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 1,149.2 1,255.6 1,353.8 1,447.0 1,442.6 1,471.5 1,498.0 1,521.9 1,543.2 1,561.8 1,577.4
Management case 1,149.2 1,255.6 1,353.8 1,447.0 1,442.6
% forecast growth 0.9% 9.3% 7.8% 6.9% (0.3%) 2.0% 1.8% 1.6% 1.4% 1.2% 1.0%

EBITDA 101.1 109.9 114.6 108.7 109.5 98.2 94.1 92.6 111.8 124.4 127.6 130.5 133.2 135.8 138.1 140.1 142.0
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% 2.3% 2.1% 1.9% 1.7% 1.5% 1.3%
% forecast margin 8.2% 7.4% 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%

Depreciation and amortisation (23.3) (25.3) (30.1) (31.6) (34.9) (36.0) (36.1) (40.5) (47.2) (51.8) (54.8) (53.6) (52.4) (51.1) (49.9) (48.7) (47.5)
% growth n.a. 8.6% 19.0% 5.0% 10.4% 3.2% 0.4% 12.0% 16.7% 9.8% 5.7% (2.2%) (2.3%) (2.3%) (2.4%) (2.4%) (2.5%)
% capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%
% margin 2.5% 2.5% 2.9% 2.9% 3.1% 3.2% 3.1% 3.2% 3.5% 3.6% 3.8% 3.6% 3.5% 3.4% 3.2% 3.1% 3.0%

EBIT 77.8 84.6 84.5 77.1 74.6 62.2 58.0 52.2 64.6 72.6 72.8 76.9 80.9 84.6 88.1 91.4 94.5
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.7%) (10.1%) 23.8% 12.3% 0.3% 5.7% 5.1% 4.6% 4.2% 3.7% 3.3%
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.0% 4.2% 4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9% 6.0%

% tax rate 19.0% 19.0% 17.0% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3%

x Net income 55.5 65.8 64.9 59.5 58.4 48.3 44.5 39.9 49.4 55.9 56.1
% growth n.a. 18.6% (1.4%) (8.3%) (1.8%) (17.3%) (7.9%) (10.3%) 23.8% 13.2% 0.3%
% margin 5.9% 6.5% 6.4% 5.4% 5.1% 4.2% 3.9% 3.2% 3.6% 3.9% 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% 3.5% 3.5% 3.4% 3.3% 3.3% 3.2% 3.2% 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% 61.7% 62.5% 63.2% 63.8% 64.3% 64.8%

Change in Working Capital (5.3) 25.1 (11.2) (16.3) (12.6) (10.4) 6.0 16.1 15.2 11.1 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%) 168.5% (5.9%) (26.8%) (64.4%) (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% 0.8% 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% 0.3% 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% (1.7%) 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 1,447 1,443 1,471 1,498 1,522 1,543 1,562 1,577
% growth n.a. 6.9% 1.7% 7.2% 3.7% 0.3% 0.9% 9.3% 7.8% 6.9% (0.3%) 2.0% 1.8% 1.6% 1.4% 1.2% 1.0%
EBITDA 101 110 115 109 110 98 94 93 112 124 128 131 133 136 138 140 142
% growth n.a. 8.7% 4.3% (5.1%) 0.7% (10.3%) (4.1%) (1.6%) 20.7% 11.3% 2.6% 2.3% 2.1% 1.9% 1.7% 1.5% 1.3%
% margin 10.8% 10.9% 11.2% 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%
D&A (23) (25) (30) (32) (35) (36) (36) (40) (47) (52) (55) (54) (52) (51) (50) (49) (48)
% of revenue (2.5%) (2.5%) (2.9%) (2.9%) (3.1%) (3.2%) (3.1%) (3.2%) (3.5%) (3.6%) (3.8%) (3.6%) (3.5%) (3.4%) (3.2%) (3.1%) (3.0%)
% of capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%
EBIT 78 85 85 77 75 62 58 52 65 73 73 77 81 85 88 91 94
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.7%) (10.1%) 23.8% 12.3% 0.3% 5.7% 5.1% 4.6% 4.2% 3.7% 3.3%
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.0% 4.2% 4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9% 6.0%
EBITDA 101 110 115 109 110 98 94 93 112 124 128 131 133 136 138 140 142
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% 3.5% 3.5% 3.4% 3.3% 3.3% 3.2% 3.2% 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% 0.8% 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% 0.3% 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% (1.7%) 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

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 1,149.2 1,255.6 1,353.8 1,447.0 1,442.6 1,471.5 1,498.0 1,521.9 1,543.2 1,561.8 1,577.4
% growth 3.7% 0.3% 1.2% 9.3% 7.8% 6.9% (0.3%) 2.0% 1.8% 1.6% 1.4% 1.2% 1.0%

EBITDA 108.7 109.5 98.2 94.1 92.6 111.8 124.4 127.6 130.5 133.2 135.8 138.1 140.1 142.0
% margin 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%
% growth 0.7% (10.3%) (4.1%) (1.6%) 20.7% 11.3% 2.6% 2.3% 2.1% 1.9% 1.7% 1.5% 1.3%

D&A (31.6) (34.9) (36.0) (36.1) (40.5) (47.2) (51.8) (54.8) (53.6) (52.4) (51.1) (49.9) (48.7) (47.5)
% sales 2.9% 3.1% 3.2% 3.1% 3.2% 3.5% 3.6% 3.8% 3.6% 3.5% 3.4% 3.2% 3.1% 3.0%
% of capex 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%

EBIT 77.1 74.6 62.2 58.0 52.2 64.6 72.6 72.8 76.9 80.9 84.6 88.1 91.4 94.5
% margin 7.0% 6.6% 5.5% 5.0% 4.2% 4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9% 6.0%
% growth (3.2%) (16.6%) (6.7%) (10.1%) 23.8% 12.3% 0.3% 5.7% 5.1% 4.6% 4.2% 3.7% 3.3%

Tax (11.0) (8.9) (11.8) (13.3) (13.3) (14.1) (14.8) (15.5) (16.2) (16.8) (17.3)
% tax rate 19.0% 17.0% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3%

EBIAT 47.0 43.3 52.8 59.3 59.4 62.8 66.1 69.1 72.0 74.7 77.1
% margin 4.1% 3.4% 3.9% 4.1% 4.1% 4.3% 4.4% 4.5% 4.7% 4.8% 4.9%
% growth n.a. (7.9%) 21.8% 12.3% 0.3% 5.7% 5.1% 4.6% 4.2% 3.7% 3.3%

D&A 36.1 40.5 47.2 51.8 54.8 53.6 52.4 51.1 49.9 48.7 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% 3.5% 3.5% 3.4% 3.3% 3.3% 3.2% 3.2% 3.2%
% D&A 114.2% 106.9% 86.1% 99.6% 126.1% 105.9% 96.5% 91.2% 93.3% 95.5% 97.8% 100.1% 102.6% 105.3%

Change in working capital (16.3) (12.6) (10.4) 6.0 16.1 15.2 11.1 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% 0.8% 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%) (0.3%) (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%) 1.7% (0.3%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

FCF 53.1 30.9 53.4 92.3 58.3 61.4 63.4 65.3 66.9 68.4 69.6

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 30.8 53.4 92.3 58.3 61.4 63.4 65.3 66.9 68.4 69.6

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 874.9

Exit EBITDA multiple #VALUE!

Perpetuity growth method Exit EBITDA multiple method

Present value ($m) (%) Present value ($m) (%)
PV of FCF 403 51.0% PV of FCF 403.2 #VALUE!
PV of Terminal Value 387 49.0% PV of Terminal Value #VALUE! #VALUE!
Enterprise value 790 100.0% Enterprise value #VALUE! #VALUE!
Net debt & adjustments (84.6) Net debt & adjustments (84.6)
Equity value 706 Equity value #VALUE!
Share price 355 Share price #VALUE!
% premium to current 114.9% % premium to current #VALUE!

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)
790.1377338197 0.00% 0.25% 0.50% 0.75% 1.00% #VALUE! 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)
354.5 0.00% 0.25% 0.50% 0.75% 1.00% #VALUE! 7.5x 8.0x 8.5x 9.0x 9.5x
7.5% 396 405 414 424 434 7.5% 449 468 486 505 524
8.0% 368 375 382 390 399 8.0% 433 450 468 486 504
8.5% 342 348 355 361 369 8.5% 417 434 451 468 485
9.0% 320 325 330 336 342 9.0% 402 418 435 451 467
9.5% 299 304 308 313 319 9.5% 387 403 419 434 450

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 92.6 111.8 124.4 127.6 130.5 133.2 135.8 138.1 140.1 142.0
% margin 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0% 9.0%
D&A 0.0 0.0 0.0 36.1 40.5 47.2 51.8 54.8 53.6 52.4 51.1 49.9 48.7 47.5
% of capex 0.0% 0.0% 0.0% 100.4% 79.3% 94.4% 103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4% 95.0%
EBIT 77.1 74.6 62.2 58.0 52.2 64.6 72.6 72.8 76.9 80.9 84.6 88.1 91.4 94.5
% margin 7.0% 6.6% 5.5% 5.0% 4.2% 4.8% 5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9% 6.0%
Tax 0.0 0.0 0.0 (11.0) (8.9) (11.8) (13.3) (13.3) (14.1) (14.8) (15.5) (16.2) (16.8) (17.3)
Tax rate 0.0% 0.0% 0.0% 19.0% 17.0% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3%
EBIAT 0.0 0.0 0.0 47.0 43.3 52.8 59.3 59.4 62.8 66.1 69.1 72.0 74.7 77.1
+D&A 31.6 34.9 36.0 36.1 40.5 47.2 51.8 54.8 53.6 52.4 51.1 49.9 48.7 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 16.1 15.2 11.1 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 30.9 53.4 92.3 58.3 61.4 63.4 65.3 66.9 68.4 69.6
DCF output

Summary financials and cashflow

DCF Forecast Year 0 1 2

Mar YE ($m) 2020E 2021E 2022E

Revenue 1,149 1,256 1,354

% growth 9.3% 7.8%

EBITDA 94 93 112

% margin 8.2% 7.4% 8.3%

% growth (1.6%) 20.7%

D&A (36) (40) (47)

% of revenue 3.1% 3.2% 3.5%

% of capex 79.3% 94.4%

EBIT 58 52 65

% margin 5.0% 4.2% 4.8%

Tax on EBIT (9) (12)

% tax rate 17.0% 18.3%

Capex (51) (50)

% of revenue 4.1% 3.7%

Change in NWC 16 15

Other Cashflows 0 (5)

% of revenue 0.0% 0.4%

Exceptional items (18) (7)

% of revenue 1.4% 0.5%

Unlevered free cash flow 31 53

1 2
Cashflow Timing (Years to Discount)
0.92 0.85
Discount Factor
Discounted DCF cashflows 28 45

Net Present Value based on Perpetuity Growth Method

Amount % of Sensitising firm value ($m) an

Value Based on 8.5% WACC & 0.5% TGR
($m) NPV
Present Value of Cashflows 403 51.0%

PV of Terminal Value 387 49.0% 7.5%

WACC (%)
 WACC (%)
Implied Firm NPV 790 100.0% 8.0%

Net debt & adjustments (85) 8.5%

Implied equity value 706 9.0%

Implied share price ($c) 355 9.5%

% premium to current 114.9%

 3 4 5 6 7 8 9

2023E 2024E 2025E 2026E 2027E 2028E 2029E

1,447 1,443 1,471 1,498 1,522 1,543 1,562

6.9% (0.3%) 2.0% 1.8% 1.6% 1.4% 1.2%

124 128 131 133 136 138 140

8.6% 8.8% 8.9% 8.9% 8.9% 8.9% 9.0%

11.3% 2.6% 2.3% 2.1% 1.9% 1.7% 1.5%

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

3.6% 3.8% 3.6% 3.5% 3.4% 3.2% 3.1%

103.7% 109.6% 107.2% 104.7% 102.3% 99.9% 97.4%

73 73 77 81 85 88 91

5.0% 5.0% 5.2% 5.4% 5.6% 5.7% 5.9%

(13) (13) (14) (15) (16) (16) (17)

18.3% 18.3% 18.3% 18.3% 18.3% 18.3% 18.3%

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

3.5% 3.5% 3.4% 3.3% 3.3% 3.2% 3.2%

11 4 0 0 0 0 0

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

0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%

25 (5) 0 0 0 0 0

(1.7%) 0.3% 0.0% 0.0% 0.0% 0.0% 0.0%

92 58 61 63 65 67 68

3 4 5 6 7 8 9

0.78 0.72 0.67 0.61 0.56 0.52 0.48

72 42 41 39 37 35 33

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

Perpetuity Growth Rate (%)

0.00% 0.25% 0.50% 0.75% 1.00%

874 / 396c 890 / 405c 908 / 414c 927 / 424c 948 / 434c
816 / 368c 830 / 375c 845 / 382c 861 / 390c 878 / 399c

766 / 342c 777 / 348c 790 / 355c 804 / 361c 818 / 369c

721 / 320c 731 / 325c 742 / 330c 753 / 336c 765 / 342c

680 / 299c 689 / 304c 698 / 308c 708 / 313c 719 / 319c
 10 TV

2030E
1,577

1.0%

142

9.0%

1.3%

(48)

3.0%

95.0%

94

6.0%

(17)

18.3%

(50)

3.2%

(5)

0.3%

0.0%

70 875

10

0.44

31 387