valuation has just increased, page-17

fyi

per rbs report using EV/EBITDA multiple methodology and a multiple of 6.6 RBS values RQL at 55c.

per their dcf valuation they value them at $1.21.

So they blend 50/50 for 88c. Pretty stupid if you ask me.

Why 50/50 and not 40/60 or 60/40 or even 70/30 or 30/70.

Any of these changes would have a material impact on their valuation. Once again sensitivity is too great.

Looking at their DCF valuation they have been more than a little aggressive. This suggests they are actively trying to boost the valuation through a high DCF valuation.

Overall I would say RQL is pretty well priced right now. Certainly no bargain.