Ann: H1 FY18 INTERIM RESULT PRESENTATION, page-127

This should be better; So again, the theory is that the current EV/EBITDA for the whole company is 6.8, and part of it (NZ) is worth 8.5, the market must be valuing the non-NZ parts at even less than 6.8.
If NZ is sold and debt reduced, the EV decreases, so even if the EV/EBITDA stays steady at the current low rate of 6.8 the SP should increase, and that isnt taking into account the increase in EV/EBITDA due to reduced risk, which is why i added a second line for each year.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
1		EBITDA (underlying)	SP	Market Cap	Debt	EV	EV/EBITDA
2	2018	372.5	2.40	1,493.1	1,045.0	2,538.1	6.8
3	NZ Sale (EBITDA*9)	-58.0			-522.0
4	Retained Earning (35% EBITDA)				-130.4
5	EBITDA Growth (5%)	18.6
6	2019	333.1	3.02	1,877.2	392.6	2,269.8	6.8
7	2019	333.1	3.65	2,272.4	392.6	2,665.0	8.0
8	Data Centre Sale (EBITDAx9)	-18.8			-169.2
9	ASC	25.0			140.0
10	Retained Earning (35% EBITDA)				-116.6
11	EBITDA Growth (5%)	16.7
12	2020 (EBTDA=Current)	356.0	3.50	2,178.7	246.8	2,425.6	6.8
13	2020 (EBITDAx8)	356.0	4.47	2,779.0	246.8	3,025.8	8.5
14	Cost-Out	90.0
15	Retained Earning (35% EBITDA)				-124.6
16	EBITDA Growth (5%)	17.8
17	2021 (EBTDA=Current)	463.8	4.88	3,037.8	122.2	3,160.1	6.8
18	2021 (EBITDAx9)	463.8	6.51	4,051.8	122.2	4,174.0	9.0