A sure sign to buy more though I got heaps of it already, I think :cool:
Printable View
Monetary vote of confidence by director
https://stocknessmonster.com/announc...ft.nzx-383295/
Morrison starting a 3b fund
HRL Morrison & Co said it has secured more than US$3 billion in funding commitments to establish a new, open-ended global infrastructure fund.
Paywalled Morrison & Co launches US$3b global fund | BusinessDesk
Wont the managers of Morrison and Co now have a significant conflict of interest between the management of Infratil with the management of this new fund? Its not like Infratil isnt paying them very well.
I would have through IFT would pay more fees given the contract is very old and didn't anticipate the scale they are operating at???
I think they recently were updated but haven’t checked
Old news ,old hat in my view.
They have had infrastructure funds since 2009 alongside but separate from IFT
https://hrlmorrison.com/portfolio/pu...partners-fund/
This hasn't hurt the returns from IFT that I am aware of.
I view IFT more as a development Co c.f the Infrastructure funds
"Sale and leaseback? Elsewhere in deal news, Brookfield and Morrison & Co are understood to have hired investment bank Barrenjoey Capital Partners to sell Vodafone NZ’s telecoms towers, The Australian also reports. Infratil said earlier this month it was looking to “release capital” from Vodafone’s network assets. Spark is looking to do the same. See more from BusinessDesk’s Jenny Ruth here on Infratil’s strategy.
https://businessdesk.co.nz/article/w...ridian-auction
https://businessdesk.co.nz/article/i...n-2b-war-chest
"Fresh from selling its stake in Tilt Renewables for nearly $2 billion, Infratil certainly isn't short of the readies.It has net cash of about $1b, direct access to bank facilities of $894 million and another $1.03b available through its subsidiaries.And yet chief executive Jason Boyes said Infratil won't be paying a special dividend, even though there's plenty of scope to pay one."We do not view special dividends as the best use of funds," Boyes said in announcing the company's first-half results, a record 1.08b for th.."
And on it goes
"Infratil Limited (“Infratil”) today announced the further expansion of its diagnostic imaging business, which sees Bay Radiology Limited (“Bay Radiology”) join Pacific Radiology Group (“Pacific Radiology”) and Auckland Radiology Group (“Auckland Radiology”) as part of the broader platform.Bay Radiology is the largest private radiology provider in the Bay of Plenty region, operating eight strategically located clinics and employing 16 radiologists. The combined nation-wide platform consists of 70 clinics and employs 141 radiologists.
Infratil CEO Jason Boyes said specialist healthcare services are a major focus for Infratil, alongside its expanding investments in renewable energy, communications and digital infrastructure, and retirement facilities.
“Last year, Infratil took a majority stake in Qscan Group, a large Australian radiology business. This year has seen our investments into three similar businesses in New Zealand. These acquisitions create an opportunity to create a meaningful Australasian healthcare platform of scale with a number of potential synergies.
“The investment outlook for healthcare is very positive, benefitting from the long-term tailwinds of an ageing demographic and increasing healthcare expenditure.”
On completion of the acquisition, Infratil will own approximately 50.8% of the combined platform, contributing $32.5m for this acquisition, with the balance held by Bay Radiology doctors, and existing shareholders. The Bay Radiology doctors have reinvested a significant portion of their sales proceeds into the equity of the combined entity, similar to the processes followed by the doctors in the Pacific Radiology and Auckland Radiology transactions earlier this year.
As the majority investor, Infratil will have governance rights consistent with its shareholding and, together with the Bay Radiology doctors, will be able to drive the continued development and growth of the combined business.
Managing Partner of Bay Radiology Dr Logan Fletcher said the agreement is positive for radiology services in the Bay of Plenty.
“We will go from being a business with 16 radiologists to one with the ability to collaborate closely with 141 radiologists across a range of sub specialities. This will bring real benefits of scale for our patients, referrers and funders. We have high regard for our colleagues at Pacific Radiology and Auckland Radiology and look forward to further growth opportunities which will result from this partnership.”
In both 2020 and 2021 IFT has released in the first couple of trading days in January the updated December management valuation range of CDC, along with the impact on the Morrison & Co international portfolio annual incentive fee. Assume we will see the same again next week.
For the Sep 21 half year, CDC EBITDA was A$75m, which was up only 1.9% of the pcp. There was strong growth in the March 21 year full year result, however I assume this was reflected in the December 2020 valuation. While CDC has a strong future growth pipeline, will be interesting to see what the latest valuation estimate is. By way of comparison, NXT has had a subdued year of headline share price change, so maybe the CDC valuation is little changed?
While there are other assets in the international portfolio, CDC is the most material.
ASX release made this morning:
https://www.asx.com.au/asxpdf/202201...2phdc7hkdx.pdf
CDC valuation up c. 15% in the last six months (mid point NZ$ 2.932b verses NZ$ 2.569b at 30 June 2021).
international portfolio annual incentive fee accrual up $60m from $10m to $70m.
Yep, its amazing how much incentive fees they can make just by cranking up the valuations. Their forwards PE (based on analysts forecasts for the next three years) is above 1000 - WOW! Even amazon used to be really cheap during its growth years.
Lets hope that the earnings will follow at some stage, given that the alternative of exponentially rising valuations might sound a bit bubbly, wouldn't it? But then .. what's wrong with bubbles in this time of the year?
Presumably this is a happy new year message to ACC.
Anyone know why Ifratil dropped today on no news?