RE:For those interestedSomething that's not taken into account for Altagas is that natural gas utilities trade at around 1.9x regulated assets base. Since they are into an accelerated investment period, this means that every dollar they put into regulated assets base will be worth around 1.9x (based on real world transactions) if they ever split the business (utilities/mid-stream).
I believe that such a split, at the end of the ramp up of Ripet and the accelerated investement period in the utilities, could easily unlock over $30 of value for shareholders (my projection is $30-40 per share after such a split). I'd have to go over each regulated assets base and the investment programs to project a more precise number, but the regulated utility portion could be worth over $20 per share by itself.