I value Conancher with following method

take ENcana ratio for enterprise value (debt + market cap ) / cash flow averaged over 3 years

take a discount of 20% on this ratio to account for Connacher small size and higher risk

and compute with connacher debt and future cashflows algar included

This is my estimate of COnnacher value

Much below yours

With this you will find that you need algar cashflow to even justify the current share price. It is by the way normal that algar is taken into account in share price ...

Your current estimation is strange and I am surprised so many members approve it.

Hubisan