I think the difficult question from a valuation perspective is,...

I think the difficult question from a valuation perspective is, what value do you ascribe to the development portfolio. This is difficult because:

* its size, >1,000MW
* its diversity across differnt regions of Australia (wind capacity factors, etc.)
* latent optionality of adding solar to both existing and new wind farms http://reneweconomy.com.au/2016/hyb...ely-to-deliver-significant-cost-savings-72298

Assuming current developed portfolio is worth ~A$1, need to derive back-of-envelope value for development portfolio, but could easily be another 0.20c+

So, despite IFN being up 100%+ for last twelve months, there could be 50-100% further upside ... (blue skies scenario)