Hi Ash I have been trying to get my head around valuations here....

Hi Ash

I have been trying to get my head around valuations here. I started with the simple: Market cap per MW I found that TLT is probably valued lower than IFN. However, the interesting process was that they have more debt and it only costs 75% of our debt for the half year. They have more contracted power agreements and I am struggling to understand the NZ context as that constitutes 30% and I suspect that the equation is different in that country - more hydro competing by the looks of things.

All in all, I got the impression that we have more statutory profit but that probably is linked to the age of the assets? They produced $32 million operating cash flow we produced $49 million.

A differential that management could provide us is how the past interim results would have been had the new financing agreement been in place. My reasons for that is that we are in the unique situation that we probably would not settle debt until the agreement was in place so in fact there was a very inefficient debt profile that a shareholder could not unpack.

Have you looked at TILT?