Macquarie introduced the asset class of infrastructure to the ASX in the mid 90s. They were stapled securities. The financial engineeers at MBL as it was then sliced and diced the assets until they wrung out the last cent of profit.
Generally the broking community have very little affinity with this asset class. PEs and PEGs etc, ROEs and ROAs have little if anything to add when valuing these assets. And so the broking community throw up their hands in partial disgust.
But the superannuation outfits cannot get enough. So I am with them
The CEO of TCL during the GFC did two very good things:
(1) He greatly reduced the role that debt played in the asset class..............away from the MBL model that eventually died with MIG
(2) He prevented the Canadian pension from taking over TCL...............a fate that fell to CEU under Mr Sheppard
TCL Price at posting:
$9.97 Sentiment: Hold Disclosure: Held
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