EBITDA(say) NZD80M
Capex met by issuing (say) 200m shars at 50c, balance debt funded.
EBITDA/share = 80M/250m shares on issue = 32c
multiplied by (say) four = value per share $1.28
A further 20% discount for the wait to 2012 = $1.00 per share or thereabouts.