If you add IPSU's portion of the annual income from the JV's of Santos and Wholesome, it calculates to $7,428,000 ( that assumes no earnings growth in both entities)-- If you take that income and divide by IPSU's outstanding shares of 12,240,000, you arrive at 61 cents per share. That equates to only 11.5 times forward earnings. In a year or so, IPSU will begin receiving income from its LSR joint venture ( as soon as they get all the production issues ironed out) along with its small bag packing facility, so addiitonal income will flow through the pipeline ( and don't forget about the prospects of steviaCane) IPSU does not even need to be directly involved in the refining business anymore, it could sell its PW refinery and focus on more profitable ventures.
It's a toss up. Cargill would probably buy IPSU's share of LSR given a reasonable price, Wholesome is going to sell, JV of Santos, that would sell easy, Wentworth, ahhhh that's the rub. I think it's not worth selling. Based on all the numbers floating around, you might be able to end up with Wentworth as the free piece. The decision then becomes whether you want to run it or dump it. If you're a buy/strip/sell person you dump it if you're a long termer you run it. The true value of Wentworth is long term.