so why is this stock continung to rise?

In simple terms;

EBITDA for 2012 was $26.3m at a conservative 8 X multiple the underlying business can be sold for around $210.4m. You then need to reduce this by the net debt ($206.27m-$16.634m) and you end up with $20.764m. Divide this by the outstanding shares of 786,287 and the SP could quite easily reach $26.41/share.

Worth keeping in mind;
If the courts rule in favour of AEJ on thye Carbon Tax Vs Ausgrid then this valuation blows through the roof
Also, the Budget EBITDA is actually closer to $28m (last year was impacted by almost 1.5 months of outage)Achieving this EBITDA adds a further $17.30 to teh SP.