Another data point is from CKI's full year result (o/night). They recently bought a small Portugese renewable company (680 MW, ~15% of market) for Euro 978m. Equating this back to AUD, this would be (AUDEUR ~0.67) equivalent to A$2.1m / MW, which would value IFN (2.1 x 550MW) at A$1,155m.
Now take into account A$550m net debt (FY16/FY17), this leaves a market cap of A$605m on the existing portfolio (vs. market cap today of A$430m) and this is before any development portfolio is considered.
Another data point of IFN's intrinsic value being higher (ignore 12 month highs, look at share price over last 5 years, it is playing catch-up!).
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What is IFN worth?, page-4
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