2.15 Based on a pre tax target Equity IRR of 18% the Spreadsheet demonstrates an "Indicative" VfM value of 7.85% in favour of the PFI Option. This suggests that, based on the Input Values used, the PFI Option might deliver better VfM than the Conventional Procurement Option for the schools project under consideration. The Indifference Point Analysis is summarised in Table 2.E below.