EV/EBITDA, page-3

Agreed, Knackers. Deep value here and I am heavily over-weight by my standards.

Windfarms is an unusual game. Design, approvals, cabling and construction costs are high; running costs of site leases and turbine maintenance are very low. The wind is free.

IFN has been bled white by the onerous financing taken out in tough times. The capital raise, prospective refinance and efficient new projects will remake this business. There is a degree of uncertainty at the moment whether this can all be done. I am confident it will occur and have placed my bets accordingly. HC followers will be able to have a good giggle at my expense if this does not come to pass.

Ash