Auckland International Airport Limited (AIA)

**BRICKS** · 10-11-2009, 04:12 PM

Originally Posted by Dr_Who

Hmmm.. no T/O potential... ok lets move on, nothing else to watch here.

NOW that IFT have done the bunk and there are unknowns hanging about someone
may pop out of the woodwork at any TIME..

**Anna Naum** · 10-11-2009, 07:46 PM

Originally Posted by BRICKS

NOW that IFT have done the bunk and there are unknowns hanging about someone
may pop out of the woodwork at any TIME..

NZ Super I think owns a chunck of AIA (over 5%), cant see them accepting any deal for a takeover.

**whatsup** · 10-11-2009, 10:10 PM

EPS 3.5
PE 55, says it all !!!

**macduffy** · 11-11-2009, 05:16 AM

Originally Posted by whatsup

EPS 3.5
PE 55, says it all !!!

Well, not really.

AIA's profit last year was adversely affected by massive asset writedowns. But at least they made an NPAT so they can boast an historical P/E. Most major NZ property companies - and that's really what AIA is - were in the same boat or worse, with a loss after tax. So no P/E at all!

Stating the obvious but the market looks ahead in pricing AIA at 55 times historical earnings.

Disc: Holding AIA.

**Anna Naum** · 11-11-2009, 09:31 AM

Originally Posted by Anna Naum

NZ Super I think owns a chunck of AIA (over 5%), cant see them accepting any deal for a takeover.

Morrison & Co just filed with 7.122%, looks like most held within the NZ Super fund that they manage. Between them and the various councils I would suggest this one is not going to disappear anytime soon.

**Balance** · 11-11-2009, 11:54 AM

Can anyone name one other good investment IFT has made outside of POT and TPW?

IFT is now the sort of company that you buy from and sell to.

**macduffy** · 11-11-2009, 12:09 PM

Originally Posted by Balance

Can anyone name one other good investment IFT has made outside of POT and TPW?

IFT is now the sort of company that you buy from and sell to.

Well we could start with the investment in Wellington Airport!

But suffice to say that IFT has been a good investment with an average after tax compound return to shareholders of 18%pa since listing in 1994.

**Balance** · 11-11-2009, 02:18 PM

Originally Posted by macduffy

Well we could start with the investment in Wellington Airport!

But suffice to say that IFT has been a good investment with an average after tax compound return to shareholders of 18%pa since listing in 1994.

SP today is where it was in 2004. Precisely the point - living on past glories.

When they bought Stage Coach, the market went crazy and sent the sp to $3.00. Good talking.

And we have IFT's word that Wellington airport is a good investment. Is it? Same thing they were saying about the European airports they bought.