Macq Comm Infra Group (MCG AU, price $0.84) Outperform
Transmission is steady over debt refi.
• Broadcast Australia, 100% owned by MCG, announces the refinancing of $250m MTN bonds back into the bank market with a maturity of Jan 2012.
• We have revised cash earnings up approximately 3.4%.
• We believe MCG is undervalued. Our target price is $3.30 (and we estimate an internal management NAV at $5.20.5.70 per share). Outperform
MCG
macquarie communications infrastructure group
