Regarding APF - shouldn't you look at NAV / DCF of reserves instead of EBITDA multiples? If the comps have different reserve levels that easily explains why APF is trading at a lower EV/EBITDA. In fact, looking at the disclosed NAV, APF seems to be farily valued (i.e. it is in line with the stock price). The NAV was calculated a while ago but even if you adjust for the rise in prices of the commodities since then, the discount is narrow.
Regarding APF - shouldn't you look at NAV / DCF of reserves instead of EBITDA multiples? If the comps have different reserve levels that easily explains why APF is trading at a lower EV/EBITDA. In fact, looking at the disclosed NAV, APF seems to be farily valued (i.e. it is in line with the stock price). The NAV was calculated a while ago but even if you adjust for the rise in prices of the commodities since then, the discount is narrow.