ALA seems cheap to me.I was an accountant when I came out of Univiersity, then worked for a public accounting firm for 5 years before going into my own business. When going through ALA quartery report it would appear that ALA is a cash earning monster. ALA is trading at about 10x cash to market cap, to me that is extremely cheap and explains why a 6% dividend only accounts for about 50% of the cash flow generated. The EBITDA also looks extremely inexpensive for ALA's Valuation. What I think throws people off on this stock are the large amounts of Depreciation being booked by ALA. I am just wondering how much of the writeoffs are short term expensing exceptions allowed by Revenue Canada to encourage investment in Capital related infrastructure investments. If I knew that then I could further argue why adjusted EPS is so low given all the other valuation metrics. Have to assume that those quick writeoffs are quite large given the amount of spending ALA has been doing for the past few years. On all accounts, ALA appears to quite heavily undervalued given it's earnings parameters and the fact that it is in fairly stable businesses going forward with some growing trends in such things as Propane export and Deep water port future usage possibilities.