Weekend reader. Diamonback ($FANG) is spinning out Rattler to further its focus as a pure play E&P. Rattler will be the closest thing the public markets have to a pure play water business.
Proforma top line of $185MM. Net income of $56MM. Left side of balance sheet expected to be $900MM. $56MM/$900MM = 6.2% ROA.
What’s the multiple?