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Thread: IFT - Infratil

  1. #31
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    Taking an average interest rate of 5% until July 2009 then I would value warrants at head price less $2.80 or $0.60 at the present time.
    That does not take into account lost dividends which requires a greater premium, but neither does it take into account the greater leverage on head price gains.
    I have bought IFT heads but I would not be adverse to a few warrants in the near future.
    om mani peme hum

  2. #32
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    Infratil keeps extraordinary record
    09 January 2005
    By GARRY SHEERAN

    Infratil the quiet achiever. Does the moniker really fit the sometimes outspoken listed infrastructure company?


    About achievement, there can be little doubt. The company has just celebrated a decade since listing, and the average compound return to shareholders in that time has remained above 20%, if all dividends and bonuses were reinvested.

    After another good year in calendar 2004, that record is likely to be maintained when Infratil reports its latest full March-year profit.

    Infratil's 2004 performance rises from 26.9% to 33.1%, if the value of free warrants issued in June last year is included.

    But quiet? Colourful chief executive Lloyd Morrison is quick on the front foot when it comes to battling for causes dear to the interests of Infratil.

    He fought publicly and successfully against the proposed merger between Air New Zealand and Qantas, which would do no favours for Wellington Airport, two-thirds owned by Infratil.

    Equally publicly, but less successfully, Infratil threw its weight behind proposals to convert Auckland's Whenuapai air base into a commercial operation, with Infratil leasing the airfield from the Crown.

    Infratil rated barely a mention when brokers listed their top sharemarket picks for 2005. Multiple accolades went to names such as Telecom, Contact Energy and Guinness Peat Group (GPG).

    Also given a chance of flying in 2005 were small cap stocks NZ Oil & Gas and Cadmus Technology, big performers last year. But the question remains: can they repeat the performance?

    The companies investors really want to deal with are not last year's winners, nor those of the year before, nor the latest hot thing. What they really want are companies, and stocks, that perform creditably year in, year out.

    If not quietly at times, then certainly with almost unparalleled consistency, that is what Infratil has done.

    According to research by ABN Amro Craigs, Infratil is one of only five NZSX50 companies to have delivered annualised returns of 20% or more over the past decade. The broker puts that figure at 24.6%.

    In part, this is a reflection of the fact that another two of the five companies are those in which Infratil has significant investments.

    Trustpower, 35% owned by Infratil and comprising more than half of Infratil's investment portfolio, has average annualised decade-long returns of 34.2%.

    Port of Tauranga, the other significant local-listed Infratil investment, has annualised returns of 31.2%.

    Another company with strong 10-year annualised returns is Hellaby Holdings (25%), a company, like Infratil, in the business of investing in other companies.

    The fifth company was retailer Michael Hill International, with an annualised return of 21.1%.

    With the departure of Brierley Investments a decade ago, and a period in the late '90s when the GPG share price went nowhere, there was a perception that the day of the old-style investment company was at an end.

    That view has changed, and GPG's resurgence in the public mind is only part of the reason.

    However, analysts draw a distinction between the old players, such as the former Brierley Investments, and the likes of Infratil.

    Macquarie Equities investment director Arthur Lim said old-style investment company shares suffered because they were always trading at a discount to the perceived combined net asset backing of the businesses the companies invested in.

    "But with a company like Infratil, the market can see the operating earnings of companies in which Infratil invests," Lim said.

    Forsyth Barr research manager Rob Mercer said Infratil had done well because early on, it saw the potential of investing in infrastructure.

    "They were investing in ports and electricity companies ahead of much of the rest of the market, and were early players in airports," he said.

    ABN Amro analyst Matt Henry said Infratil had benefited from being a long-term holder of assets.

    Although categorised as an investment compan
    Toddy

  3. #33
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    quote:
    IFT
    01/02/2005
    QUARTER

    REL: 1311 HRS Infratil Limited

    QUARTER: IFT: Infratil Results for the Nine Months to 31 December 2004

    INFRATIL LIMITED
    RESULTS FOR THE NINE MONTHS TO 31 DECEMBER 2004

    1 February 2005

    Infratil's results in the last quarter of 2004 reflect continued strong
    returns from TrustPower and Wellington Airport.
    Infratil's investment portfolio generally performed well. New investments
    continue to be sought whilst maintaining a focus on current businesses.

    Infratil's net surplus for the nine months was $42.94 million - an increase
    from $20.73 million achieved in the same period in 2003. For the quarter the
    respective figures were $13.31 million and $8.20 million. For the nine months
    earnings before interest, tax, depreciation and investment realisations were
    $46.89 million from $48.61 million in 2003.

    Notable events and developments during the period were:
    - TrustPower's contribution to Infratil for the last quarter was $7.5
    million, a 34% increase over the same period in 2003. TrustPower's growing
    list of investment projects and plans augers well for future income growth,
    and the ability of New Zealand's electricity system to meet demand in an
    environmentally sustainable manner.

    - Wellington Airport's contribution to Infratil continues to grow at
    approximately 20% as passenger throughput rises. The Airport has announced
    that stage one of its Lyall Bay retail development will be completed in 2005.
    This will initially increase earnings by approximately $3 million per annum.

    - Glasgow Prestwick International Airport's freight volumes appear to
    have stabilised and a number of new scheduled airline routes have been
    announced from March 2005. The challenge of increasing passenger services
    income, via better terminal facilities, and a resumption of freight growth,
    via more active management, are being addressed and the new CEO is to take up
    his role in February 2005.

    - Other investments; Energy Developments, Port of Tauranga and Victoria
    Electricity are performing encouragingly.

    - Management continue to review and develop opportunities in the areas
    of waste to energy, renewable energy and airports, without instigating any
    material investment.

    - In December 2004, Infratil initiated a further issuance of
    Infrastructure Bonds. The bonds have been well received and issuance of this
    maturity will cease on 4th February. In the short term, proceeds of this
    issue are being used to retire bank debt.
    End CA:00110926 For:IFT Type:QUARTER Time:2005-02-01:13:11:30
    om mani peme hum

  4. #34
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    Paper Tiger's new share trading company made it's first purchase today and acquired some IFTWB at 86c.
    I expect these to be a nice little earner and put the company into profit in the near term.
    om mani peme hum

  5. #35
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    quote:Originally posted by Paper Tiger

    Paper Tiger's new share trading company made it's first purchase today and acquired some IFTWB at 86c.
    I expect these to be a nice little earner and put the company into profit in the near term.
    PT, good on you for your new structure. Why not start a new thread updating PTs share trading company?
    Death will be reality, Life is just an illusion.

  6. #36
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    I presume the heads and warrants are lost in the Wellington fog?
    om mani peme hum

  7. #37
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    quote:Originally posted by Paper Tiger

    I presume the heads and warrants are lost in the Wellington fog?

    Don't worry 86c sounds OK I paid 89c

  8. #38
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    quote:Originally posted by port hills

    quote:Originally posted by Paper Tiger

    I presume the heads and warrants are lost in the Wellington fog?

    Don't worry 86c sounds OK I paid 89c
    So if you bought using the bigger fool theory he was me, I'm still waiting for a bigger one yet, however I'm still very confident of finding one before 10 july 2009.

  9. #39
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    Paper Tiger

    You can't beat Wellington on a good day!

    The sun will shine again and IFT will have it's day in the sun.

    (positives - the NZ cricket team didn't have to look like chumps again.... so I didn't get an ear full from the Aussies at work this morning)
    Toddy

  10. #40
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    I have sold the warrants. I bought them as the first purchase for my trading company to get the CSN & FIN, all sorted. When the market started to decline I sold them. You can make money, even if in this case I did not, trading the warrants:
    However I (not the company) still have the heads and long will I keep them.
    om mani peme hum

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