my bbi valuation / dbct sale flows

Lot of numbers flying around, so I thought I would put down my own thoughts and possible outcome after DBCT sale.

http://home.exetel.com.au/favro/BBI Valuation.xls

Pre DBCT sale I have a valuation based on market multiples at 42c per share. Post DBCT lowers this to 38c. I have assumed repayment of all corp debt except for the longer NGPL amount. The left over cash will most likely be used to help roll PD Ports debt.

This considers all hybrids as debt with no conversion.

I will extend it to include interest cover and free cash flow estimates but right now this is where it is at.

Corrections welcome.

This is not advice blah blah, only opinion etc