Market so slow these days ... no earnings for ages and market might be these days a bit more careful to value "growth";
Printable View
Investor day
here is the presentation slide decks:
https://www.nzx.com/announcements/387270
Management doing what it says its going to do.
Its not worried about inflationary environment.
Interesting no commentary around any difficulties of supply installing wind farms
Share buy back soon?
https://infratil.com/for-investors/c...presentations/
https://infratil.com/assets/Uploads/...oad-Energy.pdf
EBITDA grows as Opco capacity increases from 1.4 GW to
8.5 GW and EBITDA reaches ~$500 mm (run rate 2026)
Vodafone
https://infratil.com/assets/Uploads/...2-Vodafone.pdf
"At an advanced stage of preparation for potential separation & capital release of
passive mobile infrastructure tower assets"
https://www.reuters.com/article/us-e...-idUSKBN2AV1DL
Infratil “strategic review” (in cooperation with NZ Super Fund) of its RetireAustralia ownership, with an eye on a sale by the looks of it:
https://www.nzx.com/announcements/388103
Great buying op first trades this am
In these tumultuous times, IMHO - IFT stands out as an incredible stock to own. As horrific as the European war is, IFT is likely to be a beneficiary as the western world pivots even faster from petroleum to self sustaining renewable sources (now it's gone beyond climate to geopolitical drivers). It has multiple work streams underway likely to enhance shareholder value beyond the existing NZ analysts sum of the parts calculations. Retire Australia must be either a great AU launch pad for NZ businesses looking to expand or a great synergy play for an existing AU operator - but IFT have a very strong history of existing with valuations way way above the NZ analyst community. The network release from Vodafone is going to be highly accretive in terms of EV value. The addition of a new investor in longroad will help accelerate that business as it take advantage of an incredible shift in momentum and executes on a massive pipeline. The combined renewable businesses could be huge, unique and very marketable as a US listing in a few years... The datacentre business appears to have plenty of medium term headroom (plenty of AU / NZ cities to wrap around) and they're always scoping for new niche defensible areas in this space. The health care just underpins a strong cash model, a defensive position in volatility and clearly has some great synergy plays over time. It's a rare thing to find an asset with low risk gearing, great governance, massive future global growth potential and only held back IMO by the ineptitude of the NZ analyst community who are basically ignoring the opportunity (just like they screwed up Xero in the early days...). They only look at whether you'll hit this years profit or next and they only look at the most cautious valuations and ignore the likely roll out as IFT sell down succesful growth and they discount MCO for the fee's and don't put any premium for the transactional capability which ensures both sides of the buy and sell are executed flawlessly.
Some accumulation going on?
Increased volume & trend line?
I suppose this would account for a small amount of the TO. Only $40 m though while todays TO around $24 m
No SH notices either.
https://stocknessmonster.com/announc...ft.nzx-387996/
Anyone have a view on likelihood that Uniti AU acquisition could potentially be an IFT asset? No nzx announcements from IFT, would there need to be for a non binding DD period? Press positioned as an MCO move so a bit confused by ambiguity of final ownership…
My understanding IFT will not be ultimate owner
Just Morrison & Co Infrastructure Fund
https://hrlmorrison.com/what-we-offer/
And Brookfield
IFT typically doesn't invest in mature assets?
I hear you, but from a relatively light scan of the asset - it has some characteristics that strike me as very IFT in nature.
It's a digital infrastructure asset - which is one of their core investment pillars.
It's growing rapidly generating strong cash conversion (they'll like it as a core / core plus).
It is capitally intensive - right in IFT sweet spot.
It has been growing rapidly from organic growth and looks set to continue this trend.
It has a small telco business - which is adjacent to vodafone... could be interesting.
I wonder whether the ownership destination is settled... that's why I'm curious.
At this value it sets just right within IFT target capital headroom, and would be the infill post Tilt.
It would enable them to continue to progress their dividend yield as i would describe it as semi-mature, rather than a 'stodgy' mature business.
All will be revealed in time... it might not meet the 12% base line return threshold... and it might be that the process of the DD will determine whether this can meet an IFT criteria or not.
So MCO review and will finalise placement post DD?
All looks a little messy - not least having to increase the offer by 50c when it turns out the competitor wasn't really in the running. https://www.arnnet.com.au/article/69...er-vocus-link/
Woow
Nearly half the price they paid for all of Vodafone? ($3.4b)
https://www.rnz.co.nz/news/business/...y+9+April+2022
"Vodafone's decision to possibly spin out its towers, which are estimated to be worth about $1.5 billion, follows a similar move by its rival Spark, which had created a new subsidiary to hold its mobile sits and was now on the lookout for third-party investment."
Rinse & repeat