I assume all the company can issue new share at 50% higher than current share price before constrution, anything wrong with that? if you think that's too high, then every company should issue more share, that won't affect the comparison.
Remember that is project comparison, it's a reference, because nobody know U price will be at 2013, if you think it will go higher, you buy U stock, if you don't, then sell.
comparison again, page-22
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