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3. Ensuring sustainable long-term growth

You are UWA Advisory's lead analyst for FSA Holdings Co. Limited ("FSA"), an ASX listed company that owns and operates regulated utility assets (e.g. electricity grids, retail gas distribution). You have just read the Chairperson's statement at the latest Annual General Meeting:

"We are pleased that management has continued to increase efficiency and stabilise cash flows, achieving annual NPAT growth of +5.0% for each of the last three financial years. Excluding cost efficiencies achieved to date, the Board acknowledges that FSA has limited growth opportunities in the near term. Therefore, the Board today announces a dividend payout policy of 80% of NPAT. This policy results in a dividend of $100m for the FY18 financial year. The Board reserves the right to review the policy should value adding growth opportunities arise."

3.1 Assuming that FY17 book value