Use discounted cash flow (DCF) valuation with forecasts of the cash flows for a share price analysis. 1. Use the income statement of management forecasts (Exhibit 9). - Extend the forecast to 2025, assume a growth in margins as the revenues increase at a faster rate than costs. Assume most costs are fixed - Discuss how the valuation may change depending on the investors (venture capital/private equity or IP0/public equity) and location (domestic or international markets), and discuss how this may affect investors' decisions. - Discuss the decision. EXHIBIT 9: PRO FORMA GROWTH ESTMATES BASED ON MANAGEMENT FORECASTS (IN USS '000) Use discounted cash flow (DCF) valuation with forecasts of the cash flows for a share price analysis. 1. Use the income statement of management forecasts (Exhibit 9). - Extend the forecast to 2025, assume a growth in margins as the revenues increase at a faster rate than costs. Assume most costs are fixed - Discuss how the valuation may change depending on the investors (venture capital/private equity or IP0/public equity) and location (domestic or international markets), and discuss how this may affect investors' decisions. - Discuss the decision. EXHIBIT 9: PRO FORMA GROWTH ESTMATES BASED ON MANAGEMENT FORECASTS (IN USS '000)