Its a Firm Hold for me ...only looking to Add ...Never to exit from such a wonderful investment ...my top pick long term
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In hindsight.
I have been wondering why the plunge from $8.40 to $7.70
$0.70 drop from end April to now.
Why?
The gorillas trying to shake the tree?
Smart a......s !
Is the DRP running for this dividend? To busy to check properly but couldn’t see any mention of it at a first glance.
Phillippa Harford CFO & Jason Boyes
CFO well versed giving presentation today
Inflation protection in its assets.
CDC high alert for cyber security. Investing in cyber security. Bond yields down, risk free rates increased. Valuation of CDC conservative. Other data centers in advanced planning. Future green fields development valuations not included.
Demand for renewable Energy assets. Hold ups with supplies for construction, freight costs high.
Hedged input costs. Tax credits significant.
Longroad still conservatively valued, not market to market.
Dividends well imbedded
12 cents final divvy… not much of a lift. Don’t own shares but really like them and what they do. Just need to lift the div up and I’m in.
smart operators alright at adjusting there portfolio for the times
IFT have done phenomenally well over a very long period of time. They have been very good at buying assets cheap, selling them high, or keeping them for high cashflows generated from monopoly situations. (I still grimace with annoyance every time I go to Wellington Airport, which has outrageously high parking costs. $40 per day - really? Thank goodness you can still park a bicycle for free if you just going somewhere for a weekend.)
This period has been a period of almost continuously declining interest rates, and a world-wide boom in asset prices. NZ was slow to reduce rates from the Volcker highs of 1982, and IFT timed their run from when NZ had more -or-less the highest interest rates in the OECD. It has been a particularly benign time for their operating model, and they have done it very well.
The decline in interest rates is likely over - zero is the bottom, it is up from here. So the big question is whether an operator that outperforms when interest rates are in a long term down-trend will outperform when the interest rate is going up. The big revaluations of the past are likely a thing of the past. They may be skilled in this environment, but will they be as good in a possibly different environment? That is the question that prevents me buying at $8. While I am a big believer that international green energy investments are going to be the story of the 21st century, the sector may be dominated by new players who invent the new technologies, rather than investors who spread them around the globe. Grenn energy has been a very popular sector for a decade, there are large number of international pension funds operating in it as well.
In the mean time I shall hold IFTHA, a nice alternative to vanilla bonds so long as you don't mind the fluctuations in the price, and particularly nice if you take advantage of the fluctuations to buy when very low. But not as good as the main shares over the last couple of decades.
CT
Do we always need Aussies to teach us how to interpret a fantastic result ?
We need bigger and better financial infrastructure based in NZ ...always need to wait till they open to tell us the true SP
Proud to be a holder of a very well managed NZ company.
Those fees to Morrison and Co for managing it are absolutely astounding. Some people set themselves up there with an incredibly lucrative management contract !