its other gas business is 60% hedged till 2017 and the hedges were created in 2012 so would significantly be in the money ( source: preentation to UBS back in Oct this year on their webiste...) and its energy markets division ( retail power business) bought in earnings of $1 billion dollars last year.....so at the current SP you can pick up just that business at a PE of 7?? so in effect you are getting the big gas business for free?
Debt is on the high side but the recent asset sales / equity issue will give them comfortable head room till atleast 2018. Also the debt is matched by assets that are sellable?
meanwhile Mr Market has punished it with a worse drop in % terms then companies that are actually exposed to the oil price like Santos ?
ORG Price at posting:
$4.48 Sentiment: Buy Disclosure: Held
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