Provide an investment recommendation
Email to management
Net present value based on perpetuity growth method
Preliminary valuation
Value Based on 8.5% WACC & 0.5% TGR
Present Value of Cash flows
PV of Terminal Value
Implied Firm NPV
Net debt as of Mar-20E
Implied equity value
Implied offer share price (c)
% premium to current
Amount ($m)
409
394
803
(85)
718
361
118.8%
Revised valuation (post-fire)
% of NPV
50.9%
49.1%
100.0%
Source: Company Business Plan (January 2020); Equity research; J.P. Morgan analysis
W ORLDW IDE BREW ING
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