Windsor Tunnel 6x on a 22 lease is much too low. It's worth $60-75MM on a DCF basis, at a minimum, depending upon the assumptions. This is still a very long term lease, not like a few years back when we were within a couple of years of expiry.
Austin went for 44x. Montreal for 26x. American Road assets are not as great on a singular basis, but more diversified. And it should be viewed more favorably than Montreal in my opinion given American Roads is US-based, still the best economy on the globe, and still the top currency (at least for the time being). Anyway, I expect 25x-30x. I will be disappointed with less.
