the excel folder is in the link

https://docs.google.com/spreadsheets/d/1jlHLYxcVP5hAZtJAGE3FHg0SvNNh0auB/edit?usp=sharing&ouid=108500708699711924548&rtpof=true&sd=true

Part1: Capital Structure & WACC Value Capital Structure Market Cap ST Debt LT Debt Pref. Equity Total 972,268.902 16,240.000 91,807.000 0.000 1,080,315.902 As % 89.999% 1.503% 8.498% 0.000% 100.000% Cost of Equity Expected Market Return Risk Free Rate Beta Country (Market) Risk Premium Equity Risk Premium Cost of Equity 8.800% 0.716% 1.037 8.084% 8.383% 9.099% Cost of Debt ST Debt LT Debt Total Debt ST Debt to Total Debt LT Debt to Total Debt Effective Tax Rate 1 - Effective Tax Rate Note Rate Risk Free Rate Debt Adjustment Factor Total Pre-Tax Cost of ST Debt Total Pre-Tax Cost of LT Debt Total Pre-Tax Cost of Debt Cost of Debt 16,240.000 91,807.000 108,047.000 15.030% 84.970% 15.944% 84.056% 0.140% 0.716% 1.100 0.023% 0.669% 0.692% 0.582% Cost of Preferred Equity Preferred Dividend Preferred Equity Cost of Preferred Equity 0.000 0.000 0.000 WACC Equity Debt Cost (A-T) Preferred Equity WACC Weight 89.999% 10.001% 0.000% 100.000% Cost 9.099% 0.582% 0.000% 9.681% WxC 8.189% 0.058% 0.000% 8.247% Part 2: Discount Cash Flow Models Valuation Growth Years 10 Transitional Years 8 Plowback (at Growth Years) 75.508% ROE (at Growth Years) 40.877% Div. Growth till 2029 5095.895% plowback (After Growth 55.000% Years) ROE (After Growth Years) 9.096% Term_gwth 7.551% Year No Source of Cash Flow Dividend FCFE FCFF Forecasted Cash Flow AUD 0.750 AUD 50,972.000 AUD 61,901.848 Discount By Cost of Equity Cost of Equity WACC Discount Rate 9.099% 9.099% 8.247% Long Term Debt Forecasted Year Growth Forecasted FCFE Forecasted FCFF Dividend 1 2020 40.877% AUD 0.750 AUD 50,972.000 AUD 61,901.848 2 2021 40.877% AUD 1.057 3 2022 40.877% AUD 1.488 4 2023 40.877% AUD 2.097 5 2024 40.877% AUD 2.954 6 2025 40.877% AUD 4.162 7 2026 40.877% AUD 5.863 8 2027 40.877% AUD 8.259 9 2028 40.877% AUD 11.635 10 2029 9.096% AUD 12.694 11 2030 -556.27596 12 2031 -1121.647% 13 2032 -1687.018% 14 2033 -2252.390% 15 2034 -2817.762% 16 2035 -3383.133% 17 2036 -3948.505% 18 2037 -4513.876% 19 2038 7.551% AUD 50.959 AUD 50,972.000 AUD 61,901.848 Term. Value $50.96 $50,972.00 $61,901.85 Part 5: Equity Valuation (Multiples) V*w Earnings Book Value Tangible Book Value Revenue Cash Flow Free Cash Flow Expected Per Share 2.993 5.091 5.091 14.085 3.757 3.189 Peers Multiple (m) P/E 17.625 P/Book 1.105 P/Tangible Bool 1.165 P/Sales 2.295 P/Cash Flow 7.340 P/Free Cash Flo 16.643 V=(m) x (XPS1) AUD 52.742 AUD 5.628 AUD 5.929 AUD 32.322 AUD 27.575 AUD 53.067 Weight (w) 29.75% 3.17% 3.34% 18.23% 15.56% 29.94% 100.00% AUD 15.693 AUD 0.179 AUD 0.198 AUD 5.893 AUD 4.289 AUD 15.886 AUD 42.139 AUD 177.262 Part 6: Enterprise Valuation (Multiples) Expected Per Share Peers W Valuation 0.681 14.085 4.140 3.597 6.91% 13.03% 4.373 9.033 5.091 [(m) (XPS1)]+(EV_P) AUD 9.596 AUD 18.103 AUD 32.492 AUD 4.841 AUD 5.253 AUD 22.243 AUD 46.363 Revenue EBITDA EBIT Book Value Tangible Book Value Cash Flow Free Cash Flow Cash & Equivalents Preferred and Others Total Debt EV to P Adj. (EV_P) EV/Sales EV/EBITDA EV/EBIT EV/B EV/Tangible Bo EV/Cash Flow EV/Free Cash Fl 0.951 AUD 0.663 AUD 2.360 AUD 7.601 AUD 0.169 AUD 0.199 AUD 3.562 AUD 15.476 AUD 30.029 5.091 3.757 3.189 23.39% 3.49% 3.78% 16.01% 33.38% 100.00% 1.032 5.921 14.541 5.658 AUD 138.890 0.000 6.079 -0.421 Part 7: Final (Weighted) Valuation (WxV) Valuation AUD 50.959 Method of Valuation Weight DDM 27.5% FCFE 22.5% FCFF 27.5% Equity Valuation (Multiples) 12.5% Enterprise Valuation (Multiples 10.0% Must Equal 100% 100.00% AUD 42.139 AUD 30.029 Valuation AUD 0.000 Part1: Capital Structure & WACC Value Capital Structure Market Cap ST Debt LT Debt Pref. Equity Total 972,268.902 16,240.000 91,807.000 0.000 1,080,315.902 As % 89.999% 1.503% 8.498% 0.000% 100.000% Cost of Equity Expected Market Return Risk Free Rate Beta Country (Market) Risk Premium Equity Risk Premium Cost of Equity 8.800% 0.716% 1.037 8.084% 8.383% 9.099% Cost of Debt ST Debt LT Debt Total Debt ST Debt to Total Debt LT Debt to Total Debt Effective Tax Rate 1 - Effective Tax Rate Note Rate Risk Free Rate Debt Adjustment Factor Total Pre-Tax Cost of ST Debt Total Pre-Tax Cost of LT Debt Total Pre-Tax Cost of Debt Cost of Debt 16,240.000 91,807.000 108,047.000 15.030% 84.970% 15.944% 84.056% 0.140% 0.716% 1.100 0.023% 0.669% 0.692% 0.582% Cost of Preferred Equity Preferred Dividend Preferred Equity Cost of Preferred Equity 0.000 0.000 0.000 WACC Equity Debt Cost (A-T) Preferred Equity WACC Weight 89.999% 10.001% 0.000% 100.000% Cost 9.099% 0.582% 0.000% 9.681% WxC 8.189% 0.058% 0.000% 8.247% Part 2: Discount Cash Flow Models Valuation Growth Years 10 Transitional Years 8 Plowback (at Growth Years) 75.508% ROE (at Growth Years) 40.877% Div. Growth till 2029 5095.895% plowback (After Growth 55.000% Years) ROE (After Growth Years) 9.096% Term_gwth 7.551% Year No Source of Cash Flow Dividend FCFE FCFF Forecasted Cash Flow AUD 0.750 AUD 50,972.000 AUD 61,901.848 Discount By Cost of Equity Cost of Equity WACC Discount Rate 9.099% 9.099% 8.247% Long Term Debt Forecasted Year Growth Forecasted FCFE Forecasted FCFF Dividend 1 2020 40.877% AUD 0.750 AUD 50,972.000 AUD 61,901.848 2 2021 40.877% AUD 1.057 3 2022 40.877% AUD 1.488 4 2023 40.877% AUD 2.097 5 2024 40.877% AUD 2.954 6 2025 40.877% AUD 4.162 7 2026 40.877% AUD 5.863 8 2027 40.877% AUD 8.259 9 2028 40.877% AUD 11.635 10 2029 9.096% AUD 12.694 11 2030 -556.27596 12 2031 -1121.647% 13 2032 -1687.018% 14 2033 -2252.390% 15 2034 -2817.762% 16 2035 -3383.133% 17 2036 -3948.505% 18 2037 -4513.876% 19 2038 7.551% AUD 50.959 AUD 50,972.000 AUD 61,901.848 Term. Value $50.96 $50,972.00 $61,901.85 Part 5: Equity Valuation (Multiples) V*w Earnings Book Value Tangible Book Value Revenue Cash Flow Free Cash Flow Expected Per Share 2.993 5.091 5.091 14.085 3.757 3.189 Peers Multiple (m) P/E 17.625 P/Book 1.105 P/Tangible Bool 1.165 P/Sales 2.295 P/Cash Flow 7.340 P/Free Cash Flo 16.643 V=(m) x (XPS1) AUD 52.742 AUD 5.628 AUD 5.929 AUD 32.322 AUD 27.575 AUD 53.067 Weight (w) 29.75% 3.17% 3.34% 18.23% 15.56% 29.94% 100.00% AUD 15.693 AUD 0.179 AUD 0.198 AUD 5.893 AUD 4.289 AUD 15.886 AUD 42.139 AUD 177.262 Part 6: Enterprise Valuation (Multiples) Expected Per Share Peers W Valuation 0.681 14.085 4.140 3.597 6.91% 13.03% 4.373 9.033 5.091 [(m) (XPS1)]+(EV_P) AUD 9.596 AUD 18.103 AUD 32.492 AUD 4.841 AUD 5.253 AUD 22.243 AUD 46.363 Revenue EBITDA EBIT Book Value Tangible Book Value Cash Flow Free Cash Flow Cash & Equivalents Preferred and Others Total Debt EV to P Adj. (EV_P) EV/Sales EV/EBITDA EV/EBIT EV/B EV/Tangible Bo EV/Cash Flow EV/Free Cash Fl 0.951 AUD 0.663 AUD 2.360 AUD 7.601 AUD 0.169 AUD 0.199 AUD 3.562 AUD 15.476 AUD 30.029 5.091 3.757 3.189 23.39% 3.49% 3.78% 16.01% 33.38% 100.00% 1.032 5.921 14.541 5.658 AUD 138.890 0.000 6.079 -0.421 Part 7: Final (Weighted) Valuation (WxV) Valuation AUD 50.959 Method of Valuation Weight DDM 27.5% FCFE 22.5% FCFF 27.5% Equity Valuation (Multiples) 12.5% Enterprise Valuation (Multiples 10.0% Must Equal 100% 100.00% AUD 42.139 AUD 30.029 Valuation AUD 0.000