You have completed a $3$ statement model for Coles, a leading grocery retailer based in Australia. Due to IFRS rules, the company considers all its leases $($both operating and finance$)$ "Debt" and includes them in its enterprise value bridge and in the calculations for key metrics such as the ROC. After building this model $,$ you've run the numbers on a potentially minority$-$stake investment in the company and determined that you might be able to earn a $15\%$ IRR over $5$ years, with a multiple of invested capital $($MOIC$)$ close to $2\mathrm{.}0$x $.$ The calculations are shown in the table. Which of the following represent$($s$)$ valid reason$($s$)$ to be SKEPTICAL of these results for the IRR and MOIC?

A$)$ The company's Lease Liabilities keep decreasing over time, even though its Revenue, EBITDA, Debt, and Cash are all growing.

B$)$ The company's EBITDA multiple expands from $10$x to $12$x in Year $5,$ even though its Revenue Growth is almost the

same and its EBITDA Margin improves only slightly; the $4\%$ increase in ROC may not be enough to justify this

multiple expansion.

C$)$ The Dividends keep increasing over time, and they contribute more than $3\%$ to the IRR figure, which is too much for

an investment in a mature$/$stable company like this one.

D$)$ The Cash Realization stays in about the same range throughout the holding period, which indicates that the

company is not becoming more efficient in converting its EBITDA into Cash Flow from Operations. E$)$ All of the above.

F$)$ Answer choices A and B$.$

G$)$ Answer choices A$,$ B and C$.$

H$)$ Answer choices B$,$ C$,$ and D$.$