Good Result for Infratil, But Subdued Outlook Triggers FVE Downgrade to NZD 3
Narrow moat-rated Infratil beat expectations in fiscal 2017 with underlying EBITDA up 12% to NZD 520 million, ahead of the midpoint of guidance and our forecast by 5% thanks to favourable weather boosting Trustpower’s and Tilt Renewable's generation late in the year. Underlying earnings (before minorities) of NZD 143 million were 15% above our expectations. However, the outlook is subdued and guidance is for EBITDA to fall to between NZD 460 and 500 million in fiscal 2018. We leave our fiscal 20...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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