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ASSUMPTIONS FOR THE ESTIMATED INTRINSIC VALUES SCENAR IO

ASSUM P T IO NS

EC PESSIMISTIC GFC SCENARIO

We assume the shares trade at 8.9x EV/EBITDA, which is the average EV/EBITDA ratio during 2007 - 2008, and discount the FY2018E Forecast EBITDA of USD 2,495M* by 10% = USD 2,246M.

EC STANDALONE SCENARIO #1

We assume the Company does not get taken over, and the shares trade at EV/ EBITDA multiple of 12x when the Company successfully deleverages its balance sheet, increases quarterly dividends, premised on FY2018E Forecast EBITDA of USD 2,495M*.

EC STANDALONE SCENARIO #2

EC TAKEOVER SCENARIO

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* Data Source: Thomson Reuters Eikon EC = Elevation Capital

We assume the Company does not get taken over, and the shares trade at the peer average EV/EBITDA multiple of 13x due to continuing improvement in investor sentiment towards the Company, premised on FY2018E Forecast EBITDA of USD 2,495M*.

We assume the Company is taken over at a 14.0x EV/EBITDA valuation, which is the average EV/EBITDA multiple from recent industry transactions, premised on FY2018E Forecast EBITDA of USD 2,495M*.

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018