Why the yield is very high (9%) or alternatively why the shr. price is so low –
After sept. 2013 payments received from qenos will be based on volume rather than capacity of the pipeline reducing revenue by $2m. this I believe would be $2m. off the bottom line as overheads and maintenance costs would remain constant.
NPAT for 2011 was $10.1m. so $2m. equtes to a 20% reduction in the available funds for distribution. thus 20% reduction in the yield.
So from sept. 2013 on the yield will be 7.2% not 9%. This then compares with APA (aust. pipeline trust) where the yield is currently 6.9%
GK
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