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core subsidiaries and associates, adjusting for ownership stakes. Specifically, we use DCF to value its core operations in Saudi Arabia (9.5% WACC), Viva Kuwait (10.5% WACC), and other subsidiaries (10.1% WACC). We OS Merrill Lynch GEMs Paper #26 | 30 June 2016 79 HOUSE_OVERSIGHT_016189 --- PAGE BREAK ---
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