Ann: Share Purchase Plan Results, page-16

As an aside, if I did not add a third plant to get 600,000 tonnes per year, the model suggests using an earlier base date, and the valuation is lower - to wit:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0	{colgroup}
1	{col=101x@}{/col}{col=82x@}{/col}{col=82x@}{/col}{col=81x@}{/col}{col=86x@}{/col}{col=86x@}{/col}{col=81x@}{/col}
2	{/colgroup}
3	EBIT Mult ▼	EBIT/Rev	EBIT tonne	PV=est SV	EBITxMult	EBIT Shr $	EBITpt $M
4	8	16.00%	$46.40	$0.2140	$0.2622	$0.0328	18560.000
5		14.40%	$41.76	$0.1926	$0.2360	$0.0295	16704.000
6	Interest rate▼	12.96%	$37.58	$0.1734	$0.2124	$0.0265	15033.600
7	7.00%	11.66%	$33.83	$0.1560	$0.1911	$0.0239	13530.240
8		10.50%	$30.44	$0.1404	$0.1720	$0.0215	12177.216
9	Years for PV	9.45%	$27.40	$0.1264	$0.1548	$0.0194	10959.494
10	3	8.50%	$24.66	$0.1137	$0.1393	$0.0174	9863.545
11	Base Year	7.65%	$22.19	$0.1024	$0.1254	$0.0157	8877.190
12	3	6.89%	$19.97	$0.0921	$0.1129	$0.0141	7989.471
13		6.20%	$17.98	$0.0829	$0.1016	$0.0127	7190.524
14		5.58%	$16.18	$0.0746	$0.0914	$0.0114	6471.472
15		5.02%	$14.56	$0.0672	$0.0823	$0.0103	5824.325
16		4.52%	$13.10	$0.0604	$0.0740	$0.0093	5241.892
17		4.07%	$11.79	$0.0544	$0.0666	$0.0083	4717.703
18		3.66%	$10.61	$0.0490	$0.0600	$0.0075	4245.933