Ann: FY14 Results Investor Presentation, page-32

I cannot help noticing that if the above view is adopted, given that VOC capex exceeded operational cashflow, then VOC's valuation on a DCF basis is nil or negative.

Playing devil's advocate, it may be argued that VOC cannot be valued on a DCF basis, and we have to use other methods such as:

1. Earnings multiple;
2. EV/EBITDA multiple;
3. Replacement value;
4. Comparable market transactions, etc.

Any views from others?