It's been a while since I ran the numbers. Believe I used 10x cash flow. Admittedly, the private market will not be able to pay the multiples that they did before, with the repricing of risk in the bond market, but this company is the largest pure pipeline play out there and some of the assets could be sold off, to an MLP or otherwise, the distribution business doesn't seem to fit. They should probably sell at a 20 pe multiple, so high 20's looks reasonable. Can grow at high single digits and you get a fairly good dividend. I don't think the buyout trend is over as long as rates don't move too much.
All you guys "valueing" SE are being absurd. The REPLACEMENT value of this company's pipelines is such that these pipelines are "PRICELESS". Literally. If the current economic and political conditions in this country remain at all similiar to what they are today; go build thousands of miles of pipelines today. That's a joke. IT'S IMPOSSIBLE. $24?. How about $125. $225. In actuality the sky's the limit.