value now $3.50 - 4.50 per unit

HDF will have approx $300 mill + maybe another $100 in the bank after being paid out on the 20th today or whenever settlement is.

Epic Rev today is say 120 Mill per annum, at a guess with the Santos Contract Revenue will be some $300 + mill per annum in 2012 with 75% GP with net debt of about a Billion If we take the $200 in subordinated debt.

However they may have more cash than I think. Units on issue approx 515 million. Probably need to add a further 50 million units in for the Sing govt.


I think they are worth $3.50 a share or $4 - 4.50 in a takeover situation. PE 14 times $220 Mill PA EBIT ie enterprise value of 3.08 Billion in 2012 less a Billion in debt based on 515 mill units

What do others think?