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Inergy, L.P. Message Board

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  • rrb1981 rrb1981 Oct 22, 2011 2:35 PM Flag

    What is NRGY worth?

    I have reviewed APU both pre and post transaction with Energy Transfer, Suburban and FerrellGas and believe based on the price paid by Amerigas as well as the enterprise values of SPH and FGP, that Inergy's propane biz, if sold, would fetch around $2.2 billion. This is based on EV/Ebitda, market share comparison etc.

    That would leave the midstream division worth around $2.8 billion.

    I remain convinced that NRGY would be far better off if they divested the propane biz to a player like Suburban and instead focused on the midsteam.