One interesting point here is that this analyst made the point that the Altagas share would be freely tradeable immediately.
For Tidewater, the analyst came off research restriction with a target of $1.25, up from $1.10 but below the $1.38 average, with a “sectot perform” rating.
“Net of lease obligations also being offloaded, the total price tag represents an attractive transaction multiple of approximately 13 times 2023 estimated EBITDA,” said Mr. Kenny. “The deal is expected to close in Q4/23, with the ALA shares freely tradeable thereafter.”
“Of note, closing is subject to a positive FID on the 100 mmcf/d Pipestone Phase 2 Project, with a new JV agreement with ALA to finalize commercial underpinning before sanctioning. The JV agreement also permits both parties to collaborate on Pipestone II even if the transaction does not proceed.”