I know probably everyone is sceptical of the numbers i came up...

I know probably everyone is sceptical of the numbers i came up with, and it could be i calculated something wrong, ive never used the Gordon Growth Model before, but there are no numbers i have plucked from my head.

The FY17 value came out to be $560m and the FY18H1 value came out to be $635, so just to follow through with those numbers and see how it effect Debt/EBITDA and SP.

The SP should be higher than that because the EV/EBITDA should increase (or the discount rate should reduce) due to reduced debt concerns, its also using conservative guidance values.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8
0	FY17 GGM	EBITDA (underlying)	SP	Market Cap	Debt	EV	EV/EBITDA	Debt/EBITDA
1	2018 (worst guidance)	360.0	2.42	1,505.6	1,045.0	2,550.6	7.1	2.90
2	NZ Sale (GGMl FY17)	-60.0			-560.0
3	ASC	20.0			150.0
4	2019	320.0	2.86	1,782.2	485.0	2,267.2	7.1	1.52

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8
0	FY18H1 GGM	EBITDA (underlying)	SP	Market Cap	Debt	EV	EV/EBITDA	Debt/EBITDA
1	2018 (worst guidance)	360.0	2.50	1,555.3	1,045.0	2,600.3	7.2	2.90
2	NZ Sale (GGMl FY18H1)	-60.0			-635.0
3	ASC	20.0			150.0
4	2019	320.0	3.06	1,901.4	410.0	2,311.4	7.2	1.28