RE:RE:RE:Irving Oil…In terms of valuation of the refineries, I was quoting Mikinsey.
Your numbers may be accurate. But either way, the point is that the market is valuing refineries at a fraction of what they were even a few short years ago.
Conversely, if the Oil Bulls on this Board are correct then a purchase of the Irving refineries would be somewhere between a steal and highway robbery!!
That said, I do stand by view in the earlier post that if SU buys the refineries and has to writedown its existing refineries then there may be a short market inefficiency that pragmatic investors such as myself could exploit. My thinking is that at least in the short run such a purchase is likely to be highly accretive while the SP could go down in reaction to a writedown or asset valuation question by The Street....long term? - debatable.