I tried to reverse engineer numbers for Projected FCF with the...

I tried to reverse engineer numbers for Projected FCF with the numbers they provided (using only 1 year) to come up with a required FCF to justify it, which look to be in the ballpark. For Low value i used the calculated FCF in previous column and adjusted the Terminal Growth rate and Discount rate to come up with numbers for there low case.

But of course these are just numbers and bidders may not care about theoretical value.

It suggest Vocus believe NZ FCF has improved from 46.4m in FY17 to be equivalent to $52.6m now, and increase of 13%, probably reasonable to be sceptical of that increase given the timing.

I think $550m looks like a reasonable theoretical value based on the given numbers, but i dont know if those terminal growth discount rate etc are reasonable assumptions.

	Column 1	Column 2	Column 3	Column 4	Column 5
0		FY17 (High)	FY17 (Low)	FY18H1 (High)	FY18H1 (Low)
1	Disposal Cost	5.00%	5.00%	2.50%	5.00%
2	Terminal Growth	2.50%	2.00%	2.50%	2.00%
3	Discount Rate	10.20%	10.60%	10.20%	10.60%
4	Projected FCF	$46,410	$46,410	$52,582	$52,582
5	Discout Factor	0.91	0.90	0.91	0.90
6	Discounted FCF	$42,114	$41,962	$47,715	$47,542
7	Perpituity Value	$560,613	$550,444	$635,167	$623,646
8	Asset Value	$231,647	$231,647	$311,365	$311,365
9	Goodwill	$328,966	$318,797	$323,802	$312,281