Ann: TPG and VHA Merger of Equals Investor Presentation, page-135

12% EBITDA growth over 5 years

Forcast EBITDA at FY23 of $2056.6m, take an EV/EBITDA ratio of 9, gives EV of 18509.4 minus $5b of debt they are seeking, gives Market Cap of about 13.51B, merger of equals so half to TPG is $6755 divided by 926m shares gives projected value of $7.29 in FY23.

EV/EBITDA ratio of 9 was a guess, 10 =$8.40

If $4b out of the $5b of debt is used, 9 = $7.80, 10 = $8.94