IFT - Infratil

**Romer** · 19-03-2008, 08:46 PM

By all means discuss the costs on here. We still have 114 pages to go to catch up to the NZO thread!!!! and many of us are interested in these discussions. - - -A lot of us don't have the time to do lots of research and might not know where to start, so we need all the information we can glean from those who do.

**Rif-Raf** · 19-03-2008, 09:53 PM

Amro's have a BUY on IFT. In particular they're very upbeat about TPW (50% of their assets)and how they will benefit due to their renewables and the carbon pricing regime etc. They have determined NTA as $3.64 which is the valuation they have on them. Selling at just 65% discount to NTA is crazy stuff.

**Steve** · 19-03-2008, 10:20 PM

Originally Posted by Rif-Raf

Amro's have a BUY on IFT. In particular they're very upbeat about TPW (50% of their assets)and how they will benefit due to their renewables and the carbon pricing regime etc. They have determined NTA as $3.64 which is the valuation they have on them. Selling at just 65% discount to NTA is crazy stuff.

Given the relatively defensive nature of the assets, it would appear that the shareprice has been oversold despite the current market...

**POSSUM THE CAT** · 20-03-2008, 10:52 AM

Zaphod NZ Motor Bodies & Emslies prices in the early to mid eighties were for bodies only. Emslies were slightly cheaper than NZ Motorbodies but not as well built in the opinion of some of the coach builders that did the repairs. But the big thing was both firms prices quoted to both Railways and Auckland regional council were for bodies only. The Chasis were ordered some times 3 years ealier and were paid for on delivery by railwas & ARC are you sure these prices you are quoting are not for bodies built on a chassis supplied by recipient. ARC wanted at one time to import Leyland busses completely built up at considerably cheaper total prices but rear axle loading was higher than NZ regulations would allow. Govt. Would not give them exemption to exceed the axle loading regulation. But did slow down the delivery of Buses for railways from NZMB so ARC got their busses sooner. And Railways went to Emslies who had been moaning that they could not compete for railways bus order because some of the metal parts specified were NZMB Designs. To help make up the shortfall in bus deliveries and the chassis they could get very quickly were HINO bt51s. You price a big truck cab & chassis these days and see then if you think those prices you quote are for complete busses or just bodies as I think? Remember a bus Chassis is more complicated than a truck chassis

CJ · 20-03-2008, 01:55 PM

The prices Zaphod quotes for a complete bus (chassis and body) are correct to my understanding - I will try to confirm over the weekend.

Remember that the fit out in commuter buses is relatively basic (I wont say cheap as the requires needed for commuters are rather low) when compared to a coach or otehr longer distance buses.

**Toddy** · 25-03-2008, 05:59 PM

Hopefully this is a turning point for the down trend of IFT. Its amazing what a lack of liquidity can do to a stock price when a significant holder sells out. However, that said, Utilitico's strings are being controlled from off shore now days.

SSH: IFT: Disclosure of ceasing to have substantial holding

Utilico NZ Limited
Previous total percentage held in class: 10.23%
New disclosure, 0%.

**macduffy** · 25-03-2008, 06:11 PM

An interesting development.

My guess is that Utilico's departure will be good for IFT and for its sp.

**Tanger** · 25-03-2008, 06:38 PM

Excuse my ignorance, but my reading of the SSH notice was that Utilico NZ Limited disposed of its shares to Utilico Limited. It seems they are simply agregating their shareholding into one vehicle. Interestingly, Utilico Limited has an address in Bermuda.