| Report after-tax NPV at 5%Table 19-1, p.296 | US$374.7M |
| Re-created NPV at 5% | US$372.9M |
| Variance vs report | −0.5% |
Re-created NPV: the report's after-tax NPV recalculated in our model from the report's published inputs, using the report's own tax, working-capital and timing treatment. It shows how closely the published economics can be reproduced. It does not confirm that the report's calculations or assumptions are correct, and it is not our base case.
The study states two tax rates and a US$117.2M total, but no depreciation method, depletion or loss treatment. Its 17.8% effective tax burden against a 27.0% combined rate needs deductions it names only as 'various tax pool balances'. The model builds tax from federal and Oregon statute; on that basis the value is below the study's, while pre-tax the two are close. With the study's implied deduction selected, the model lands 0.5% below the report.
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