Ann: FY20 result - ASX & media release, page-21

I've run sensitivity analysis and used the aggregate to come to an outcome. Three other mates have also applied their maths on this valuation. I've no issues with the business but the valuation is a big issue versus what went on with the capital raise. CR felt like a ripoff. Rules have to change here.

I'm quite confident analysts with come up with $180 ish target prices on this epic valuation with lacklustre looking future cashflow growth. Thats the maths and that is it. It is incredibly easy to use bullish model with lower discount rates and less adjustments applied to them.

I'm quite keen to know now which firms will provide black and white valuations.