.5%) (2.9%) (2.9%) (3.1%) (3.2%) (3.1%) (3.2%) (3.5%) (4.5%) (3.8%) (3.6%) (3.4%) (3.3%) (3.2%) (3.1%) (3.1%)
% of capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.0% 79.2% 94.6% 103.8% 109.8% 107.0% 102.0% 99.0% 97.0% 95.0% 95.0%
EBIT 78 85 85 77 75 62 58 52 64 72 73 77 81 84 86 89 92
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.5%) (10.2%) 23.5% 12.4% 0.2% 6.6% 4.9% 3.5% 2.8% 2.7% 3.3%
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.1% 4.2% 4.8% 6.3% 5.0% 5.3% 5.5% 5.6% 5.7% 5.8% 5.9%
EBITDA 101 110 115 109 110 98 94 93 112 124 128 131 132 134 135 136 139
Capex (30) (38) (40) (36) (37) (31) (36) (51) (50) (50) (50) (50) (50) (50) (50) (50) (50)
% revenue 3.2% 3.7% 3.9% 3.3% 3.3% 2.7% 3.1% 4.1% 3.7% 4.4% 3.5% 3.4% 3.4% 3.3% 3.3% 3.3% 3.2%
Change in NWC (5) 25 (11) (16) (13) (10) 6 16 15 11 4 0 0 0 0 0 0
% revenue (0.6%) 2.5% (1.1%) (1.5%) (1.1%) (0.9%) 0.5% 1.3% 1.1% 1.0% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Cashflows 0 0 0 0 (2) 1 0 0 (5) (5) (5) (5) (5) (5) (5) (5) (5)
% revenue 0.0% 0.0% 0.0% 0.0% 0.1% (0.1%) 0.0% 0.0% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
Exceptional items 0 0 0 0 0 0 0 (18) (7) 25 (5) 0 0 0 0 0 0
% revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.4% 0.5% (2.2%) 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
DCF
Key assumptions
Transaction date 31-Mar-20
Next financial YE 31-Mar-21
Perpetuity growth rate 0.5% <<< Put down the assumptions after discussing with your senior
TV exit EBITDA multiple 8.5x
WACC used for sensitivity analy 8.5%

Below fill in the blanks by linking from the Financials tab update formula, growth is expressed vs previous year and margin is vs sales update as noted
DCF FCF Calculation

Stub period (731) (366) 0 365 730 1,095 1,461 1,826 2,191 2,556 2,922 3,287 3,652
Stub factor 1 1 1 0 0 0 0 0 0 0 0 0 0

Actuals Estimates
March YE ($mm) 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Revenue 1,095.0 1,135.1 1,138.6 1,149.0 1,256.0 1,354.0 1,147.0 1,443.0 1,471.9 1,486.6 1,501.4 1,516.5 1,531.6 1,546.9
% growth 3.7% 0.3% 0.9% 9.3% 7.8% (15.3%) 25.8% 2.0% 1.0% 1.0% 1.0% 1.0% 1.0%

EBITDA 108.7 109.5 98.2 94.1 92.6 111.8 124.4 127.6 131.0 132.3 133.6 135.0 136.3 139.2
% margin 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 10.8% 8.8% 8.9% 8.9% 8.9% 8.9% 8.9% 9.0%
% growth 0.7% (10.3%) (4.1%) (1.6%) 20.7% 11.3% 2.6% 2.7% 1.0% 1.0% 1.0% 1.0% 2.1%

D&A (31.6) (34.9) (36.0) (36.0) (40.4) (47.3) (51.9) (54.9) (53.5) (51.0) (49.5) (48.5) (47.5) (47.5)
% sales 2.9% 3.1% 3.2% 3.1% 3.2% 3.5% 4.5% 3.8% 3.6% 3.4% 3.3% 3.2% 3.1% 3.1%
% of capex 87.5%

EBIT 77.1 74.6 62.2 58.1 52.2 64.5 72.5 72.7 77.5 81.3 84.1 86.5 88.8 91.7
% margin 7.0% 6.6% 5.5% 5.1% 4.2% 4.8% 6.3% 5.0% 5.3% 5.5% 5.6% 5.7% 5.8% 5.9%
% growth (3.2%) (16.6%) (6.5%) (10.2%) 23.5% 12.4% 0.2% 6.6% 4.9% 3.5% 2.8% 2.7% 3.3%

Tax (11.0) (8.9) (11.0) (12.3) (12.4) (13.2) (12.0) (12.0) (12.0) (12.0) (12.0) << EBIT*tax rate
% tax rate 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

EBIAT 47.1 43.3 53.5 60.2 60.3 64.3 69.3 72.1 74.5 76.8 79.7 << EBIT+tax
% margin 4.1% 3.5% 4.0% 5.2% 4.2% 4.4% 4.7% 4.8% 4.9% 5.0% 5.2%
% growth (8.0%) 23.5% 12.4% 0.2% 6.6% 7.7% 4.1% 3.2% 3.2% 3.8%

D&A 36.0 40.4 47.3 51.9 54.9 53.5 51.0 49.5 48.5 47.5 47.5

Capex (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
% sales 3.3% 3.3% 2.7% 3.1% 4.1% 3.7% 4.4% 3.5% 3.4% 3.4% 3.3% 3.3% 3.3% 3.2%
% D&A 100.0% 126.2% 105.7% 96.3% 91.1% 93.5% 98.0% 101.0% 103.1% 105.3% 105.3%

Change in working capital (16.3) (12.6) (10.4) 6.0 16.0 15.0 11.0 4.0 0.0 0.0 0.0 0.0 0.0 0.0
% sales 1.5% 1.1% 0.9% (0.5%) (1.3%) (1.1%) (1.0%) (0.3%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Cashflows 0.0 (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)
% sales 0.0% (0.1%) 0.1% 0.0% 0.0% (0.4%) (0.4%) (0.3%) (0.3%) (0.3%) (0.3%) (0.3%) (0.3%) (0.3%)

Exceptional items 0.0 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
% sales 0.0% 0.0% 0.0% 0.0% (1.4%) (0.5%) 2.2% (0.3%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

FCF 53.1 30.7 54.1 93.2 59.3 62.8 65.3 66.6 68.0 69.3 72.2 <<add EBIT+D&A+Capex(-ve)+Change in WC (-ve)+other cashflow

Stub period (53.1) (0.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
FCF for discounting 0.0 30.7 54.1 93.2 59.3 62.8 65.3 66.6 68.0 69.3 72.2

Days to cashflow 0 365 731 1,096 1,461 1,826 2,192 2,557 2,922 3,287 3,653
Discount factor 1.0 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.5 0.5 0.4

Terminal value Perpetuity growth portion 907.3

Exit EBITDA multiple 1,183.4

Perpetuity growth method Exit EBITDA multiple method

Present value ($m) (%) Present value ($m) (%)
PV of FCF 410 50.5% PV of FCF 410.1 41.9%
PV of Terminal Value 401 49.5% PV of Terminal Value 567.9 58.1%
Enterprise value 811 100.0% Enterprise value 978.0 100.0%
Net debt & adjustments (84.6) Net debt & adjustments (84.6)
Equity value 727 Equity value 893.4
Share price 365 Share price 448.9
% premium to current 121.3% % premium to current 172.1%

Sensitivity analysis
Spread rates and step-up

Perpetuity growth 0.5% Perptuity growth rate step-up 0.25% EBITDA multiple 8.5x EBITDA multiple step-up 0.5x
WACC 8.5% WACC step-up 0.50% WACC 8.5% WACC step-up 0.5%

Perpetuity growth rate analysis EBITDA multiple analysis

Enterprise value ($m) Enterprise value ($m)
WACC (%) Perpetuity growth rate (%) WACC (%)Exit EBITDA multiple (x)
811.3888087977 0.00% 0.25% 0.50% 0.75% 1.00% 977.9877469071 7.5x 8.0x 8.5x 9.0x 9.5x
7.5% 7.5%
8.0% 8.0%
8.5% 8.5%
9.0% 9.0%
9.5% 9.5%

Offer price (p) Offer price (p)

WACC (%) Perpetuity growth rate (%) WACC (%)Exit EBITDA multiple (x)
365.2 0.00% 0.25% 0.50% 0.75% 1.00% 448.9 7.5x 8.0x 8.5x 9.0x 9.5x
7.5% 409 417 427 437 447 7.5% 447 466 484 502 520
8.0% 379 386 394 402 411 8.0% 431 449 466 484 501
8.5% 352 359 365 372 380 8.5% 415 432 449 466 483
9.0% 329 334 340 346 352 9.0% 400 416 433 449 465
9.5% 308 313 318 323 328 9.5% 386 401 417 432 448

Summary financials
March YE ($mm) 2017A 2018A 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
EBITDA 108.7 109.5 98.2 94.1 92.6 111.8 124.4 127.6 131.0 132.3 133.6 135.0 136.3 139.2
% margin 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 10.8% 8.8% 8.9% 8.9% 8.9% 8.9% 8.9% 9.0%
D&A 0.0 0.0 0.0 36.0 40.4 47.3 51.9 54.9 53.5 51.0 49.5 48.5 47.5 47.5
% of capex 0.0% 0.0% 0.0% 100.0% 79.2% 94.6% 103.8% 109.8% 107.0% 102.0% 99.0% 97.0% 95.0% 95.0%
EBIT 77.1 74.6 62.2 58.1 52.2 64.5 72.5 72.7 77.5 81.3 84.1 86.5 88.8 91.7
% margin 7.0% 6.6% 5.5% 5.1% 4.2% 4.8% 6.3% 5.0% 5.3% 5.5% 5.6% 5.7% 5.8% 5.9%
Tax 0.0 0.0 0.0 (11.0) (8.9) (11.0) (12.3) (12.4) (13.2) (12.0) (12.0) (12.0) (12.0) (12.0)
Tax rate 0.0% 0.0% 0.0% 19.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%
EBIAT 0.0 0.0 0.0 47.1 43.3 53.5 60.2 60.3 64.3 69.3 72.1 74.5 76.8 79.7
+D&A 31.6 34.9 36.0 36.0 40.4 47.3 51.9 54.9 53.5 51.0 49.5 48.5 47.5 47.5
+ Maintenance capex (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0) (50.0)
+Change in working capital (16.3) (12.6) (10.4) 6.0 16.0 15.0 11.0 4.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Exceptional cash flows 0.0 0.0 0.0 0.0 (18.0) (6.8) 25.1 (4.9) 0.0 0.0 0.0 0.0 0.0 0.0
+ Other cash flows 0.0 (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)

FCF (20.8) (16.5) (4.7) 53.1 30.7 54.1 93.2 59.3 62.8 65.3 66.6 68.0 69.3 72.2
DCF output

Summary financials and cashflow

DCF Forecast Year 0 1

Mar YE ($m) 2020E 2021E

Revenue 1,149 1,256

% growth 9.3%

EBITDA 94 93

% margin 8.2% 7.4%

% growth (1.6%)

D&A (36) (40)

% of revenue 3.1% 3.2%

% of capex 79.2%

EBIT 58 52

% margin 5.1% 4.2%

Tax on EBIT (9)

% tax rate 17.0%

Capex (51)

% of revenue 4.1%

Change in NWC 16

Other Cashflows 0

% of revenue 0.0%

Exceptional items (18)

% of revenue 1.4%

Unlevered free cash flow 31

1
Cashflow Timing (Years to Discount)
0.92
Discount Factor
Discounted DCF cashflows 28

Net Present Value based on Perpetuity Growth Method

Amount % of Sensitising firm value ($m) an

Value Based on 09% WACC & 01% TGR
($m) NPV
Present Value of Cashflows 403 51.4%

PV of Terminal Value 381 48.6%

WACC (%)
 WACC (%)
Implied Firm NPV 785 100.0%

Net debt & adjustments (85)

Implied equity value 700

Implied share price ($c) 352

% premium to current 113.2%

 2 3 4 5 6 7 8

2022E 2023E 2024E 2025E 2026E 2027E 2028E

1,354 1,147 1,443 1,472 1,487 1,501 1,516

7.8% (15.3%) 25.8% 2.0% 1.0% 1.0% 1.0%

112 124 128 131 132 134 135

8.3% 10.8% 8.8% 8.9% 8.9% 8.9% 8.9%

20.7% 11.3% 2.6% 2.7% 1.0% 1.0% 1.0%

(47) (52) (55) (54) (51) (50) (49)

3.5% 4.5% 3.8% 3.6% 3.4% 3.3% 3.2%

94.6% 103.8% 109.8% 107.0% 102.0% 99.0% 97.0%

64 72 73 77 81 84 86

4.8% 6.3% 5.0% 5.3% 5.5% 5.6% 5.7%

(11) (12) (12) (13) (14) (14) (15)

17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

(50) (50) (50) (50) (50) (50) (50)

3.7% 4.4% 3.5% 3.4% 3.4% 3.3% 3.3%

15 11 4 0 0 0 0

(5) (5) (5) (5) (5) (5) (5)

0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3%

(7) 25 (5) 0 0 0 0

0.5% (2.2%) 0.3% 0.0% 0.0% 0.0% 0.0%

54 93 59 63 63 64 65

2 3 4 5 6 7 8

0.85 0.78 0.72 0.67 0.61 0.56 0.52

46 73 43 42 39 36 34

sitising firm value ($m) and implied offer price to WACC and TGR

Perpetuity Growth Rate (%)

0.00% 0.25% 0.50% 0.75% 1.00%

7.5% 898 / 409c 915 / 417c 934 / 427c 953 / 437c 975 / 447c
8.0% 838 / 379c 853 / 386c 868 / 394c 885 / 402c 903 / 411c

8.5% 786 / 352c 798 / 359c 811 / 365c 825 / 372c 840 / 380c

9.0% 739 / 329c 750 / 334c 761 / 340c 773 / 346c 786 / 352c

9.5% 698 / 308c 707 / 313c 717 / 318c 727 / 323c 737 / 328c
 9 10 TV

2029E 2030E
1,532 1,547

1.0% 1.0%

136 139

8.9% 9.0%

1.0% 2.1%

(48) (48)

3.1% 3.1%

95.0% 95.0%

89 92

5.8% 5.9%

(15) (16)

17.0% 17.0%

(50) (50)

3.3% 3.2%

0 0

(5) (5)

0.3% 0.3%

0 0

0.0% 0.0%

66 69 862

9 10

0.48 0.44

32 30 381