Results of the valuation and funding models
| (i) Concession valuation | (ii) Hurdle rate (%) | (iii) Capital requirement including construction interest (million ZAR) | (iv) Net present value (million ZAR) | (v) Total entity value (million ZAR) | (vi) Discounted payback period (years) | (vii) IRR (%) |
|---|---|---|---|---|---|---|
| 100% debt | 18.50 | 1,506.01 | 1,170.01 | 2,676.02 | 9.83 | 31 |
| 50% debt | 19.60 | 1,492.16 | 911.95 | 2,404.11 | 10.75 | 30 |
| 45% debt | 19.70 | 1,492.16 | 895.15 | 2,387.31 | 10.83 | 30 |
| 100% equity | 20.10 | 1,476.61 | 732.72 | 2,209.33 | 11.83 | 28 |
| (i) | (ii) | (iii) | (iv) | (v) | (vi) | (vii) |
|---|---|---|---|---|---|---|
| 100% debt | 18.50 | 1,506.01 | 1,170.01 | 2,676.02 | 9.83 | 31 |
| 50% debt | 19.60 | 1,492.16 | 911.95 | 2,404.11 | 10.75 | 30 |
| 45% debt | 19.70 | 1,492.16 | 895.15 | 2,387.31 | 10.83 | 30 |
| 100% equity | 20.10 | 1,476.61 | 732.72 | 2,209.33 | 11.83 | 28 |
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