Hero to Xero, page-15

I'm still a bit confused how you got to a positve NPAT figure.

A couple more questions:
- How did you apply the ~$24m of corporate expenses?
- What tax rate have you applied in your forecasts?
- What revenue growth rates have you assumed for the 6 years?
- What growth in expenses have you assumed, or alternatively what margin have you assumed (both gross and net)?
- Given cost of equity means a different rate to different folks, what rate have you assumed?
- In your terminal value have you assumed a constant growth rate, steady state or possibly declining?
- Have you factored in any potential dilution for a further capital raising (I note an article in the fin review today discussing a proposed $500m-$1bn IPO in the US)

Appreciate your consideration of my list of questions. I did the same calc myself but got nowhere near a $2bn market cap. Let alone for only the Aus/NZ segments.

Regards
Gralynchett