Summary of asset valuation of $3.24 billion valuationa) 2000...

Summary of asset valuation of $3.24 billion valuation

a) 2000 megawatts of wholly owned electricity generation capacity = $2.04 billions
+
b) two gas-fired generators in Perth that supply 650 megawatts of peak power = $540 Millions
+
c) Alitna Retail = $357 Millions
+
d) Pipeline = $64 Millions
+
e) Cash = $220 Millions

Reduce 2.7 billions of debt (not include the discount debts sold by CBD, SUN, German Bank, estimate new debts of 2 billions)

After netting off $300 million for head-office costs, a worst-case value on an electricity hedge book and other odds and ends, you are left with an equity value of about $300 million, or 38 a share.