I don't really know anything about APG and its likely cashflows. But I know a little bit about valuations and I have one technical comment:
In you NPV calcs (rows 106-109), looks like you're discounting back to 2006. Need to start the NPV inputs from column D, not C, and then add in column zero as an undiscounted number.
The result of this (i.e. pulling all the cash flows forward one year) is valuation of 25c, up from 23c.
I guess the other issue is the discount rate - 10% seems pretty low for WACC? but maybe your risk adjustments offset this...
Anyway, very nice to see some finance skills getting put to use on this forum, rather than just opinions based on gut-feel...
APG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
