favro,Good work. I've printed it off and will have a good read...

favro,
Good work. I've printed it off and will have a good read tonight and make some detailed comments either tonight or tomorrow morning before I head off to golf.
A quick glance at your figures tells me these are "firesale" prices. EBITDA is extremely conservative on NGPL (remember the gas storage business is booming and the entire business is growing solidly) and your EV multiple is fairly low. Your equity in NGPL is $405M. Interestingly, Wilson HTM are $953M and ABN Amro $1224m (THREE TIMES YOUR EQUITY FIGURE). Anyway, it's a good spreadsheet and gives food for thought. Good stuff.