Vocus group, page-124

At year 2020 FCF has increased substantially in your estimates table, thus a fair bit of future growth has been taken into account: applying something like 15 times (TLS type multiple) would be more conservative and appropriate for 'post-growth' period. Then there is the Present Value discounting back to 2017 that needs to be done to decide if current $2.50 is a good buy. Using 15% IRR (risk free rate of 4% plus 11% equity premium for high uncertainty situation) would reduce that year2020 figure by approx 35%. So: present value estimate: (15x0.65x$6.91/21) = $3.24/share.