I think the 2.4% traffic growth assumption you use is a little pessimistic.
You may be right, 2.4% is simply the FY19 ADT growth for the M5 West asset (see slide 17 of the FY19 Investor Presentation, upper one in your attachment).
My point is that there are a lot of efficiencies that need to be extracted from the M5 West, in order to turn that 2.2% pa asset IRR on EV into something more in line with the Group IRR, which is currently around 6.0% pa under the same traffic and CPI growth assumptions.
I think the 2.4% traffic growth assumption you use is a little...
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