IFT - Infratil

[McGinty]

The reason the NTA reads $498.59 on the NZX site, is because the the wrong figure has been entered by the NZX team (human error). The 'Non controlling interests' haven't been removed with the intangibles in determining the the NTA for shareholders.

[NZSilver]

I recently bough back int IFT at 2.68 (after selling out several months ago at 3.44), I see very good value at these levels - NTA is around the $3 mark according to half yearly but would have come back a bit based on TPW & MET SP - it would be interesting to calculate current NTA. However IFT is trading at around 6% yield, is well diversified and appears to have bottomed out at 2.64. Debt is approx 30% of asset value, which is low considering the quality of the assets. With the good diversification I think IFT will have good performance from these assets over the next few years - notably MET and the data center, with trust power, property and wellington airport steady as she goes. I see more upside and see current price as good fundamental value while trading at these levels. I see fair value around that 3.10 mark.

[BlackPeter]

I recently bough back int IFT at 2.68 (after selling out several months ago at 3.44), I see very good value at these levels - NTA is around the $3 mark according to half yearly but would have come back a bit based on TPW & MET SP - it would be interesting to calculate current NTA. However IFT is trading at around 6% yield, is well diversified and appears to have bottomed out at 2.64. Debt is approx 30% of asset value, which is low considering the quality of the assets. With the good diversification I think IFT will have good performance from these assets over the next few years - notably MET and the data center, with trust power, property and wellington airport steady as she goes. I see more upside and see current price as good fundamental value while trading at these levels. I see fair value around that 3.10 mark.

Hmm ... not quite sure I'd describe IFT in such flamboyant terms ...

Trustpower is currently playing the falling knife game and unlikely to recover soon ...
MET is (as the other retirement villages / REIT's) pushed down by people concerned about falling (or stagnating) property prices
Wellington Airport sits on reclaimed land ... and we just got a reminder that earthquakes are not unheard off in this area
NZ Bus is hardly a winning game, given that it has to compete against Maori companies with tax privileges

As well - the big returns of the past (due to asset sales) are history, at least for some time to come. Predicted EPS for FY2017 is below 8 cents per share, resulting in a forward PE of roughly 35;

As well - just had another look at the graph, it looks like a text book downtrend:
Attachment 8535

So - just remind me - why do you think that IFT bottomed already out?

[macduffy]

Like NZSilver, I think IFT has been a bit oversold on the back of an overly pessimistic outlook for several of its investments. But I won't be attempting to calculate a "fair value" nor buy any while the SP is in a downtrend.

[couta1]

Like NZSilver, I think IFT has been a bit oversold on the back of an overly pessimistic outlook for several of its investments. But I won't be attempting to calculate a "fair value" nor buy any while the SP is in a downtrend.

Hugely oversold yet it just hit $2.59, probably the ugliest chart on the NZX currently but for long term holders it means nothing, the company just keeps doing its stuff well, quite a few holders obviously have big Christmas spending plans.

[Beagle]

Hmm ... not quite sure I'd describe IFT in such flamboyant terms ...

Trustpower is currently playing the falling knife game and unlikely to recover soon ...
MET is (as the other retirement villages / REIT's) pushed down by people concerned about falling (or stagnating) property prices
Wellington Airport sits on reclaimed land ... and we just got a reminder that earthquakes are not unheard off in this area
NZ Bus is hardly a winning game, given that it has to compete against Maori companies with tax privileges

As well - the big returns of the past (due to asset sales) are history, at least for some time to come. Predicted EPS for FY2017 is below 8 cents per share, resulting in a forward PE of roughly 35;

As well - just had another look at the graph, it looks like a text book downtrend:
Attachment 8535

So - just remind me - why do you think that IFT bottomed already out?

Agree with you on this one BP. Investors need to keep in mind the very steep downtrend is happening contemporaneously with the companies own share buy-back ! If this buy-back weren't happening the downtrend would be even more severe ! Investment companies buying back their own shares because the directors believe that's in the companies best interests doesn't impress me. Just let the SP speak for itself. The market obviously has serious concerns otherwise the SP wouldn't be tanking.

[huxley]

Looks like it'll hit $2.50

[couta1]

Looks like it'll hit $2.50

Closed at $2.60 with 1.3 million shares going through on close, must be some index rebalancing going on here as these are very unusual volumes for this stock, could be the last big clean out before it starts heading north on a more lasting basis, some massive buy bids so some like the company.

[macduffy]

Closed at $2.60 with 1.3 million shares going through on close, must be some index rebalancing going on here as these are very unusual volumes for this stock, could be the last big clean out before it starts heading north on a more lasting basis, some massive buy bids so some like the company.

Not IFT buying back is it, couta?

[couta1]

Agree with you on this one BP. Investors need to keep in mind the very steep downtrend is happening contemporaneously with the companies own share buy-back ! If this buy-back weren't happening the downtrend would be even more severe ! Investment companies buying back their own shares because the directors believe that's in the companies best interests doesn't impress me. Just let the SP speak for itself. The market obviously has serious concerns otherwise the SP wouldn't be tanking.

Will have to disagree with you here Roger, the company has only bought back 1.5 million shares to date out of the 50 million they are intending to buy back so very little propping up the price there. As you know share prices can tank because of an irrational market(We both know of other stocks where that has happened now dont we) while a good company is just getting on with business. Remember this company is paying increasing dividends and is creating shareholder wealth by making a range of diverse acquisitions along the way which will take some time to bear fruit