IFT - Infratil

[LaserEyeKiwi]

From memory - their share price used to be some years ago double digits (in percent) below the NTA (i.e. book value minus intangibles). I think I remember even something like 30%, but can't be sure of that. Somebody else still has the numbers?

2022 NTA is $3.61;

Anyway - probably no need to rush the top up.

NTA increased to 4.18

[LaserEyeKiwi]

58% of IFT's portfolio is now in digital technologies; 21% in renewables. It really has pivoted away from "old economy" infrastructure industries.

Yes, Wellington Airport does stick out like a sore thumb now. I’m sure it is on their divestment schedule, but of course now is the wrong time to be selling an airport asset - I imagine they will wait for full recovery post-pandemic before attempting that.

Retire Australia is the current focus for divestment.

[BlackPeter]

NTA increased to 4.18

They reported in their full year report for FY22 a NTA of $3.61 - and this is what I said.

They just (after my post) re-counted their peas for HY 2023, and yes, it might be a bit higher now.

Anyway - NTA clearly no reason to spend more than $8 on this share, isn't it?

[LaserEyeKiwi]

They reported in their full year report for FY22 a NTA of $3.61 - and this is what I said.

They just (after my post) re-counted their peas for HY 2023, and yes, it might be a bit higher now.

Anyway - NTA clearly no reason to spend more than $8 on this share, isn't it?

Wasn’t implying you got it wrong at all, jsut providing the update from todays report.

Yeah it does look a bit rich on that metric, trading at over double book value. Take away the one off gains from divestment sales seemingly every year as well and the price vs underlying net income doesn’t look terribly great either, especially with that ginormous management/incentive fee.

I still hold, but wont be adding more at this price.

[Waiuta]

Happy holder...

"In terms of our returns to shareholders, we will pay a fully imputed interim
dividend of 6.75 cents per share, a 4% increase from the prior. Infratil's
share price also rose from $8.25 to $8.65 over the period, with an after-tax
return to shareholders over the six months of 6.5% and
a return over the last ten years of 20.5%," Mr Boyes said.
"Infratil's excellent results continue to deliver outstanding returns to
shareholders - continuing years of strong performance."

[Bjauck]

Yes, Wellington Airport does stick out like a sore thumb now. I’m sure it is on their divestment schedule, but of course now is the wrong time to be selling an airport asset - I imagine they will wait for full recovery post-pandemic before attempting that.

Retire Australia is the current focus for divestment.

People and things will always* need to move, so I can comfortable with infrastructure related to planes, trains and mobiles. As BP said data centres has a big allocation and I trust its well secured. I think a diverse portfolio is good, and Morrisons/Infratil can invest in companies with potential. I have a good size holding (for me) and I am happy to hold.

*advances in teleportation and 3d printing notwithstanding!

[winner69]

Wasn’t implying you got it wrong at all, jsut providing the update from todays report.

Yeah it does look a bit rich on that metric, trading at over double book value. Take away the one off gains from divestment sales seemingly every year as well and the price vs underlying net income doesn’t look terribly great either, especially with that ginormous management/incentive fee.

I still hold, but wont be adding more at this price.

Book Value is $7.93 a share so current share price not far away from that

If anything cheap as

[winner69]

when My Boyes says 'a return over the last ten years of 20.5%' i assume he means 20.5% pa

[kiora]

when My Boyes says 'a return over the last ten years of 20.5%' i assume he means 20.5% pa

& Compounding

Nice surprise Retire Australia steaming ahead & don't need to sell it.

[Waiuta]

when My Boyes says 'a return over the last ten years of 20.5%' i assume he means 20.5% pa

You are correct.
In my case I purchased in 2016 (3600), 2018 (3600), 2019 (965), 2020 (765) and with a couple of reinvestments (68 & 86) my average price is $3.45. My Sharesight records I have received 5.81% divies and 23.87 capital gain for an overall return of 27%pa.