Member Info for zincdavid

Thanks, that's interesting. I'd read that Arqiva's smart metering business was low margin. Do you have any insight how they compare to their peers in that respect?

How do you think this might impact Arqiva?

Yes, nothing from the Verne earn out was included included in my calcs.

By my calculations, allowing for net cash after repayment of RCF and a 30% haircut on each of Sea Edge and Elio, the NAV per share is around 9p without ascribing any value to the holding in Arqiva.

So if Arqiva is worth more than the terminal value of the VLN in 2029 (£250m), then that would all be upside.