DATAFETCH

WACC

PREDICTABILITY

GROWTH WINDOWS

FCF PROJECTION

SENSITIVITY

PER-YEAR CASH FLOWS

Year	CF	Discount factor	PV	Cumulative PV
1	22.95	0.9121	20.93	20.93
2	26.40	0.8319	21.96	42.89
3	30.35	0.7588	23.03	65.92
4	34.91	0.6920	24.16	90.08
5	40.14	0.6312	25.34	115.42
6	46.17	0.5757	26.58	142.00
7	53.09	0.5251	27.88	169.87
8	61.05	0.4789	29.24	199.11
9	70.21	0.4368	30.67	229.78
10	80.74	0.3984	32.17	261.95
11	82.76	0.3634	30.07	292.03
12	84.83	0.3314	28.12	320.14
13	86.95	0.3023	26.28	346.43
14	89.13	0.2757	24.57	371.00
15	91.35	0.2515	22.97	393.97
16	93.64	0.2294	21.48	415.45
17	95.98	0.2092	20.08	435.53
18	98.38	0.1908	18.77	454.30
19	100.84	0.1740	17.55	471.85
20	103.36	0.1587	16.41	488.25

REVERSE DCF

At $453.20, the market implies a stage-1 growth rate of 13.9%.

MARKET IMPLIES

13.9%

YOUR ASSUMPTION

15.0%

DELTA

-1.1pp

If $453.20 is correct and your other inputs (WACC 9.6%, 10+10y, terminal 2.5%) hold, the market needs 0700.HK to grow cash flow at 13.9% annually for the next 10 years.