RE: What is the value of ADB?Slide #32 of the company's latest presentation defines ADB's important cash flow goals for 2005 and 2006 assuming a US$7.00 for NG.
2005=6.3M
2006= 25.2M
Would you apply a 10X factor to that cash flow to reach a market cap of $63M or $252M in 2006? or 20X? Depending on the multiple of cash flow assumed for the short term, the market may be pretty efficient at this level.
The slides speak of 99% of NYMEX pricing, so the company's cash flow targets may be on the conservative side.