Morningstar | Infratil Refocusing on Core Themes of Renewable Energy, Data Storage, and Ageing Populations
Infratil is an investment company with a good track record of creating value. It owns a diverse portfolio of mature cash-generative businesses and higher-growth assets. We believe it has a narrow economic moat based on the quality of its underlying businesses. Its biggest investment is in listed power company Trustpower, New Zealand's fifth-largest power company. We believe Trustpower's efficient scale in the oligopolistic New Zealand market is the wellspring of its economic moat. In our view, Wellington Airport, the third-largest earnings contributor, also benefits from sustainable competitive advantages, given its monopoly position. Strong cash flows from mature businesses position Infratil well for building out its existing wind farm, data centre and retirement platforms. While these industries have favourable demand outlooks, growth will be capital-intensive and long-term returns are uncertain.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.
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.
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