Spark (NZ) not enthusiastic perhaps, page-39

NZ would be good to keep long term, but if it can be used as a 'get out jail free' card, im ok with it.

I think everyone sees me as having high expectations for the Sale price, im normally pretty good with analysis, but havent made it past DCF models, i could be getting bamboozled with their numbers.

The level of detail gives me confidence (maybe false), the sensitivity ratios especially... i just see them and think they must know what they are talking about...

@DeltaHedge you know DCF iirc, what do you think of the following assumptions they are using to calculate goodwill for NZ. Also notice the asset price has jumped around a lot, which is a separate issue.

These numbers came about because when Mark tookover as CFO he appointed a divisional accountign dude to be his eyes over there, so perhaps this has been an option on the table for longer than most expect.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
1		Total	Non-Current Assets	Goodwill	Discount Rate	Term Growth	Disposal Cost
2	FY16 (as reported in FY17)		$417,492	Not Stated	9.00%	3.00%	5.00%
3	FY17	$560,613	$231,647	$328,966	10.20%	2.50%	5.00%
4	FY18H1	$635,167	$311,365	$323,802	10.20%	2.50%	5.00%
5	FY18H1 Goodwill Sensitivity				0.40%	0.50%

On the Capital Raising, i totally see it as something you want to do early rather than late (eg look at TPG and their mobile CR, they are still sitting on the cash afaik), the buyers in a CR have much more control than in an asset sale like NZ with multiple bidders.

It would be good if we could try and find some consensus, or narrow down concerns for the value of NZ, everything else hinges on that price.