Apart from LGCs, there's Infigen's $500m+ in net debt. Its...

Apart from LGCs, there's Infigen's $500m+ in net debt. Its ability to pay the interest has improved in recent years but is still not great, and in an acquisition this is $500m on top of the equity that a potential buyer has to find. I'm also unsure as to how much of IFN's debt is fixed because the media releases aren't clear. More risk again in the form of potential rate rises if it's floating.

It's this combination of a highly-geared balance sheet and "sovereign risk" (reliance on the LGC market) that make me think IFN is not unduly cheap at the moment. It may become so in the event that its share price gets smashed due to a credit contraction or general market jitters.