Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>Infratil outlined ambitious plans at its recent investor day.</li><li>A subsequent data centre contract win and AUKUS anticipation raised market expectations further.</li><li> -Infratil&rsquo;s share price supported by mid-September investor day and data centre contract -Growth prioritised via digital infrastructure and renewables -Management's ambition is to lift market cap to $20bn from the current $10.51bn -Potential for AUKUS-related OpenAI contract</li></ul>

Infratil outlined ambitious plans at its recent investor day.A subsequent data centre contract win and AUKUS anticipation raised market expectations further. -Infratil&rsquo;s share price supported by mid-September investor day and data centre contract -Growth prioritised via digital infrastructure and renewables -Management's ambition is to lift market cap to $20bn from the current $10.51bn -Potential for AUKUS-related OpenAI contract

Infratil's Digital & Decarbonisation Drive

<ul><li>Exciting growth opportunities abound for New-Zealand based infrastructure play Infratil.</li><li>Management has consistently generated value for shareholders over time.</li><li> -Infratil&rsquo;s FY25 earnings beat management&rsquo;s guidance -Exposure to high-growth digital infrastructure -CDC Data Centres appears undervalued -Renewables exposure weighted heavily to solar and battery projects</li></ul>

Exciting growth opportunities abound for New-Zealand based infrastructure play Infratil.Management has consistently generated value for shareholders over time. -Infratil&rsquo;s FY25 earnings beat management&rsquo;s guidance -Exposure to high-growth digital infrastructure -CDC Data Centres appears undervalued -Renewables exposure weighted heavily to solar and battery projects

Infratil's Growing (Undervalued) Digital Exposure

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Infratil (IFT) reported an in-line 1H24 result, with expected strong growth from key portfolio companies CDC and One NZ, which together make up over half of IFT's value.</li><li>FY24 proportionate EBITDA guidance was modestly upgraded without making any meaningful net changes to portfolio company guidance.</li><li>We believe the upgrade primarily relates to increased confidence for IFT that One NZ will deliver towards the upper end of its guidance.</li></ul>

Infratil (IFT) reported an in-line 1H24 result, with expected strong growth from key portfolio companies CDC and One NZ, which together make up over half of IFT's value.FY24 proportionate EBITDA guidance was modestly upgraded without making any meaningful net changes to portfolio company guidance.We believe the upgrade primarily relates to increased confidence for IFT that One NZ will deliver towards the upper end of its guidance.

Infratil - One NZ Delivering Growth but No Cash, Yet

<ul><li>Infratil (IFT) is due to report its 1H24 result on Thursday, 16 November.</li><li>IFT stated at its AGM in August that 1Q24 trading had been strong from its key companies (likely CDC and One NZ), and it gave IFT confidence that FY24 earnings are tracking towards the top end of its guidance range.</li><li>We believe the focus of the result will be on: (1) CDC outlook comments, (2) margin improvement at One NZ, (3) possible independent valuation update of Longroad, (4) interest costs (and 'look through' debt levels). </li></ul>

Infratil (IFT) is due to report its 1H24 result on Thursday, 16 November.IFT stated at its AGM in August that 1Q24 trading had been strong from its key companies (likely CDC and One NZ), and it gave IFT confidence that FY24 earnings are tracking towards the top end of its guidance range.We believe the focus of the result will be on: (1) CDC outlook comments, (2) margin improvement at One NZ, (3) possible independent valuation update of Longroad, (4) interest costs (and 'look through' debt levels). 

Infratil - CDC Outlook and One NZ Margins in Focus

<ul><li>We walk away from Infratil's (IFT) Longroad investor day with three main takeaways. (1) Its target to deliver ~1.5GW annually over the next four to five years seems highly credible.</li><li>Pipeline for 2024 and 2025 is ahead of target and 1.5GW seems more of a choice not to overextend than the stretch target we initially viewed it as.</li><li>(2) On top of the base investment tax credit, Longroad is likely to access a meaningful level of additional credits, which could be worth up to high, single digits, additional IRRs on some projects. </li></ul>

We walk away from Infratil's (IFT) Longroad investor day with three main takeaways. (1) Its target to deliver ~1.5GW annually over the next four to five years seems highly credible.Pipeline for 2024 and 2025 is ahead of target and 1.5GW seems more of a choice not to overextend than the stretch target we initially viewed it as.(2) On top of the base investment tax credit, Longroad is likely to access a meaningful level of additional credits, which could be worth up to high, single digits, additional IRRs on some projects. 

Infratil - The Longroad to Value Realisation Is Heating Up

New Zealand

Infratil Limited is an infrastructure investment company. The Company invests in airports, energy such as renewable and waste-energy, and public transportation.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Infratil (IFT AU)

Infratil's Digital & Decarbonisation Drive

Infratil outlined ambitious plans at its recent investor day. A subsequent data centre contract win and AUKUS anticipation raised market...

FNArena

Infratil's Growing (Undervalued) Digital Exposure

Exciting growth opportunities abound for New-Zealand based infrastructure play Infratil. Management has consistently generated value for...

FNArena

Infratil - One NZ Delivering Growth but No Cash, Yet

Infratil (IFT) reported an in-line 1H24 result, with expected strong growth from key portfolio companies CDC and One NZ, which together make up...

Forsyth Barr

Infratil - CDC Outlook and One NZ Margins in Focus

We believe the focus of the result will be on: (1) CDC outlook comments, (2) margin improvement at One NZ, (3) possible independent valuation...

Forsyth Barr

Infratil - The Longroad to Value Realisation Is Heating Up

We walk away from Infratil's (IFT) Longroad investor day with three main takeaways. (1) Its target to deliver ~1.5GW annually over the next four to...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)