IFT - Infratil

**Ggcc** · 28-09-2018, 02:12 PM

Originally Posted by huxley

Maybe a special dividend is on the cards

They did discuss this option so I would not be surprised

**artemis** · 08-11-2018, 09:22 AM

Strategic review of ANU student accommodation announced, because future opportunities in the sector have not materialised. Sounds like a sell off. Any thoughts about why no sector opportunities?

**bull....** · 08-11-2018, 09:39 AM

Originally Posted by artemis

Strategic review of ANU student accommodation announced, because future opportunities in the sector have not materialised. Sounds like a sell off. Any thoughts about why no sector opportunities?

wasnt really performing so good to see they are looking to flick it

**mondograss** · 08-11-2018, 10:02 AM

There's lately been quite a bit in the way of funding cuts and freezes and so forth in the tertiary sector over there and enrolments are dropping quite substantially as a result I understand. They probably don't see the outlook as being anywhere near as good as it was when the acquired it (Rudd uncapped university places in 2009 which drove a lot of growth).

**Pmdv77** · 14-11-2018, 09:22 PM

Does anyone have any thoughts on the half year results. On the whole it looks positive ?

**Zeitgeist** · 15-11-2018, 07:56 AM

Originally Posted by Pmdv77

Does anyone have any thoughts on the half year results. On the whole it looks positive ?

Hi Pmdv77 - yesa very good result for IFT. Good noises being made about ongoing dividendgrowth and an EBIT upgrade.

As ever with IFT the key is portfolio changes in the future to ensure ongoingdividend growth for investors along with capital appreciation. Despite IFT's efforts to convince the market otherwise the shares seemlike they'll always trade at a discount to the portfolio NAV. Current NAV of$4.75 according to IFT so around a 36% discount to current share price. Idon't have any sensible benchmarks to hand but a 36% discount to NAV seems highto me.

Strategic reviews underway for ANU, NZ Bus, Perth Energy investments. Whateverthe outcomes of those reviews I'd trust IFT to receive back at least currentbook value, for the three that totals $353m (though based on current earnings adiscount to BV is possible, esp for NZ Bus). Dundonnell will suck up atleast A$166 of that.

Dividend growth should be taken care of by ongoing growth I'd say. But, willthe existing debt facilties plus any net realized 'strategic review'proceeds plus ongoing operating earnings deliver ongoing capitalappreciation (or at least NAV growth)?

My money is on yes!