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I am sorry, but I have the examiners answer to part (c) in front of me and I cannot find any reference to $169.55.
Thank you for replying
In the paragraph that begins by “These assumptins” before the culculation of FliHi’s value based on P/E ratio. There is reference to 169.55 million.
I do apologise – I must be tired 🙁
I have found it now.
The net assets at the moment (from the first paragraph of the question) are 120.
With growth of 6.32% for 5 years, and then growth of 4% in the 6th year, the 120 would grow to 120 x (1.0632)^5 x 1.04 = 169.55
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