-
04-12-2005, 10:34 PM
#141
been doing some reading
this share i like certainly...
along with PPL , i tink they will be soon the only NZL shares i will hold... along with NZO that is.
does IFT have a DRIP scheme?
and whats its LT divi %?
regards,
Dazza
been on the ASX boards too much -_-
Oil - NZO
REE - ARU
Copper - EQN/OXR/TMR
Iron- AGO/ADY/UMC
Nickel-WSA
PGM/Gold - PLA/VRE
-
04-12-2005, 11:23 PM
#142
quote: Originally posted by Dazza
[does IFT have a DRIP scheme?
and whats its LT divi %?
I must start of by apologising. If my typo in my message above offended anyone, well ...
As far as I know, IFT does not have a DRiP. There dayout ration has to date been pretty reliant on TPW as they will only pay a dividend if it is tax efficent (ie. has imputation credits) which means it has to be income from an NZ investment. It dont think wellington airport pays a dividend (to piss of wellington council and to pay for upgrades). Stagecoach may be able to pay an imputed dividend, but Statecoach has said that since it has held the NZ assets, it has never paid a dividend overseas (due to capital purcahses??). IRG says a gross div ratio of 4.2%.
-
07-12-2005, 10:28 PM
#143
Junior Member
quote: Originally posted by CJ
quote: Originally posted by rmbbrave All of these investment add up to $1.47 billion but IFT's market cap is $822 million.
Is it fair to say IFT's SP is about half what it should be?
They hold a bit of debt remember. Not sure how much but a look at the last statutory aco****s should tell you. There new investments have also been debt funded so what ever debt taht had at the last stats has now increased.
Interesting this as IFT is essentually double levered. Take TPW, one of its main investments. It has say 50% equity, 50% debt. IFT then buys that for 50:50 equity debt. That means there investment in the assets of TPW have 25% equity, 75% debt. So as long as it keeps picking winners, this explains why it has had a good return. Just like increasing your leverage in your house in a rising market.
Triple leverage if you buy the warrnats.
Forbar calculates NAV at $4.36, so nice discount considering it's one of the best managed and performing companies on the NZX.
-
08-12-2005, 02:00 AM
#144
The SP has historically traded anywhere inbetween a 5-10% discount to the NAV (which I calculate a little higher than FB).
So the stock looks cheap at the moment.
Do the maths again taking into account the signed off buyback over the next 11 months and your head would spin with the prospect of this share being re-rated by the markets very soon.
-
08-12-2005, 05:03 AM
#145
quote: Originally posted by Toddy
Do the maths again taking into account the signed off buyback over the next 11 months and your head would spin with the prospect of this share being re-rated by the markets very soon.
I hope so. I am seeing the effect of double and triple leverage as the share price and warrents drop in price.
It will be interesting to see what it does with its new investments. Two new airports that need a customer base built from scratch - not an easy thing, and a bus company (social infrastructure - a bit like airlines [:0]) which it needs to do something with, though it did buy on a good P/E so growth isn't as important as the other two. I think this brings a lot of uncertainty into the stock compared to the last few years. Glasgow airport still needs work but the other investments can just keep ticking.
-
13-12-2005, 08:58 AM
#146
The buyback began last Friday at $3.65 a share, the low for that day.
-
13-12-2005, 11:57 PM
#147
has the difference btw teh headshares and the warrents been around $3?? all the time?
Oil - NZO
REE - ARU
Copper - EQN/OXR/TMR
Iron- AGO/ADY/UMC
Nickel-WSA
PGM/Gold - PLA/VRE
-
09-01-2006, 03:07 PM
#148
Stagecoach agrees to buy Mana Coach Services
09 January 2006
Stagecoach New Zealand has entered into a conditional agreement to boost its stake in Mana Coach Services.
Stagecoach already owns a 26 per cent holding in Mana, and has now agreed to buy the balance.
The deal is conditional on Commerce Commission approval and completion of due diligence, with settlement expected by April 3.
Mana Coach Services is a family owned and managed business that operates Mana Coach Services and Newlands Buses.
Mana Coach Services operates commuter and passenger bus services within north Wellington, Porirua and the Kapiti coast, as well as a service to the Paraparaumu Tranz Metro rail line for Wellington city connections, and a coach charter business.
Stagecoach executive chairman Ross Martin said if the deal went unconditional, it would be business as usual for Mana and Newlands under existing management and staff.
Infrastructure investor Infratil bought Stagecoach New Zealand in November last year. The Mana purchase would be funded through existing Infratil bank debt facilities.
AdvertisementAdvertisementFor the year ended March 31, Mana Coach Lines expected revenues of about $14 million and earnings before interest, tax, depreciation and amortisation of around $5 million.
\"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>
The information you have is not the information you want.
The information you want is not the information you need.
The information you need is not the information you can obtain.
The informaton you can obtain costs more than you want to pay.
-
09-01-2006, 10:53 PM
#149
Dazza, you are quite right the difference between the Heads & B Warrants has hovered around the $3 mark.
The B warrants currently at $0.75 were around $1 when the SP was around $4.
Both look cheap at the moment IMO
-
10-01-2006, 09:50 AM
#150
The warrents can be exercised at $3.50 (I think) so any difference in the Warrent price + $3.50 and the share price represents a premium/deficit in relation to the value of the leveraged effect of the warrent. based on your observations, this is about 50c. THe smaller the difference, the higher people expect the shareprice to go.
Tags for this Thread
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
|
Bookmarks