International port operators (DP World, Forth Ports and...

International port operators (DP World, Forth Ports and Hamburger Hafen etc) currently trade at 5.0-6.0x EBITDA and rail at 9x (mainly driven by Chinese rail operators) but only 6.5x in north america.

Considering the debt currently equates to about 7.0x EBITDA and there is a substantial spend still required in the Qld coal division someone explain to where the value is.

Simply saying 'someone offered $4.40 in the past therefore the current SP is under-valuing the business' just doesn't fly for me but eveyone entitled to their opinion.

I am surprised if anyone is getting more confident the longer the process goes and considering any PE buyer would need to get a 20% IRR I just can't get the numbers to work.

Good luck if you can though.