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	SENSITIVITY ANALYSIS
	Enterprise Value sensitivity to WACC and Terminal Growth Rate
	Enterprise Value ($mm)
	Base WACC:	10.6%	Base TGR:	2.5%
		Terminal Growth Rate →
	WACC ↓	1.5%	2.0%	2.5%	3.0%	3.5%
	8.6%	3,939	4,180	4,460	4,790	5,186
	9.6%	3,446	3,623	3,825	4,058	4,329
	10.1%	3,243	3,397	3,571	3,770	3,999
	10.6%	3,062	3,197	3,348	3,520	3,715
	11.1%	2,900	3,019	3,152	3,301	3,469
	11.6%	2,755	2,860	2,977	3,107	3,254
	12.6%	2,503	2,587	2,680	2,782	2,895
	Implied Share Price ($)
		Terminal Growth Rate →
	WACC ↓	1.5%	2.0%	2.5%	3.0%	3.5%
	8.6%	$35.59	$38.00	$40.80	$44.10	$48.06
	9.6%	$30.66	$32.43	$34.45	$36.78	$39.49
	10.1%	$28.63	$30.17	$31.91	$33.90	$36.19
	10.6%	$26.82	$28.17	$29.68	$31.40	$33.35
	11.1%	$25.20	$26.39	$27.72	$29.21	$30.89
	11.6%	$23.75	$24.80	$25.97	$27.27	$28.74
	12.6%	$21.23	$22.07	$23.00	$24.02	$25.15
	Note: Sensitivity tables recalculate full DCF at each WACC/Terminal Growth Rate combination. Base case highlighted in blue.