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

r its contents: in Korea by Morgan Staley & Co International plc, Seoul Brand[ in India by Mogan Stanley hie Company Private United; in Indonesia by PT Morgan Stanley Asia Indonesia in Canada by Wean Staley Canada United, which has approved of aid takes responsibility for its contents in Canada; in Germany by Mayan Sta

-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

s contents: in Korea by Morgan Stanley & Co ernational plc. Seoul Branch: in India by Morgan Stanley India Company Private Limited: in Indonesia by PT Morgan Stanley Asia Indonesia: in Canada by Morgan Stanley Canada Limited. which has approved of and takes responsibility for its contents in Canada: in Germany by Morg

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

its contents: in Korea by Morgan Stanley & Co emational plc. Seoul Branch: in India by Morgan Stanley Inda Company Private Limited: in Indonesia by PT Morgan Stanley Asia Indonesia: in Canada by Morgan Stanley Canada Limited. which has approved of and takes responsitifity for its contents in Canada: in Germany by Morg