This morning Craigs confirm the PE ratio being talked about in this thread
Infratil - Black gold -
IFT has released details of the acquisition of Shell's downstream assets
in NZ for cNZ$750m through a 50:50 JV with the NZ Super Fund. Excluding the NZ Refining
stake (cNZ$190m at market) the implied multiple on FY09 (current cost) EBITDA is c4x, this
leaves plenty of value on the table for the JV, in our view. BUY.
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