RE: 4p to 8p target5 Jun 2019 15:08
sorry not last paragraph
We are more interested in the Company’s long-term prospects, and the valuation it could attract were it to successfully
execute its growth strategy. Employing our internal five-year forecasts, a discount rate of 10.0% and a terminal EV /
EBITDA multiple of 11.0x, our discounted cash flow modelling indicates a fair value share price of between 4.3p and
8.7p. We will detail our modelling in our second note.