Ann: Market Guidance, page-79

What is your proposed discount rate and risk free rate?

Why are we talking about this? Why don't anyone actually read what I said and address that? Instead of arguing out of context?



The average cash conversion to previous year's cash cost is 148% over the 6 years. That's 48% profit margin EBITDA on a cash basis. No WIP involved at all in the argument. Why are we going around discussing discounting WIP?

Tell me does anyone have a problem with 48% profit margin EBITDA on a cash basis? Or you have a problem with the way I used last year's cash cost as proxy of real cost? The reason why is all explained my previous posts. Also I already admitted cash revenue this year can be inflated with acquisition, similarly cash cost could also be inflated with organic growth, which cancel each other out to certain extent, if not 100%.