CK Infrastructure Adds European Metering Business Ista; FVE Remains at HKD 76
CK Infrastructure, or CKI, and sister company Cheung Kong Property Holdings are buying German metering business Ista International, which we think is a positive business to add to the group. However, the total cost of EUR 4.5 billion for Ista represents around 13 times estimated 2017 enterprise value/EBITDA, which we think is fairly rich, although we note the potential for stronger earnings growth. While we expect the 35% stake in Ista will boost CKI’s net profit by around 3%-4% over the next fi...CK Infrastructure Holdings and its subsidiaries are engaged in the development, investment and operation of infrastructure businesses in Hong Kong, Mainland China, the U.K., the Netherlands, Australia, New Zealand and Canada. Through its subsidiaries, Co. is engaged in investment holding; production and laying of asphalt; manufacturing, sale and distribution of cement and property investment; financing; treasury; and waste management servicce. Through its principal associates, Co. is engaged in investment in power and utility-related businesses, and electricity distribution.
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