My thoughts are that IFN is heading down towards being good...

My thoughts are that IFN is heading down towards being good value but hasn't quite got there yet. If I held I wouldn't be selling.

With regard to your numbers, EBITDA has to be used with some caution because, as the acronym suggests, it omits interest (which the company certainly has to pay on its $500m net debt), tax (which it'll have to pay once it's chewed through its deferred losses), depreciation and amortisation (which reflect that businesses have to invest simply to stand still - and a few of IFN's wind farms have just ticked over 50% of their serviceable lives).

Enterprise value, ie market capitalisation+ net debt, is still over $900m which puts trailing EV/EBITDA at around 6. That seems cheap but as I mentioned in another post, forward earnings are very difficult to forecast due to the large proportion coming from LGC sales. IFN has done well to chip at its debt (really they had no other option) but its assets would naturally fit better in the hands of a larger player .

I hope to buy this if it gets considerably cheaper, then wait for the inevitable sale or takeover.