Ann: PEA Half-Year Result Release Date & EBITDA Guidance Increase, page-7

PEA had to buy that 35% EBITDA growth with new equity and debt - it's mostly due to the Contract Power and Nova acquisitions.

There are a couple of characteristics of this business that I like. One is its insider ownership, which ought to prevent bad decisions being made simply to juice short term profits. The other is that unlike say a plant hire or consultancy business, the generator is probably the last thing that gets switched off when the miner is running out of money. So to some extent it will weather the cycles better.

In the end though, it's a capital heavy business in a cyclical industry - we can argue about whether fair value is 65c or 75c but the upside is limited.