RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:ATCO & Pioneer I probably will regret asking but how do you get EV of $1,005 ? I see debt of at least $1B, $1.3B right off balance sheet, plus mkt cap of $300 million = $1,300 to $1,600.
AntoninScalia wrote:
| | EBITDA | Multiple | EV |
| Pipestone | $35,000,000 | 8.3 | $290,500,000 |
| BRC | $50,000,000 | 8.3 | $415,000,000 |
| PGR | $75,000,000 | 2.9 | $215,000,000 |
| Pioneer | $10,000,000 | 12.75 | $127,500,000 |
| Pipestone B | $4,000,000 | 7.5 | $30,000,000 |
| Total | | | $1,078,000,000 |
EV at current prices is $1,005 million (including proceeds from Pioneer disposition).
But the aboves ascribes no value to the Ram River gas plant and all the pipelines they own. For BRC and Pipestone I used the multiple which Topaz Energy is purchasing gas plants at.