IFT - Infratil

[Kryptor]

Hello, 1st time poster.

I was wondering if someone could help me get the NTA backing for IFT - in particular taking into account all warrants.

Last report stated NTA per share of $3.39.

Any help gratefully recieved.

Regards.

[zigzag]

Hello, 1st time poster.

I was wondering if someone could help me get the NTA backing for IFT - in particular taking into account all warrants.

Last report stated NTA per share of $3.39.

Any help gratefully recieved.

Regards.

When did you get that figure? The annual report put the NTA at $3.10. But given the state of the markets since then it's anybodies guess. I would venture to say, it hasn't increased!

[Kryptor]

Damn. Not last report but from DirectBroking.

If I take the no. shares figure and add the warrants if exercised, then add the NTA to the capital raised by exercising all warrants will that enable me to calculate the diluted NTA?

Apologies for what is probably a dum question but am new to this game.

Regards

[Rif-Raf]

Damn. Not last report but from DirectBroking.

If I take the no. shares figure and add the warrants if exercised, then add the NTA to the capital raised by exercising all warrants will that enable me to calculate the diluted NTA?

Apologies for what is probably a dum question but am new to this game.

Regards

Reported nta can be misleading as many of their investments have been acquired over a long period of time. In June Forbarr valued IFT at $6.59

[Sideshow Bob]

Reported nta can be misleading as many of their investments have been acquired over a long period of time. In June Forbarr valued IFT at $6.59

That would have been pre share split surely?

[zigzag]

That would have been pre share split surely?

That would have most definately been prior to the share split. Also, my figure of $3.10 is probably not correct. I got it from page 26 of the annual report, but there is a note alongside it which has just confused me. So I go to page 91. Divide nett assets by the number of shares and warrants on issue and I get a figure of $3.19. Then we have the issue of the partly paid shares. It's all getting a bit beyond me. It's easy enough to value their listed assets to market, but a lot of their investments are not listed, so I'll just stick to the numbers published in the annual report. Given the current market conditions, the value of their listed assets will also be moving around on a daily basis.

[Rif-Raf]

yes, that would be pre-split and their analyst since upgraded a frther 50c

http://www.sharechat.co.nz/features/...e.php/fb001bc4

ShareChat Investor Interview: Infratil's Managing Director Lloyd Morrison

--------------------------------------------------------------------------------
-Jenny Ruth

Infrastructure investor Infratil can proceed to complete its purchase of Alliant Energy New Zealand, which owns 23.8% of TrustPower and 5.1% of Infratil, now that shareholders have approved a series of transactions.

They will see Infratil place its own shares to other investors and increase its stake in TrustPower to 50.5% from 35%.

Infratil is paying about $445 million for Alliant. It has already arranged to sell 14 million of the TrustPower shares to the Tauranga Energy Consumer Trust for $5.90 a share, or $82.6 million, and placed a further 12.35 million TrustPower shares at $7 a share, or $86.45 million.

It also arranged to sell the 11 million Infratil shares it acquired from Alliant and 2.48 million shares of treasury stock through a placement at $5 a share, or $67.4 million. In mid-November, Forsyth Barr analyst Rob Mercer estimated the transactions added $70 million, or 27 cents a share, to Infratil's net asset value, raising his valuation to $5.73 a share compared to the then $4.90 share price. Since then, Infratil's shares have risen as high as $5.30 while TrustPower's shares have risen as high as $7.95.

Sharechat: Given all the value you've added to the company just in the last couple of months, why do Infratil's shares still trade at such a discount to net asset value?

Infratil managing director Lloyd Morrison: If (the stock) it's going to be re-rated, it's something that will happen over time. If you read most of the analysts' reports, they're all still recommending that we trade at a discount. Most of them are saying the discount's lower than it's been for quite a long time and maybe it should be sold off. I think what happens now is we need new investors to look at it and say, actually, we don't agree with that. If they deliver as they have delivered over the last 12 or 13 years, they're clearly beating their cost of capital and they should trade at a more appropriate level which would be at a premium to our NTA. Another thing a lot of analysts haven't looked at is that a lot of our businesses have optionality in them. The valuation of an option isn't based on NTA it's based on its potential upside.

[Kryptor]

Right - from the 2007 1st quarter results (http://www.infratil.com/downloads/pd...own_160807.pdf) - NTA per share after minority interests is $1.24.

I don't understand then the statement from the post above that Infratil trades at a discount to NTA.

NTA $1.24, Shareprice $2.76.

???

[Toddy]

Could IFT put together a deal that would see NZ shareholders maintain control over AIA.
What a smart move getting the 'NZ Super Fund' name all over the AIA share registry.


Manukau to wait on other airport bids

Mayoral candidate Len Brown, who came a close second to Sir Barry in the previous elections, says there is no way Manukau residents would allow their shares to be sold overseas. Rival contenders Arthur Anae and Dick Quax have also indicated their opposition.

But speculation is mounting that locally owned infrastructure company Infratil and the New Zealand Superannuation Fund, which last week declared combined holdings of 6.2 per cent in the airport, may form part of some other bid.

They could team up with a larger buyer, which may even include Dubai, or form a bloc of shares with the 22.8 per cent community stake held by the Manukau and Auckland City Councils to extract a superior offer.

[Placebo]

Well, so long as they can top $3.80, fine

Given that IFT is a 66% owner of Wellington airport, I wonder if the Commerce Commission might have some thoughts on them taking a significant stake in AIA?

Received a letter from that nice John Maasland yesterday clarifying some of the reporting around the Dubai offer. Seems that you can take the cash at $3.80 per share up to the maximum DAL is seeking (60%), beyond that current holders get cash plus the new script, value unknown.

From my reading of that the best option might be to sell at $3.80.