### Comment:
Same way you do any DCF. What do you expect revenue to grow by, now what costs are variable put them as a % of revenue, now what costs are fixed, grow them at inflation with step ups. Rev less costs = profit. Clearly the hardest thing here is revenue growth, you would need to base this on market share assumptions, or some form of take up.

### REPLY:
Yes that makes sense. Would it be possible to do for retail investors tho? On morningstar I can only see Financials for 2017/2018. Are two data points enough to estimate growth rates?

### END.