IFT - Infratil

[Left Field]

By the way, off topic, you've just made an outstanding point about Infratil.  I just looked up the long-term chart on Yahoo finance, (Jarden only goes back 10 years) and it wasn't until 2018, 11 years later that IFT made a meaningful break about its 2007 peak.  That's more than 11 years of going nowhere while Morrison and Co milk shareholders for their ongoing egregiously high fees.  Maybe we're due for another decade plus long period of woeful performance after the last 5 years of outperformance?  My Marlin units NAV is up 26% since 1 November 2023 and yet IFT have barely participated in the international markets strong rally since then.  Hmmm....no wonder some are trying to talk it up.

I'm not sure Basil's figs are correct. The comparison of IFT to BRM's NAV since Nov 23 is also rather misleading/meaningless unless you compare it to IFT's current NAV...... and  anyways I hope the following chart comparing IFT to NZX50 returns  is more helpful.

[Basil]

As I said in the other thread...(I don't know how to post it from Yahoo finance into here), but go into Yahoo Finance and bring up a 20 year chart of Infratil and see for yourself.

From the peak in 2007 it was a long and very lonely hold for 11 years to 2018 before any real progress was made again.  Periods of strong outperformance such as that leading up to the peak in 2007, have been followed by long periods of underperformance.  Whether this happens again is frankly anyone's guess.

No question IFT's share price has done well in the last 5 years, but past performance is not a reliable indicator of future performance.  BTW, I don't trust Morrison and Co's data center values upon which their egregiously high fees are based.  None of the analysts seem too either.  More than one way to skin a cat with the A.I. revolution.  Marlin seem to be doing very well with some of their shares that are enjoying A.I. tailwinds.  I'm up ~19% since early December since buying in very good volume with them.  Whether that continues at that sort of pace is anyone's guess but they are better diversified than IFT is with their assets, that's an undeniable fact and they're a PIE with quarterly tax free 2% dividends which is highly attractive for people wanting tax free income.

Horses for courses and each to their own.  Not saying MLN is better than IFT, just there's more than one way to skin a cat.

[Toddy]

IFT management made some bizarre investments back in the day. 3rd rate European airports, Bus Companies, Oil and Gas. Ports etc
I lost the shirt off my back in 2008 with the warrants.
I was dark with this Company for years.
When they bought Voda I thought, here we go, risk on. History repeating itself.

However, Ift is now a totally different Company from the New Zealand  Wellington centric infrastructure Company back then.

Now it is a technical and energy company around the globe. Has smart partners and the ability to leverage low risk debt.

After 15 years of avoiding the Company, I got over myself and bought 50,000 shares
around 12 months ago.

Why, because along with Mft and Fph, Ift management show what true vision and world class execution looks like.

Comparing them to funds run by investment fund managers buying and selling stocks in a portfolio from Monday to Friday, undermines the world class value add, job creation and flying the Kiwi flag on the International stage.


Disc, hold both Ift, and Brm warrants.

[LoungeLizard]

I'm not sure Basil's figs are correct. The comparison of IFT to BRM's NAV since Nov 23 is also rather misleading/meaningless unless you compare it to IFT's current NAV...... and  anyways I hope the following chart comparing IFT to NZX50 returns  is more helpful.

Great table there LF. Says it all really.

[LoungeLizard]

$11 just around the corner surely?

[LaserEyeKiwi]

As I said in the other thread...(I don't know how to post it from Yahoo finance into here), but go into Yahoo Finance and bring up a 20 year chart of Infratil and see for yourself.

From the peak in 2007 it was a long and very lonely hold for 11 years to 2018 before any real progress was made again.  Periods of strong outperformance such as that leading up to the peak in 2007, have been followed by long periods of underperformance.  Whether this happens again is frankly anyone's guess.

No question IFT's share price has done well in the last 5 years, but past performance is not a reliable indicator of future performance.  BTW, I don't trust Morrison and Co's data center values upon which their egregiously high fees are based.  None of the analysts seem too either.  More than one way to skin a cat with the A.I. revolution.  Marlin seem to be doing very well with some of their shares that are enjoying A.I. tailwinds.  I'm up ~19% since early December since buying in very good volume with them.  Whether that continues at that sort of pace is anyone's guess but they are better diversified than IFT is with their assets, that's an undeniable fact and they're a PIE with quarterly tax free 2% dividends which is highly attractive for people wanting tax free income.

Horses for courses and each to their own.  Not saying MLN is better than IFT, just there's more than one way to skin a cat.

" From the peak in 2007 it was a long and very lonely hold for 11 years to 2018 before any real progress was made again."

Well for context it did VERT well in the lead up to 2007, then halved in GFC, and then provided good returns again following the GFC, and of course since then has gone on an absolute tear.

See image for context.

[Basil]

Just as well stocks that go on a tear never correct eh 

[LoungeLizard]

Just as well stocks that go on a tear never correct eh 

Just as well stocks that go on a tear never correct eh 

Yeah, you've got to watch out for those 10 year blips...

[LaserEyeKiwi]

Just as well stocks that go on a tear never correct eh 

You don't think the underlying cashflow generation supports the current valuation?

[Basil]

There's a high level of analyst coverage on it and the average of 6 analysts has a forward price target of $11.13, just a fraction north of here. https://www.marketscreener.com/quote/stock/INFRATIL-LIMITED-6494631/finances/

Each to their own.  I am happy with leaving my international investments in the hands of the top performing team at Barramundi and Marlin for amongst other reasons, those explained in my post yesterday in the Fisher funds thread.

[Crackity]

Infratil Newsletter
28 March 2024

Our diverse portfolio of businesses, ranging from digital to renewables, healthcare, and airports, have all had a busy start to the year, making significant strides in the first three months of 2024 against their respective plans.

At a portfolio level we were excited to host our annual Institutional Investor Day on 5 March. All the material from the Investor Day, including the presentations from the teams at Gurīn Energy, Wellington Airport, Longroad Energy, One NZ and CDC, as well as sector insights from our manager, Morrison, and Infratil board Chair, Alison Gerry are now available on our website.

Across our portfolio

Digital

After revealing plans for accelerated construction and development in October 2023 and January 2024, CDC has secured over 110MW of new customer contracts, fuelling its capacity expansion and paving the way for further development. These contracts, sourced from both new and existing clients across Australia and New Zealand, will drive expansion efforts throughout CDC's existing data centre footprint as well as the establishment of new facilities. Notably, CDC initiated construction on an additional 265MW of capacity in late 2023, demonstrating a proactive approach and an anticipation of sustained growth beyond immediate requirements.

Extended network coverage is one step closer for One NZ customers with the SpaceX 'cell tower in sky' satellite launch in early January. SpaceX's Falcon 9 rocket lifted off successfully from Space Launch Complex in California on 2 January taking six SpaceX Direct to Cell Starlink satellites into space.

When the service goes live SpaceX Direct to Cell Starlink satellites will complement One NZ's award winning 4G and 5G mobile network providing extended coverage across New Zealand. No traditional mobile network covers more than 50% of New Zealand's geography which means 50% currently remains isolated, out of coverage and out of reach.

Renewables

Longroad Energy announced the financial close and start of construction of Serrano, a 220MW solar and 214MW/855MWh battery storage project in Arizona. The project has commenced construction and commercial operation for Serrano is currently expected by mid-2025.

The output of the Serrano project will be purchased by Arizona Public Service via a long-term Power Purchase Agreement. The project will generate enough electricity to power roughly 61,000 Arizona homes, and will support grid reliability, particularly during Arizona's hot summer months.

Manawa Energy has continued to progress and expand its pipeline of renewable development options in New Zealand. It has recently secured resource consent from the Marlborough District Council for the previously announced Argyle Solar Farm (28MW) adjacent to its Branch River hydro power scheme in Marlborough. Manawa is now preparing a resource consent application for an expansion of the Solar Farm of up to ~65MW that is expected to be lodged in the coming months.

Separately, Manawa has secured land options for a potential 100MW wind farm opportunity in Marlborough, along with a ~200MW solar opportunity in the Mackenzie Basin, taking Manawa's secured pipeline of wind and solar options to more than 1.2GW.

Galileo, our European renewable energy development platform, has announced the sale of its interest in Enviria, a German provider of commercial and industrial solar systems, to US asset manager Blackrock. Galileo and Enviria will continue to build out their partnership under the joint venture, Galileo Enviria Solar, focusing on the development of high-quality ground-mounted solar PV and storage projects in Germany. The JV has already generated a pipeline of over 1.4GW in various stages of development, with a plan to add approximately 1GW of projects per year to the pipeline.

Separately Galileo announced the sale of eight solar PV development projects to GreenIT, totalling approximately 140MW, across three regions in Southern, Central and Northern Italy.

Gurīn Energy, our pan-Asian renewable energy business, is continuing to progress Its joint venture Vanda RE to establish a green electricity trading corridor between Indonesia and Singapore. The ground-breaking infrastructure project plans to deliver 300MW of non-intermittent renewable energy to the Singapore market by combining 2GW of solar PV capacity with 4,428MWh of BESS.

Healthcare

RHCNZ Medical Imaging announced the opening of a new purpose-built radiology clinic in Whangārei. The clinic provides immediate, local access to leading-edge imaging technology for Te Tai Tokerau communities and is equipped with state-of-the-art PET-CT, MRI, CT, x-ray and ultrasound equipment. The clinic, the first of its kind in Northland, now offers patients across the region access to high-tech medical imaging expertise without having to travel to Auckland.

Reinforcing its commitment to patient care and providing access for patients in regional areas, Qscan has continued to expand services within existing clinics with the installation of a new CT machine in Maroochydore and the introduction of a new MRI machine in Mackay.

The final stage of RetireAustralia's, The Verge at Burleigh, on Australia's Gold Coast is nearing completion. The lead contractors have undertaken the task of demobilising and removing the crane from Stage 3, with the finishing touches to Building 3 underway before welcoming residents to their new homes. Stage 3 features 62 independent living apartments and RetireAustralia's first 10-suite Care Hub, an alternative to aged care in a homelike environment.

Airports

The first trial using hydrogen to unlock low emissions aviation in New Zealand is underway at Wellington Airport. Air New Zealand, Wellington Airport, Toyota New Zealand, and Hiringa Energy have joined forces to trial using hydrogen to charge Air New Zealand's electric tugs and service vehicles at Wellington Airport.

This is the first-time hydrogen has been used at an airport in New Zealand and is an important step on the long-term journey to decarbonise aviation. The trial will help us assess the viability of hydrogen for charging and provide a good insight into the operational challenges and opportunities.

Finally, the Kororā Blue Penguin who was rescued from the Wellington Airport runway last month has been successfully released back into the wild! The team at Wellington Zoo did an amazing job of nursing him back to health (the runway sensors were reading 50 degrees Celsius at the time of his rescue) until he was ready for release at a nesting spot on Wellington's south coast. He has been asked politely to stay away from the runway in future and the fencing has had some additional penguin-proofing!

 

Thanks again for your continued support of Infratil. We look forward to sharing further details at Infratil's annual Retail Investor Roadshow throughout June.

For additional updates, you can also follow Infratil on LinkedIn.

[LaserEyeKiwi]

Infratil Newsletter
28 March 2024

Our diverse portfolio of businesses, ranging from digital to renewables, healthcare, and airports, have all had a busy start to the year, making significant strides in the first three months of 2024 against their respective plans.

At a portfolio level we were excited to host our annual Institutional Investor Day on 5 March. All the material from the Investor Day, including the presentations from the teams at Gurīn Energy, Wellington Airport, Longroad Energy, One NZ and CDC, as well as sector insights from our manager, Morrison, and Infratil board Chair, Alison Gerry are now available on our website.

Across our portfolio

Digital

After revealing plans for accelerated construction and development in October 2023 and January 2024, CDC has secured over 110MW of new customer contracts, fuelling its capacity expansion and paving the way for further development. These contracts, sourced from both new and existing clients across Australia and New Zealand, will drive expansion efforts throughout CDC's existing data centre footprint as well as the establishment of new facilities. Notably, CDC initiated construction on an additional 265MW of capacity in late 2023, demonstrating a proactive approach and an anticipation of sustained growth beyond immediate requirements.

Extended network coverage is one step closer for One NZ customers with the SpaceX 'cell tower in sky' satellite launch in early January. SpaceX's Falcon 9 rocket lifted off successfully from Space Launch Complex in California on 2 January taking six SpaceX Direct to Cell Starlink satellites into space.

When the service goes live SpaceX Direct to Cell Starlink satellites will complement One NZ's award winning 4G and 5G mobile network providing extended coverage across New Zealand. No traditional mobile network covers more than 50% of New Zealand's geography which means 50% currently remains isolated, out of coverage and out of reach.

Renewables

Longroad Energy announced the financial close and start of construction of Serrano, a 220MW solar and 214MW/855MWh battery storage project in Arizona. The project has commenced construction and commercial operation for Serrano is currently expected by mid-2025.

The output of the Serrano project will be purchased by Arizona Public Service via a long-term Power Purchase Agreement. The project will generate enough electricity to power roughly 61,000 Arizona homes, and will support grid reliability, particularly during Arizona's hot summer months.

Manawa Energy has continued to progress and expand its pipeline of renewable development options in New Zealand. It has recently secured resource consent from the Marlborough District Council for the previously announced Argyle Solar Farm (28MW) adjacent to its Branch River hydro power scheme in Marlborough. Manawa is now preparing a resource consent application for an expansion of the Solar Farm of up to ~65MW that is expected to be lodged in the coming months.

Separately, Manawa has secured land options for a potential 100MW wind farm opportunity in Marlborough, along with a ~200MW solar opportunity in the Mackenzie Basin, taking Manawa's secured pipeline of wind and solar options to more than 1.2GW.

Galileo, our European renewable energy development platform, has announced the sale of its interest in Enviria, a German provider of commercial and industrial solar systems, to US asset manager Blackrock. Galileo and Enviria will continue to build out their partnership under the joint venture, Galileo Enviria Solar, focusing on the development of high-quality ground-mounted solar PV and storage projects in Germany. The JV has already generated a pipeline of over 1.4GW in various stages of development, with a plan to add approximately 1GW of projects per year to the pipeline.

Separately Galileo announced the sale of eight solar PV development projects to GreenIT, totalling approximately 140MW, across three regions in Southern, Central and Northern Italy.

Gurīn Energy, our pan-Asian renewable energy business, is continuing to progress Its joint venture Vanda RE to establish a green electricity trading corridor between Indonesia and Singapore. The ground-breaking infrastructure project plans to deliver 300MW of non-intermittent renewable energy to the Singapore market by combining 2GW of solar PV capacity with 4,428MWh of BESS.

Healthcare

RHCNZ Medical Imaging announced the opening of a new purpose-built radiology clinic in Whangārei. The clinic provides immediate, local access to leading-edge imaging technology for Te Tai Tokerau communities and is equipped with state-of-the-art PET-CT, MRI, CT, x-ray and ultrasound equipment. The clinic, the first of its kind in Northland, now offers patients across the region access to high-tech medical imaging expertise without having to travel to Auckland.

Reinforcing its commitment to patient care and providing access for patients in regional areas, Qscan has continued to expand services within existing clinics with the installation of a new CT machine in Maroochydore and the introduction of a new MRI machine in Mackay.

The final stage of RetireAustralia's, The Verge at Burleigh, on Australia's Gold Coast is nearing completion. The lead contractors have undertaken the task of demobilising and removing the crane from Stage 3, with the finishing touches to Building 3 underway before welcoming residents to their new homes. Stage 3 features 62 independent living apartments and RetireAustralia's first 10-suite Care Hub, an alternative to aged care in a homelike environment.

Airports

The first trial using hydrogen to unlock low emissions aviation in New Zealand is underway at Wellington Airport. Air New Zealand, Wellington Airport, Toyota New Zealand, and Hiringa Energy have joined forces to trial using hydrogen to charge Air New Zealand's electric tugs and service vehicles at Wellington Airport.

This is the first-time hydrogen has been used at an airport in New Zealand and is an important step on the long-term journey to decarbonise aviation. The trial will help us assess the viability of hydrogen for charging and provide a good insight into the operational challenges and opportunities.

Finally, the Kororā Blue Penguin who was rescued from the Wellington Airport runway last month has been successfully released back into the wild! The team at Wellington Zoo did an amazing job of nursing him back to health (the runway sensors were reading 50 degrees Celsius at the time of his rescue) until he was ready for release at a nesting spot on Wellington's south coast. He has been asked politely to stay away from the runway in future and the fencing has had some additional penguin-proofing!

 

Thanks again for your continued support of Infratil. We look forward to sharing further details at Infratil's annual Retail Investor Roadshow throughout June.

For additional updates, you can also follow Infratil on LinkedIn.

Why on gods green earth are they using hydrogen to charge electric vehicles at an airport. That's just nonsense, and likely just a PR move from Toyota.

(In case it's not obvious, the easiest way to power electric vehicles is with electricity. Using a hydrogen powered generator is way more inefficient, and comes with a huge amount of infrastructure, transport logistics, and high safety requirements, and generates carbon like nobodies business)

[Toddy]

Hopefully in the not to distant future Ift can float then dump the Airport. And Wellington can keep their hydrogen and Blue Penguins.

[LoungeLizard]

That was some resistance level, but SP has broke $11 finally! Now, will it hold?

[Left Field]

That was some resistance level, but SP has broke $11 finally! Now, will it hold?

No worries.... $11.00 is just the start.