RE:Any idea why ALA trades at only 5X cash flow
If you look at what WGL contributes to net earnings compared to a stand alone ALA. I'd disagree they paid too much for WGL. WGL last year had 138 million net earnings in Q1 ALA had 49 million. Both companies at the time traded at the same market cap around 5 billion. WGL becomes less seasonal when their 3 pipelines come online. I agree the pissed of investors last year. But it's good to remember that has zero impact of the value of the company. The company still makes the same money as it did and is still growing earnings. WGL makes ALA a long term stable company even more so than a stand alone ALA. If you're around still ill put down $500 bucks that the dividend has doubled to over 1.80 per share in the next 5 years.