Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

These are great comps - you point to [LINK at bottom], Rock... i have seen similar even more recent - all on the High end of the range.



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The most recent comp was the AUSTIN,TX 130 TOLL ROAD, had $30m REV, $15m EBITDA, went for $660m at bankruptcy to SVP (Strategic Value Partners)

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http://www.ampcapital.com.au/AMPCapitalAU/media/contents/Campaigns/Perspectives2016/PERSPECTIVES_Vol-01_05-Equity-infrastructure-valuations.pdf

Figure 1: Large cap direct transactions are estimated to be significantly above sector range

DATE TRANSACTION COUNTRY VALUE (US$) EV/EBITDA* SECTOR RANGE
Aug 2015 Indiana Toll Road US $5.7bn1 32 10~20
Mar 2015 Fortum Distribution Sweden $6.8 bn1 20 10~14
Feb 2015 Gladstone Gas Pipeline Australia $5.0 bn2 14 10~14
July 2014 Queensland Motorways Australia $5.5 bn2 27 10~20
Apr 2014 Port of Newcastle Australia $1.5 bn3 27 10~15
Feb 2014 Port of Brisbane Australia $1.5 bn2 25 10~15
Apr 2013 Sydney Ports Australia $4.8 bn3 25 10~15
*AMP Capital estimates

Source:
1. Reuters
2. Queensland government media releases
3. NSW government media releases