I'd be interested to know how Commsec comes to a 53c valuation. They can only be assuming that the current Dalrymple Bay Coal Terminal’s price negotiations are going to be very much against PIF - although given the importance of the asset to Qld and the coal industry there generally I can't imagine a decision being passed that would effectively stop any future investment.
On top of that, given the coal companies have been working closely with DBCT for all of the past expansions it seems strange to me that they would make a submission for such low-ball pricing and valuation (refer previous ASX announcements for details). I can only guess this was in response to PIF's inflated request.
If current return is maintained, which I think is likely one DBCT price negotiations finalised, 53c share price would give a yield of almost 20%. I find that hard to imagine.
At least, I hope I am correct as I hold a few stock. If anyone's interest in checking into DBCT type DBCT into the ninemsn search engine.
