IFT - Infratil

[buns]

Well straight off the bat (my 15min looks at IFT) - I like this story.

Yes the Euro airports make a loss, but we all have one of them in our PF. Also it isn’t very material when looking at the big picture. About -$11m EBITDAF on $443m, and about $12m of capex on $475. The fee’s I haven’t looked at, but at this stage don’t think are an issue. I get the feeling they are just an annoyance to investors, but they mean very little in the big picture and only distract you from what are some strong financials. These fee's are not going away, and are paid depending on market cap, so investors in a way should be please to see the fees go up.

Normalised EBITDF up 22% to $443m, and guidance of a 7% uplift in FY12 to $475m (middle of range)

Capex/Investing from $475m down to $200m. And after removing the Shell acquisition it is still $65m down/good on FY11 or 14%. You could say that is just Wgtn airport being finished, but no, as this is more than offset by the upgrade to NZ bus in FY12.

Notional FCF (normalised for shell aq) of $178m in FY11 (-32m inc Shell), now $275m in FY12 – A 54% uplift in nFCF! Interest costs only rising $20m. With big investment in Wgtn airport, Shell, NZ Bus going into FY13 I doubt this earnings will deter off to much with capex only to fall (from logic)..

Bar another acquisition you will be getting another (probably larger) increase in dividend come FY12 and again in FY13.

Will look at the BS later in the week, and come up with a valuation.

[buns]

And an ASX listing in July I see.

Has this been timed with the turn around shown in the numbers above?

Maybe IFT have a similar FCF forecast to me, and are looking to sell this potential high yeild (years to come) story to Aussie insto's?

[peat]

good to see Morrison expanding his involvement at the equity level as opposed to creaming it only at the management level
http://www.reuters.com/article/2011/...7IC07U20110712

[modandm]

good to see Morrison expanding his involvement at the equity level as opposed to creaming it only at the management level
http://www.reuters.com/article/2011/...7IC07U20110712

agreed, however i think we can all agree the recent sp decline 190-180 has been disappointing and frustrating. Whats the yield now?

This is an investment for the more patient.

[mr.needs]

IFT have purchased over 6 mil of their own shares and over 200k perpetual bonds over the last couple of weeks. 1%+ dividend by stealth? Or just making sure they have enough shares in treasury stock to cover their divi reinvestment plan?

[winner69]

Sad news of Lloyds passing .... great guy and did heaps for NZ .... not just IFT

[QOH]

RIP Lloyd, very sad to read this news. What a great NZer he was.

[percy]

An outstanding New Zealander,a respected business leader.

[Stranger_Danger]

One of the good guys. Sad news.

[shasta]

Sad news of Lloyds passing .... great guy and did heaps for NZ .... not just IFT

I remember talking to him on lambton quay when he had the "change the NZ flag" campaign

Always found him likeable & approachable during the years where i owned Infratil shares, i spoke to him alot when Infratil were to put up $50m with Waitakere City Council to develop the Whenuapai airport (before Nanny State Labour interfered in the aviation industry to protect Air NZ)

The Wellington Phoenix will wear black arm bands in the weekend (Lloyd was part of the consortium to buy the Phoenix off Terry Serepisos).

Lloyd was also part of the buyout of Shell's downstream assets, (Infratil & NZ Super fund set up Greenstone Energy a 50/50 joint venture)

A generous man with both his time & resources

RIP Lloyd, one of a select few NZ business people i look up to & admire

http://www.nzherald.co.nz/business/n...ectid=10784650