Yea, it think it was the wrong path to go down. I think a better...

Yea, it think it was the wrong path to go down.

I think a better approach for Vocus is to try and estimate what FCF might be manually after FY2020, which is when growth will slow due to expected NBN rollout completion.

And on my previous FCF of 90m, or $130m if i dont count the 40m 'improvement capex', i assume now that it is temporary, it should reduce as integration steps complete. Its hard to factor that into a formula like DCF.

But even working out FCF manually, there is still the problem of determining a fair 'Terminal Value'