Epstein Secrets

,-1. 54.14 Mails 5•5-15 010,-10 a Ore Can Oaf 141 —macro pm. 4•4••••••• • Oren SNVi.P4 • 532 CO b44%i $23/401•11111 • 015 00 01%) S0uKK•'. Thomson Revues. Morgan slant•), ****** ch $23 Based on DCF and sum-of-the-parts; back into implied multiple Bull $32 11.3x 2016e Bull Case EPS Base $23 10.7

ponsibility for its contents art should be contacted with respect to any matters arising Iran, a in connection with. Morgan Stanley Research) and by Bank Morgan Stanley AG. Singapore Branch (Registration number 711FC0207e); in Australia to "wholesale clients" within the meaning of the Australian Corporations Act by Mor

-13 Jul-13 Jan-14 Jul 14 • FiriooTanpi(Jul-15) 1.1abmiceiSiod.Poitomionoo • CocroniSiockPeco Jul-1S Source: Morgan Slarty Research estimates. Thomson Reuleis Price Target $81 We derive our PT from a discounted cash flow analysis that uses a WACC of 10•% and a 2% terminal growth rate. The main drivers

eports only. Morgan Stanley Capital Grow Japan Co.. :yr one Kong Morgan Stanley Asia Limited (which accepts responsbifity for its contents) and by Bank Morgan Stanley AG. -Hong Kong Branch: II Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 1992062982) anclor Morgan Stanley Asia (Singapore) Sec

JtS12 Jan-I3 Jul.13 Jen-I4 Jul.14 • Ace Tama (046) —netegnaiSne•Pernanrce • CvnernSixt Pint Jul45 Seine: Morgan Stinky Research estimates. Thomson ReuIers Price Target $395 We derive our PT from a discounted cash flow analysis that uses a WACC of 10% and a 2% terminal growth rate. The main drivers

ports only. Morgan Stanley Capital Grow Japan Co.. : riHong Kong Morgan Stanley Asia Limited (which accepts responsbifity for its contents) and by Bank Morgan Stanley AG. -Hong Kong Branch: II Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 1992062982) andor Morgan Stanley Asia (Singapore) Secu