8/9/2019 Astrix valuation orale Qs

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zmktmynbe bqmkd

\mqo/tw 6 m jd| }tdsynbes yb hdkw m jd| sytideys qdkmx * ldy be yqmc`jbq

cbezdqsmynbe% Eby jbq mssdssodey%

]tdsy/cd }td yt ms omel wbtq ifdtedq 2 (bt wdyny/ifdtedq. Yt abns it cmj 2Dsy/cd }tMsyqnx yd jmny wkmnsnq 2 Yt mnods m 2Dsy/cd }td yt ms ytin khnsybnqd dtqbwdeed2 ]tdkkd wb}td dsy/cd }td yt ms ytin 2Ins/obn }tdk}td chbsd id iqkd }td yt yd sbtzndes iMsyqnx%

Cbeydey 6Wbtq}tbn dsy/cd }tMsyqnx dsy sn wbwtkmnqd imes km Jqmecd 2 (CbowmqdqMsyqnx dy km Jqmecd% Cboodey sbey/nks snonkmnqds 2

Dsy/cd }tnk ymny wbwtkmnqd is sbe iaty 2

]tdkkd dsy ted nimkd jqmemnsd }tMsyqnx wdqsbenjnd 2

Dsy/cd }td kds lmtkbns sbey kds sdtkds cmqmcyqds iMsyqnx }tn obeyqdeykm jndqy emynbemkd2

Nomlneds }td yt ds te lmtk% ]tdkkds sbey ydssdeynodeys zdqs cdy bafdy 2 Qwbeidv cbood telmtk -

Nomlneds }td yt ds te kzd jqmemns imes kmeed =>48% Nk dsy ybemeenzdqsmnqd+ dy yt qdbns id ym oqd te ybod iMsyqnx% Obn+ fd fbtd kdqkd id ym oqd jqmemnsd% Mwqs }td yt ms kt }tdk}tds wmlds+ fmn dezndid smzbnq cd }td yt wdesds+ edsy/cd wms 2 ]tdsy/cd }td yt wdesds+

RRRR 2 Yt kmnods 2 (wbtq}tbn+ dyc% ibeedq }tdk}tds qmnsbes id andemnodq cd ybod%.

8/9/2019 Astrix valuation orale Qs

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Nomlned }td ybe beckd yd idomeid+ ]tdsy/cd }td fd ibns ibeedq ybe

wqd wbtq sbe cmidmt imeenzdqsmnqd 2 Yt ibns kd cbezmnecqdimchdydq kd 1 d ybod iMsyqnx+ wmqcd }td ybe meenzdqsmnqd emqqnzdqmwms wbtq kbelydows dy yt ds wqy ide knqd - Dy yt ds stq }td ybe wqd zmande mnodq Msyqnx% Ktn (nein}tdq te kzd imes km lqbtwd.+ nk dsy ybebeckd% Ktn (nein}tdq = dq kzd.+ nk dsy ybe edzdt% Mkkdv/~ -

Yhdsd y|b wqbowys lb ybldyhdq yb wqbzb`d m knzdk~ insctssnbe% Yhdsytideys otsy `ddw yhdnq qbkds m sdcqdy jqbo dmch byhdq%

Nomlned }td ym stq emnomny wms it ybty khnsybnqd+ cymny sbe stfdy kdobnes jmzbqn kcbkd% Yt km cbezmnect id knqd Msyqnx% Dy yt mzmnsqmnsbe - Ym stq mibqd khnsybnqd omneydemey - Omns nk ~ m ted wqbakod%Dkkd m qmy sbe dxmode ihnsybnqd wmqcd }tdkkd ~ mzmny cqny }td FtkdsCsmq emzmny fmomns zmnect ybtyd km Lmtkd% Dkkd cqnzmny }tnk ~ mzmny teznkkmld id lmtkbns }tn qsnsymndey ybty km jbqcd id kmqod qbomne- Cdsy ybn id ktn obeyqdq km zqny% Abe cbtqmld%

Nomlned }td ybe jqqd ym ibee Msyqnx wmqcd }td yt emnomns wmskhnsybnqd% Dy m m omqch 6 omneydemey+ yt de mibqds- Omns cdwdeimey+

yt ms ted ebtzdkkd wqbakod% Yt ms qmy ybe dxmode id khnsybnqdjqmemnsd- Dy yt zbns+ dejne+ }td ybe jqqd ym yqbow - Nk ym ibee teybod id odesbelds (knds. dy yt ed zm wms ktn cqbnqd decbqd fmomns% Sbnscmtynbeed+ nk mqqnzd+ dy nk zm dssm~dq id yd cbezmnecqd }tMsyqnx edsywms ybty omk% Yds wqyd 2

Icqnzdv kds sdeynodeys emynbemtx imes km Jqmecd kwb}td bsneyqbitny Msyqnx mtx jqmemns%

Imes }tdkkd meed dsy/cd }tMsyqnx dsy neyqbitny 2 ]tn dsy kmtydtq 2

Kms~echqbensmynbe id idtx zedodeys bey cqd kd wbney id ydowswmqjmny wbtq km qtssnyd iMsyqnx% ]tdks sbey kds idtx zedodeys 2

8/9/2019 Astrix valuation orale Qs

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Cbowmqdq kMkkdomled id km 1 d ltdqqd obeinmkd dy km Qbod mtx ydowsmecndes% Cboodey sbey/nks snonkmnqds 2

Cbowmqdq km Lmtkd dy km Jqmecd id km 1 d l%o% Cboodey sbey/dkkdssnonkmnqds 2

(wncytqd wqbowys adkb|.

8/9/2019 Astrix valuation orale Qs

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8/9/2019 Astrix valuation orale Qs

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Bqmk dzmktmynbe qtaqnc

Lqmoomq 64 eb lqmoomyncmk dqqbqs9 jd| lqmoomyncmk dqqbqs yhmy ib eby mjjdcy odmenel

3 jd| lqmoomyncmk dqqbqs yhmy ib mjjdcy odmenel1 sdzdqmk lqmoomyncmk dqqbqs yhmy mjjdcy odmenel= lqmoomyncmk dqqbqs wqdcktid cbowqdhdesnbe

Zbcmatkmq~4 om`ds dxcdkkdey tsd bj zbcmatkmq~+ ed| mei bki9 om`ds lbbi tsd bj ed| zbcmatkmq~3 odmenel ns ckdmq aty |bqi chbncd ibds eby qdjkdcy nesyqtcynbemk bafdcynzds1 odmenel ns teckdmq+ ed| zbcmatkmq~ ns knonydi= jqd}tdey kmwsds neyb snkdecd bq Delknsh

Wqbetecnmynbe4 Wqbetecnmynbe |ms ckdmq+ cbejnidey+ mei zdq~ dms~ yb teidqsymei9 Wqbetecnmynbe lbbi+ aty kmc`nel cbejnidecd+ eby dms~ yb hdmq 3 Wqbetecnmynbe mccdwymakd yb yqmnedi kmeltmld wqbjdssnbemk1 Wqbetecnmynbe wbbq+ zbncd }tndy+ tecdqymne 0 makd yb teidqsymei m zdq~ knyykd= Wqbetecnmynbe wbbq+ nowbssnakd yb teidqsymei%

Cbootencmynbe4 teidqsybbi mkk bj odssmld necktinel idymnks9 teidqsybbi mkk bj odssmld aty qdswbesd hmi jd| idymnks3 teidqsybbi obsy bj odssmld+ qdswbesd hmi eb idymnks1 teidqsybbi bek~ m knyykd+ qdswbesd hmi eb idymnks mei ome~ dqqbqs= teidqsybbi knyykd bq ebyhnel 0 eb idymnks bjjdqdi 0 dqqbqs jqd}tdey mei necktinel tsd bj Delknsh