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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (45949)12/14/2011 8:51:32 PM
From: Spekulatius  Read Replies (1) of 78680
 
re NFG - I think your analysis misses out on the fact that NFG is really 1/2 utility and pipeline and half gassy E&P. To really do NFG justice, you cannot just compare it to either an utility like AGL or and E&P, you would need to do a sum of parts analysis, imo.

Based on a preliminary sum of parts analysis, NFG does not look that cheap either, although I may be underestimating the value of NFG E&P assets where they have shown significant growth. The problem though with NFG E&P business is that it's all gas, and that keeps getting cheaper and cheaper.
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