Very Expensive Hard to figure this one out, unless you accept the utility angle and investors starving for yield.
It seems all utilities are trading at very high multiples.
By my figures, ANQ trades at about 25 + times 2012 estimated net earnings.
Debt to cash flow is close to 10 to one which is why the yield is so low.
As I said, I just dont get why an investor would take the risks of multiple compression here.
At some point, the multiple must return to the norm.