Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Haier, Tokyo Dome, Cowell, Infratil, Link Admin, Sapporo/Asahi, Mcdonald's

<div>
A day after <a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/IFT/364532/336831.pdf" target="_blank" rel="noopener">announcing</a> a strategic review of its 65.5% shareholding in <a href="https://www.smartkarma.com/entities/tilt-renewables-ltd" target="_blank" data-smartkarma-citation="entities:24371:1" rel="noopener">Tilt Renewables (TLT NZ)</a>, renewable energy specialist <a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> has received a non-binding Offer, by way of Scheme, from AustralianSuper, Australia's largest superannuation fund.
The NZ$7.43/share Offer is a 22.2% premium to Infratil's last close, and a lifetime high.
The proposal includes a cash consideration of NZ$5.79/share and the distribution of 0.22 shares of <a href="https://www.smartkarma.com/entities/trustpower-ltd" target="_blank" data-smartkarma-citation="entities:11489:1" rel="noopener">Trustpower Ltd (TPW NZ)</a>, in which Infratil is a 50.76% shareholder, for each Infratil share.
The stakes in TPW and TLT are both worth ~NZ$1.2bn each - together accounting for 54% of Infratil's market cap.
The Offer values Infratil at NZ$5.4bn. In its June <a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/IFT/354332/324068.pdf" target="_blank" rel="noopener">presentation booklet</a> accompanying a NZ$300mn capital raising, Infratil assessed a fair value for its investments at between NZ$5.67bn-NZ$6.3bn. That placement was done at NZ$4.76/share, an 8% discount to last close. 
More below the fold.
</div>
<div>

</div>


A day after announcing a strategic review of its 65.5% shareholding in Tilt Renewables (TLT NZ), renewable energy specialist Infratil Ltd (IFT NZ) has received a non-binding Offer, by way of Scheme, from AustralianSuper, Australia's largest superannuation fund.
The NZ$7.43/share Offer is a 22.2% premium to Infratil's last close, and a lifetime high.
The proposal includes a cash consideration of NZ$5.79/share and the distribution of 0.22 shares of Trustpower Ltd (TPW NZ), in which Infratil is a 50.76% shareholder, for each Infratil share.
The stakes in TPW and TLT are both worth ~NZ$1.2bn each - together accounting for 54% of Infratil's market cap.
The Offer values Infratil at NZ$5.4bn. In its June presentation booklet accompanying a NZ$300mn capital raising, Infratil assessed a fair value for its investments at between NZ$5.67bn-NZ$6.3bn. That placement was done at NZ$4.76/share, an 8% discount to last close. 
More below the fold.





Infratil (IFT NZ): Big Super's Infrastructure Grab

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> is looking to raise US$197m (A$300m) in its fully underwritten institutional placement to strengthen its balance sheet.In this note, we will look at the placement details, impact of the equity raise, and pipeline assets. We will also run the deal through our framework.

Infratil Ltd (IFT NZ) is looking to raise US$197m (A$300m) in its fully underwritten institutional placement to strengthen its balance sheet.In this note, we will look at the placement details, impact of the equity raise, and pipeline assets. We will also run the deal through our framework. 

Infratil Placement - Better Balance Sheet Flexibility with Focus on Existing Assets

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Infratil sold its 20% stake in Metlifecare for NZD 238 million, booking a tidy profit of around NZD 90 million (NZD 16 cents per share) and collecting dividends along the way. All up, the firm made 15% per year since buying the stake in October 2013, an excellent return. While positive on the outlook for the retirement sector, we're happy to see the firm free up more capital to invest in its core businesses.We adjust our forecasts but maintain our NZD 3.30 per share fair value estimate. At the current stock price of NZD 3.00, Infratil is modestly undervalued. There is no change to the firm's narrow economic moat rating, which is underpinned by investments in good-quality underlying assets.Analysts: Adrian Atkins and Daniel Ragonese

Infratil sold its 20% stake in Metlifecare for NZD 238 million, booking a tidy profit of around NZD 90 million (NZD 16 cents per share) and collecting dividends along the way. All up, the firm made 15% per year since buying the stake in October 2013, an excellent return. While positive on the outlook for the retirement sector, we're happy to see the firm free up more capital to invest in its core businesses.We adjust our forecasts but maintain our NZD 3.30 per share fair value estimate. At the current stock price of NZD 3.00, Infratil is modestly undervalued. There is no change to the firm's narrow economic moat rating, which is underpinned by investments in good-quality underlying assets.Analysts: Adrian Atkins and Daniel Ragonese

Infratil Sells Stake in Metlifecare for Tidy Profit

Global Special Situations

Charles Nave

The current offer for Asciano and upcoming infrastructure assets in Australia will see more foreign companies look to Australian shores for quality assets and stable growth.In this report I detail one such company - Transurban - and highlight others that may also be in the spotlight.

The current offer for Asciano and upcoming infrastructure assets in Australia will see more foreign companies look to Australian shores for quality assets and stable growth.In this report I detail one such company - Transurban - and highlight others that may also be in the spotlight.

Transurban (TCL AU):  Are Offshore Buyers on the Road Again?

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)

Last Week in Event SPACE: Haier, Tokyo Dome, Cowell, Infratil, Link Admin, Sapporo/Asahi, Mcdonald's

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Infratil (IFT NZ): Big Super's Infrastructure Grab

The Aussie line closed at $6.80 or ~NZ$7.21/share, a 3%/7.5 gross/annualised spread, assuming five months to complete. Get involved around that...

David Blennerhassett

Infratil Placement - Better Balance Sheet Flexibility with Focus on Existing Assets

Infratil Ltd (IFT NZ) is looking to raise US$197m (A$300m) in its fully underwritten institutional placement to strengthen its balance sheet.In...

Zhen Zhou, Toh

Infratil Sells Stake in Metlifecare for Tidy Profit

Infratil sold its 20% stake in Metlifecare for NZD 238 million, booking a tidy profit of around NZD 90 million (NZD 16 cents per share) and...

Morningstar, Inc.

Transurban (TCL AU): Are Offshore Buyers on the Road Again?

The current offer for Asciano and upcoming infrastructure assets in Australia will see more foreign companies look to Australian shores for quality...

Charles Nave

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)