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On our base case assumption of £25m synergies in 2013, the deal is mid single-digit earnings accretive next year.
"We have used a base case assumption of a £200m issuance, as, on our forecasts, this is required to take the net debt/earnings ratio below 3x for 2009.
As a result, our trial-informed base case assumption of 67.1%% pain relief will need to be confirmed by future studies with a larger sample size.
On the basis of expert opinion, we assume that ClosureFast accounts for 10% of all procedures in the year of its introduction and has an annual market growth of five percentage points each following year (Base Case assumption).
Our base case assumption that a period of 5 years will be sufficient to circumcise most of the uncircumcised males might be seen as optimistic.
The reduction is 16% for all males, nearly 21% for black males, and 8% for white males, given the base case assumption that the protective effect of circumcision applies only to heterosexually acquired HIV.
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With Medicare-based costs and our base case assumptions, screening would be less expensive than no screening from a health system perspective and cost neutral or only slightly more expensive than no screening from a societal perspective; these results were robust to a variety of sensitivity analyses.
Under base case assumptions, the LCOE in 2040 for baseload NGCC CCS plants is estimated to be 71 €2012/MWh.
"Moody's does not believe that Spain's solvency is under threat, and in its base case assumptions does not expect the Spanish government to have to ask for … liquidity support," said Kathrin Muehlbronner, Moody's lead analyst for Spain.
Here, for base case assumptions NGCC CCS with an LCOE of 90 €2012/MWh in 2040 is more costly than pumped hydro storage (PHS) or compressed air and energy storage (CAES) with LCOEs of 57 and 88 €2012/MWh, respectively.
The main conclusions of the assessment are that the 350-bar compressed storage system has the potential to meet the 2010 and 2015 targets for system gravimetric capacity but will not likely meet any of the system targets for volumetric capacity or cost, given our base case assumptions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com