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 1,471.5 1,471.5 1,471.5 1,471.5 1,486.2
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% 1.0%

EBITDA 101.1 109.9 114.6 108.7 109.5 98.2 94.1 92.6 111.8 124.4 127.6 0.0 0.0 0.0 0.0 0.0 133.8
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% (100.0%) n.a. n.a. n.a. n.a. n.a.
% forecast margin 8.2% 7.4% 8.3% 8.6% 8.8% 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) 0.0 0.0 0.0 0.0 0.0 0.0
% growth n.a. 8.6% 19.0% 5.0% 10.4% 3.2% 0.4% 12.0% 16.7% 9.8% 5.7% (100.0%) n.a. n.a. n.a. n.a. n.a.
% capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% 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% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

EBIT 77.8 84.6 84.5 77.1 74.6 62.2 58.0 52.2 64.6 72.6 72.8 0.0 0.0 0.0 0.0 0.0 133.8
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.7%) (10.1%) 23.8% 12.3% 0.3% (100.0%) n.a. n.a. n.a. n.a. n.a.
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.0% 4.2% 4.8% 5.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.0%

% tax rate 19.0% 19.0% 17.0%

x Net income 55.5 65.8 64.9 59.5 58.4 48.3 44.5 39.9 60.5 68.5 68.7
% growth n.a. 18.6% (1.4%) (8.3%) (1.8%) (17.3%) (7.9%) (10.3%) 51.6% 13.2% 0.3%
% margin 5.9% 6.5% 6.4% 5.4% 5.1% 4.2% 3.9% 3.2% 4.5% 4.7% 4.8%

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)
% growth n.a. 23.4% 7.5% (10.4%) 3.3% (16.9%) 16.1% 41.7% (2.0%) 0.0% 0.0% (100.0%) n.a. n.a. n.a. n.a. n.a.
% sales 3.2% 3.7% 3.9% 3.3% 3.3% 2.7% 3.1% 4.1% 3.7% 3.5% 3.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% Cash conversion 69.9% 65.9% 64.8% 66.8% 65.9% 68.4% 61.8% 44.9% 55.3% 59.8% 60.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 100.0%

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)

% growth n.a. n.a. n.a. n.a. n.a. (149.3%) (100.0%) n.a. n.a. 0.0% 0.0% (100.0%) n.a. n.a. n.a. n.a. n.a.
% sales 0.0% 0.0% 0.0% 0.0% 0.1% (0.1%) 0.0% 0.0% 0.4% 0.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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 1,471 1,471 1,471 1,471 1,486
% 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% 0.0% 0.0% 0.0% 0.0% 1.0%
EBITDA 101 110 115 109 110 98 94 93 112 124 128 0 0 0 0 0 134
% growth n.a. 8.7% 4.3% (5.1%) 0.7% (10.3%) (4.1%) (1.6%) 20.7% 11.3% 2.6% (100.0%) n.a. n.a. n.a. n.a. n.a.
% margin 10.8% 10.9% 11.2% 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 8.6% 8.8% 0.0% 0.0% 0.0% 0.0% 0.0% 9.0%
D&A (23) (25) (30) (32) (35) (36) (36) (40) (47) (52) (55) 0 0 0 0 0 0
% of revenue (2.5%) (2.5%) (2.9%) (2.9%) (3.1%) (3.2%) (3.1%) (3.2%) (3.5%) (3.6%) (3.8%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% of capex 76.6% 67.5% 74.7% 87.5% 93.6% 116.1% 100.4% 79.3% 94.4% 103.7% 109.6% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBIT 78 85 85 77 75 62 58 52 65 73 73 0 0 0 0 0 134
% growth n.a. 8.7% (0.1%) (8.8%) (3.2%) (16.6%) (6.7%) (10.1%) 23.8% 12.3% 0.3% (100.0%) n.a. n.a. n.a. n.a. n.a.
% margin 8.3% 8.4% 8.3% 7.0% 6.6% 5.5% 5.0% 4.2% 4.8% 5.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.0%
EBITDA 101 110 115 109 110 98 94 93 112 124 128 0 0 0 0 0 134
Capex (30) (38) (40) (36) (37) (31) (36) (51) (50) (50) (50) 0 0 0 0 0 0
% revenue 3.2% 3.7% 3.9% 3.3% 3.3% 2.7% 3.1% 4.1% 3.7% 3.5% 3.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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) 0 0 0 0 0 0
% revenue 0.0% 0.0% 0.0% 0.0% 0.1% (0.1%) 0.0% 0.0% 0.4% 0.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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 1,442.6 1,442.6 1,442.6 1,442.6 1,442.6 1,442.6
% growth 3.7% 0.3% 1.2% 9.3% 7.8% 6.9% (0.3%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

EBITDA 108.7 109.5 98.2 94.1 92.6 111.8 124.4 127.6 0.0 0.0 0.0 0.0 0.0 133.8
% margin 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 8.6% 8.8% 0.0% 0.0% 0.0% 0.0% 0.0% 9.3%
% growth 0.7% (10.3%) (4.1%) (1.6%) 20.7% 11.3% 2.6% (100.0%) n.a. n.a. n.a. n.a. n.a.

D&A 0.1 0.1 0.1 (36.1) (40.5) (47.2) (51.8) (54.8) 0.0 0.0 0.0 0.0 0.0 0.0
% sales (0.0%) (0.0%) (0.0%) 3.1% 3.2% 3.5% 3.6% 3.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% of capex (0.3%) (0.3%) (0.3%) 100.4% 79.3% 94.4% 103.7% 109.6% 95.0%

EBIT 108.8 109.6 98.3 58.0 52.2 64.6 72.6 72.8 0.0 0.0 0.0 0.0 0.0 133.8
% margin 9.9% 9.7% 8.6% 5.0% 4.2% 4.8% 5.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.3%
% growth 0.7% (10.3%) (41.0%) (10.1%) 23.8% 12.3% 0.3% (100.0%) n.a. n.a. n.a. n.a. n.a.

Tax (11.0) (8.9) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
% tax rate 19.0% 19.0% 17.0%

EBIAT 47.0 43.3 64.6 72.6 72.8 0.0 0.0 0.0 0.0 0.0 133.8
% margin 4.1% 3.4% 4.8% 5.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.3%
% growth n.a. (7.9%) 49.2% 12.3% 0.3% (100.0%) n.a. n.a. n.a. n.a. n.a.

D&A 36.1 40.5 47.2 51.8 54.8 0.0 0.0 0.0 0.0 0.0 0.0

Capex (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) 0.0 0.0 0.0 0.0 0.0 0.0
% sales 3.3% 3.3% 2.7% 3.1% 4.1% 3.7% 3.5% 3.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% D&A (36332.5%) (38631.9%) (35912.0%) 99.6% 126.1% 105.9% 96.5% 91.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/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
% 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 (1.5) 0.7 0.0 0.0 (5.0) (5.0) (5.0) 0.0 0.0 0.0 0.0 0.0 0.0
% sales 0.0% (0.1%) 0.1% 0.0% 0.0% (0.4%) (0.3%) (0.3%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

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
% 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 65.2 105.6 71.7 0.0 0.0 0.0 0.0 0.0 133.8

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 65.2 105.6 71.7 0.0 0.0 0.0 0.0 0.0 133.8

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 1,680.9

Exit EBITDA multiple 1,137.3

Perpetuity growth method Exit EBITDA multiple method

Present value ($m) (%) Present value ($m) (%)
PV of FCF 277 27.2% PV of FCF 277.4 33.7%
PV of Terminal Value 743 72.8% PV of Terminal Value 545.8 66.3%
Enterprise value 1,021 100.0% Enterprise value 823.2 100.0%
Net debt & adjustments (84.6) Net debt & adjustments (84.6)
Equity value 936 Equity value 738.6
Share price 470 Share price 371.1
% premium to current 185.1% % premium to current 124.9%

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)
1020.836491325 0.00% 0.25% 0.50% 0.75% 1.00% 823.1826776288 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)
470.5 0.00% 0.25% 0.50% 0.75% 1.00% 371.1 7.5x 8.0x 8.5x 9.0x 9.5x
7.5% 538 554 571 589 609 7.5% 366 383 401 418 436
8.0% 489 503 517 532 549 8.0% 352 369 386 402 419
8.5% 447 458 470 483 497 8.5% 339 355 371 387 403
9.0% 410 420 430 441 453 9.0% 326 342 357 373 388
9.5% 377 386 395 404 414 9.5% 314 329 344 359 374

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 0.0 0.0 0.0 0.0 0.0 133.8
% margin 9.9% 9.6% 8.6% 8.2% 7.4% 8.3% 8.6% 8.8% 0.0% 0.0% 0.0% 0.0% 0.0% 9.3%
D&A 0.0 0.0 0.0 36.1 40.5 47.2 51.8 54.8 0.0 0.0 0.0 0.0 0.0 0.0
% of capex 0.0% 0.0% 0.0% 100.4% 79.3% 94.4% 103.7% 109.6% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBIT 108.8 109.6 98.3 58.0 52.2 64.6 72.6 72.8 0.0 0.0 0.0 0.0 0.0 133.8
% margin 9.9% 9.7% 8.6% 5.0% 4.2% 4.8% 5.0% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.3%
Tax 0.0 0.0 0.0 (11.0) (8.9) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Tax rate 0.0% 0.0% 19.0% 19.0% 17.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBIAT 0.0 0.0 0.0 47.0 43.3 64.6 72.6 72.8 0.0 0.0 0.0 0.0 0.0 133.8
+D&A (0.1) (0.1) (0.1) 36.1 40.5 47.2 51.8 54.8 0.0 0.0 0.0 0.0 0.0 0.0
+ Maintenance capex (36.1) (37.3) (31.0) (36.0) (51.0) (50.0) (50.0) (50.0) 0.0 0.0 0.0 0.0 0.0 0.0
+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) 0.0 0.0 0.0 0.0 0.0 0.0

FCF (52.5) (51.5) (40.7) 53.1 30.9 65.2 105.6 71.7 0.0 0.0 0.0 0.0 0.0 133.8
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 79.3%

EBIT 58 52

% margin 5.0% 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 8.5% WACC & 0.5% TGR
($m) NPV
Present Value of Cashflows 277 27.2%

PV of Terminal Value 743 72.8%

WACC (%)
 WACC (%)
Implied Firm NPV 1,021 100.0%

Net debt & adjustments (85)

Implied equity value 936

Implied share price ($c) 470

% premium to current 185.1%

 2 3 4 5 6 7 8

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

1,354 1,447 1,443 1,443 1,443 1,443 1,443

7.8% 6.9% (0.3%) 0.0% 0.0% 0.0% 0.0%

112 124 128 0 0 0 0

8.3% 8.6% 8.8% 0.0% 0.0% 0.0% 0.0%

20.7% 11.3% 2.6% (100.0%) #DIV/0! #DIV/0! #DIV/0!

(47) (52) (55) 0 0 0 0

3.5% 3.6% 3.8% 0.0% 0.0% 0.0% 0.0%

94.4% 103.7% 109.6% #DIV/0! #DIV/0! #DIV/0! #DIV/0!

65 73 73 0 0 0 0

4.8% 5.0% 5.0% 0.0% 0.0% 0.0% 0.0%

0 0 0 0 0 0 0

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

(50) (50) (50) 0 0 0 0

3.7% 3.5% 3.5% 0.0% 0.0% 0.0% 0.0%

15 11 4 0 0 0 0

(5) (5) (5) 0 0 0 0

0.4% 0.3% 0.3% 0.0% 0.0% 0.0% 0.0%

(7) 25 (5) 0 0 0 0

0.5% (1.7%) 0.3% 0.0% 0.0% 0.0% 0.0%

65 106 72 0 0 0 0

2 3 4 5 6 7 8

0.85 0.78 0.72 0.67 0.61 0.56 0.52

55 83 52 0 0 0 0

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% 1154 / 538c 1186 / 554c 1221 / 571c 1258 / 589c 1297 / 609c
8.0% 1058 / 489c 1085 / 503c 1113 / 517c 1144 / 532c 1177 / 549c

8.5% 974 / 447c 997 / 458c 1021 / 470c 1047 / 483c 1074 / 497c

9.0% 900 / 410c 920 / 420c 940 / 430c 962 / 441c 986 / 453c

9.5% 835 / 377c 852 / 386c 870 / 395c 889 / 404c 908 / 414c
 9 10 TV

2029E 2030E
1,443 1,443

0.0% 0.0%

0 134

0.0% 9.3%

#DIV/0! #DIV/0!

0 0

0.0% 0.0%

#DIV/0! #DIV/0!

0 134

0.0% 9.3%

0 0

0.0% 0.0%

0 0

0.0% 0.0%

0 0

0 0

0.0% 0.0%

0 0

0.0% 0.0%

0 134 1,681

9 10

0.48 0.44

0 59 743