I get this sense that Infratil is getting frustrated that the market isn't fairly reflecting the value of CDC in our share price, first time they have released the numbers prematurely to interim results. Normally it's just the Dec number released independantly.
CDC, One, Manawa, Longroad, Wellington Airport and you're at our current MCAP, incl. cash and debt.
That's excluding the recent benefits of the IRA on Longroad + valuation issue re 4yr project horizon is a drop in value, trading momentum with One or the past media speculated $1B value for RetireAus (IFT 50%) when they conducted the strategic review. While others don't agree, I do believe the best guide for this business is the sum-of-all-parts as I would argue it gets you in the proximatey of fair value. Obvisouly, if you're really savy you can work out tax and fees.
Going forward, I'd like more detail on Galileo and Kao as both I believe may offer a sudden uplift in valuation.
On another note, hopefully a decent uplift in the div due to One NZ ownership and it's a shame to see our "CFO of the year" go, was a privilege.
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