Baillieu Valuation of VEC, page-163

I would call it a published research report that shows a number of SP scenarios based up some peer comparisons, AUD being 73c plus some calculations where they use an implied value based from using project cash flow estimates. Of course you are permitted to show where in the report they have made any calculation errors? I think they were using around 2.2b SOI so this may not be accurate later but again I assume they can't guess what shares may or maynot be available at a later date so use the information at hand?