I guess the real question is what the best comparator is.

If its POT then the sky's the limit for the price as POT have a huge PE (and multiplier to revenue). The pricing mentioned earlier in this thread indicates its price-point is more expensive than Southport but below PoT. If you use southport multiples, you don't get to the $500m+ pricepoints being mentioned.

SouthPort
Revenue of $40.7m (to Jun 2018)
Operating profit before financing $13.8m
Net surplus of $9.7m
Net Assets $40.1m
Market Cap (28 Jun) $177m = Historical PE 18.2, 4.7x revenue.
Half yr to Dec2018. Revenue up but profitability down slightly


Port of Tauranga
Revenue of $283.7m
Operating result before interest, tax and equity accounted $129.3m
Net Assets $1.12b
Net surplus $94.3m
Market Cap (28 Jun) $4.31b = Historical PE 45.7, 15.3x revenue