Steven: you seem to have divided $9.3b by 34yrs to arrive at 273m. If PMH earns $273m every year for 34 years then future earnings need to be discounted. My calculation shows that using 15% discount rate the net present value is about $2b. Using 25% discount rate NPV drops down to $1.36b.
Steven: you seem to have divided $9.3b by 34yrs to arrive at...
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