{
  "valuation_basis": "constant 2026 rand, discounted to 2020 where stated",
  "real_grant_envelope_r_billion": 253.54,
  "transfer_welfare_totals_undiscounted": {
    "Conservative": 237.26,
    "Central": 426.89,
    "Severe": 742.78
  },
  "industry_assumptions": {
    "Best": {
      "lag": 2,
      "survival": 0.92,
      "asset_growth": 0.05,
      "public_cash_yield": 0.05,
      "social_spillover_yield": 0.04
    },
    "Average": {
      "lag": 4,
      "survival": 0.68,
      "asset_growth": 0.025,
      "public_cash_yield": 0.03,
      "social_spillover_yield": 0.025
    },
    "Worst": {
      "lag": 6,
      "survival": 0.35,
      "asset_growth": -0.01,
      "public_cash_yield": 0.01,
      "social_spillover_yield": 0.005
    }
  },
  "break_even_years": {
    "0.035": {
      "Conservative": {
        "Best": {
          "asset_inclusive": 2027,
          "operating_flows_only": 2037
        },
        "Average": {
          "asset_inclusive": 2041,
          "operating_flows_only": 2061
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      },
      "Central": {
        "Best": {
          "asset_inclusive": 2034,
          "operating_flows_only": 2044
        },
        "Average": {
          "asset_inclusive": 2080,
          "operating_flows_only": 2100
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      },
      "Severe": {
        "Best": {
          "asset_inclusive": 2045,
          "operating_flows_only": 2056
        },
        "Average": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      }
    },
    "0.060": {
      "Conservative": {
        "Best": {
          "asset_inclusive": 2027,
          "operating_flows_only": 2039
        },
        "Average": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      },
      "Central": {
        "Best": {
          "asset_inclusive": 2040,
          "operating_flows_only": 2051
        },
        "Average": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      },
      "Severe": {
        "Best": {
          "asset_inclusive": 2064,
          "operating_flows_only": 2076
        },
        "Average": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      }
    },
    "0.100": {
      "Conservative": {
        "Best": {
          "asset_inclusive": 2032,
          "operating_flows_only": 2048
        },
        "Average": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      },
      "Central": {
        "Best": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Average": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      },
      "Severe": {
        "Best": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Average": {
          "asset_inclusive": null,
          "operating_flows_only": null
        },
        "Worst": {
          "asset_inclusive": null,
          "operating_flows_only": null
        }
      }
    }
  },
  "values_at_2050": {
    "0.035": {
      "transfer": {
        "Conservative": 213.59,
        "Central": 384.31,
        "Severe": 668.69
      },
      "industry_asset_inclusive": {
        "Best": 816.63,
        "Average": 260.74,
        "Worst": 38.62
      },
      "industry_flows_only": {
        "Best": 535.59,
        "Average": 152.55,
        "Worst": 12.99
      }
    },
    "0.060": {
      "transfer": {
        "Conservative": 199.1,
        "Central": 358.22,
        "Severe": 623.3
      },
      "industry_asset_inclusive": {
        "Best": 485.68,
        "Average": 152.29,
        "Worst": 21.01
      },
      "industry_flows_only": {
        "Best": 348.34,
        "Average": 99.41,
        "Worst": 8.48
      }
    },
    "0.100": {
      "transfer": {
        "Conservative": 179.28,
        "Central": 322.56,
        "Severe": 561.26
      },
      "industry_asset_inclusive": {
        "Best": 235.06,
        "Average": 71.2,
        "Worst": 8.68
      },
      "industry_flows_only": {
        "Best": 189.86,
        "Average": 53.8,
        "Worst": 4.55
      }
    }
  },
  "interpretation": {
    "asset_inclusive": "discounted operating benefits plus residual public asset and undeployed pipeline cash at the valuation horizon",
    "flows_only": "discounted public cash and net wage, supplier and consumer spillovers; residual asset excluded",
    "never": "no crossing by 2100"
  }
}