Indicative PE ratio is 25.3x at the top range of the offer price. This seems pretty high at first glance. At top offer price the enterprise value is $7,820.0m, with $3,700m capital expenditures predicted in the next 2 years. This compares with EBITDA of $628m in FY10. Capex per year has been $1b+ per year for the past 3 years. For what appears to be a capital intensive business they sure are selling it quite dearly.
at first glance it's hard to see this as a bargain of any sort.
