Originally Posted by
BlackPeter
I agree that Gentailers look pretty dear at the moment as well, but they are really quasi bond investments.
You can't really value Gentailers on PE, but you need to look at cashflow - their earnings is artificially reduced based on too high write offs (you might write off e.g. a hydro dam over 50 years, but you can use it for more than 100 years).
Vector however is in the main an electricity distribution company - and I suppose that most of their assets are worthless when written off. While I am not a specialist for electricity distribution, it is clearly a quite different industry like electricity generation.