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But to be fair, let's meet in the middle, with 50% of the customers renewing after twenty years; that change alone would equate to $2.7 billion less in retained value by 2018, not to mention the additional costs required to repossess the solar equipment that 50% of customers no longer sac longchamp pas cher want. We also feel using a higher discount rate (9%) would be more appropriate than the fairy tale 6% rate currently used by management. Given these are subordinated cash flows (received after equity partners are paid) and the cost of capital we believe is actually north of 10%, a discount rate of 9% seems quite optimistic.gfr0424

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