why is bbp more than bbi, page-32

this extract from the article is the highlight


Now if you valued the whole of BBI's portfolio on that basis, its equity would be worth maybe $5billion. And the thing is, there is no particular reason not to use that sort of metric as most of BBI's assets are monopolies with EBITDA-to-interest cover ranging between 2.3 and 2.5 times.

Those ratios would have to halve for BBI to be in breach of covenants, and that is an unlikely outcome given the individual price regulators would have to breach agreements to effect lower pricing.

i for one will be topping up on monday- LONG TEM HOLD