Infratil Posts Soft First Half and Downgrades Guidance; FVE Trimmed to NZD 3.30
Infratil posted a soft first-half result and downgraded full-year EBITDA guidance to the bottom of the previously disclosed range of NZD 485-525 million. We bring our fiscal 2017 EBITDA forecast in line, and pare back medium-term growth given headwinds to Perth Energy and NZ Bus. We reduce our fair value estimate to NZD 3.30 from NZD 3.50 per share. At the current price of NZD 2.90, Infratil is trading at a 12% discount to our valuation. It offers a 5.2% fully imputed dividend yield, with long-t...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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