pd ports valuation, page-10

Hmm Melua: DP World operates 49 terminals in 31 companies. Not so big a difference to PD ports: profit margins are similar. All this announcemnet does is reduce or delay the growth premium inherent in pricing. It doesnt affect current profit . As I said, the multiple seems a bit expensive,but you can put in a lower multiple and still come up with a value of aroun d$500m AUD.

Are you talking your book to get the price lower?