IFT - Infratil

**Balance** · 04-07-2009, 10:01 AM

Ift starting to look like GPG with its investment track record - where are the winners in recent years?

**winner69** · 04-07-2009, 10:12 AM

Its not clear in the announcements but when do Infratil get the cash from the underwriting of the warrants .... say if most front up with the 55 cents in a week or so do FNZ wait until next year to see ehat happens

If thats the case the best case for IFT might be nobody fronts up with the 55 cents and then FNZ front up with the $1.62

Anybody know ... confess haven't researched throughly ,,, only read the IFT announcments

**winner69** · 04-07-2009, 10:16 AM

Only a couple of days trading left for the IFTWBs before they go into hibernation for a while

At least this weeks action on the WB pricing seems to have confirmed that a premium on the WBs is never going to be any more than than 10 cents .... at the moment a bit less than that so maybe still some value post the first round of payments

**winner69** · 04-07-2009, 10:51 AM

IFT stated target is 'absolute return target of 20% pa. after tax on a long term basis.' from earnings growth over time with businesses reinvesting these earnings and then something about a 'step up' in value.

Anybody know they measure this? And are they achieving this target?

On a BV per share falling short a bit over the least 10 years even though ASB has TSR return over 10 years in excess of 20%pa (assuming pre tax and dividends reinvested)

ENE doesn;t seem to meet these targets

**Balance** · 04-07-2009, 10:59 AM

Originally Posted by winner69

IFT stated target is 'absolute return target of 20% pa. after tax on a long term basis.' from earnings growth over time with businesses reinvesting these earnings and then something about a 'step up' in value.

Anybody know they measure this? And are they achieving this target?

On a BV per share falling short a bit over the least 10 years even though ASB has TSR return over 10 years in excess of 20%pa (assuming pre tax and dividends reinvested)

ENE doesn;t seem to meet these targets

Stage Coach, European airports, Auckland Airport and of course, ENE have all failed to meet targets.

Wonder if IFT has been selling its more liquid investments to pay interest and expenses.

**macduffy** · 04-07-2009, 03:26 PM

Originally Posted by Balance

Ift starting to look like GPG with its investment track record - where are the winners in recent years?

There are huge differences between IFT and GPG, IMO.

IFT's biggest investment by far, Trustpower ( 48% of IFT's assets) had a good year and its SP, while not at record highs, is holding up well. The second biggest, Wellington Airport, is also performing well.

We don't know much about how GPG's biggest investment, Coats, is travelling at present but the vibes certainly aren't as positive as they are for Trustpower.

**winner69** · 08-07-2009, 02:49 PM

Bus drivers in wellington had their grubby little hands in the cash box .... but Snapper fixed that .... wonder how much really did go missing ... more than the half mil I'd say