2019 will be a turning point for IFN?, page-4

Because of the uncertainties over LGC revenue and debt, the ratios only become cheap enough for me at around $0.30 - that's with today's landscape of alternative investments. In the event of a big movement in the markets one way or another I'd have to re-evaluate (in a made up future where IFN went down to 10c and CSL simultaneously to $50, I'd be loading up on CSL rather than IFN).

Aside from the various income type ratios, the other way it's useful to value IFN is through the replacement value of its assets.

On the basis of

- IFN's portfolio being approx. 450MW in nameplate capacity when weighted to brand new (eg valuing its 13 year old assets at 12/25 of new)

- Bodangora cost around $2.0m per new MW used as a benchmark

We have a rough enterprise value of $900m, which coincidentally is also how the market values it ($400m market capitalisation + $500m net debt). So on that basis also I think it's around fair value right now and not cheap enough to buy.