Calculate the intrinsic value of Aurizon (AZJs) using the discounted cash-flow (DCF) model.

Compare your valuation with the valuations by other analysts/researchers and AZJs current share price. Is AZJ fairly priced, overpriced or underpriced based on your calculation? Show some sensitivity or scenario analysis.

What are the important variables that may affect your estimations?

i. determine the period that Aurizon will experience high growth and justify it,

ii. prepare a pro forma financial statement to forecast the free cash flows (FCFs) during the high growth period,

iii. forecast the horizon/terminal value,

iv. determine and justify the short-term and long-term growth rates. v. provide an estimate value per share for Aurizon.)