pxupa very attractive, page-15

2ic
Good call holding off on PXUPA; However, at price of 40 and taking account of step up and assume long term hold to Jun 2016, rate of return is 55.4% PER ANNUM.


Assumes: ave BBSW 5% over tenor, DCF at 5%; (NPV of transaction from buying at 40 is 126.78): This is before tax but also disregards advantage of capital gain.