The cashflow shows in a build-up of inventory by 300 every year, which is 25% of the 1200 initial stock value. It seems high compared to the revenue growth of 10% in the first year and 5% thereafter. Also, presumably the inventory would be reduced to zero in year 10 i.e. reverse the build-up to 4200 over 10 years, as opposed to just the initial 1200. I have not adjusted that in the attached version, but if you reduce the build-up to say 15% each year i.e. 180, and reverse the total 3000 in year 10, the IRR would further increase to 25.5%. Please let me know the rationale for the 25% increase, or perhaps it should be brought down and give room for less ambitious sales forecast?