On our estimates, at the current price, this investment can be valued at R18-23 per a of GSPL (currently we do not assign much value to this investment). GSPL's PAT of R91.5 crore was largely in line with our estimates (R93 crore), but 8% below Bloomberg consensus (R99.3 crore). After continued declines over last several quarters, gas transmission volumes at 20.8 mmsmcd increased 3% sequentially. Realised average tariff at R1.2 per scm (our estimate R1.27 per scm) declined 6% sequentially. – Nomura