There is enormous value in ORG and AGL's customer bases which are critical elements to getting deals done. Banks want to see off-take agreements as a pre-requisite to lending and equity wants an off take to give certainty of returns.
Brookfield is also a hungry global infrastructure machine and ORG will deliver the deal flow.
AGL will also deliver deal flow to hungry global and domestic pension funds happy to deploy funds at ~6-7% IRRs. I expect AGL will cherry pick the key deals for themselves (eg firming) and leave the low costs of capital shoot out deals to the pension funds. And AGL can price off take agreements to their advantage because there is an effective oligopoly when it comes to retailers!!
Be patient ... FY24 likely to become a more normal year which implies <4x EBITA, <10xPE and >9% dividend yield whilst your wait.
Not advice and do your own research.
AGL Price at posting:
$7.68 Sentiment: Buy Disclosure: Held
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