Morningstar - Infratil Ltd. (IFT) Good 1H on Favourable Rainfall; No Change to Infratil FVE

Report

Morningstar

Adrian Atkins

EUR 101.80 For Business Accounts Only

Good 1H on Favourable Rainfall; No Change to Infratil FVE

Narrow-moat Infratil reported a positive first-half result, broadly as expected. We make minor adjustments to our forecasts and maintain our NZD 3.00 fair value estimate. At current prices, the stock is fairly valued. Underlying EBITDA rose 18% to NZD 291 million, mainly on favourable rainfall for Trustpower and a full period contribution from Canberra Data Centres, or CDC. It wasn't all good though; NZ Bus earnings fell after losing a major contract, poor wind conditions hurt Tilt Renewables, a...

10/11/2017 14 EN

Underlying

Infratil Ltd.

Infratil and its subsidiaries own and operate infrastructure and utility businesses and investments in New Zealand and Australia. Co. and its subsidiaries operate in six business segments: TrustPower, Wellington Airport, NZ Bus, Infratil Energy Australia, Infratil Airports Europe and Other. Trust Power is Co.'s renewable generation investment; Wellington International Airport is Co.'s Wellington Airport Investment; NZ Bus is Co.'s transportation investment; and Infratil Energy Australia (including Perth Energy) is Co.'s non renewable generation investment. The principal investments in the Other segment are Co.'s interests in Z Energy, Metlifecare, RetireAustralia and ASIP.

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NZIFTE0003S3 NZX New Zealand

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company 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 approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 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 and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Adrian Atkins

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Good 1H on Favourable Rainfall; No Change to Infratil FVE

Infratil Limited: 1 director

With a more favourable environment, INFRATIL improves to Slightly Positive

Morningstar | Ceased Coverage on Infratil

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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