Liquidated another investment today to increase my holding in IFT.
Full-year results saw yet another increase in CDC's valuation to $3.11B, Vodafone midpoint of $1.67B, Manawa Energy at $1.1B, with cash of ~$503m post incentive fees. That alone is $6.38B vs current mcap of $5.86B. All figures in NZD. Obviously, bonds need to be considered.
Let's add ~$500m in RetireAus, $235m for Longroad, $722m for the diagnostic platform and $580m for Wellington Airport. Furthermore, when asked in the results presentation if Jason believed they'd actually get $3.1B for CDC, they said yes and they believed that was on the conservative end.
Based on the most updated valuations (31/03/2022), subtracting incentive fees and bonds, my fair price per IFT share based on the assets themselves is ~$10.43 NZD. We aren't even talking future cashflow yet or pipeline for growth (literally all of them have some form of pipeline).
Hypothetically, including a takeover premuim I'd expect the offer price to be between $12.52-$13.56 NZD. I still wouldn't sell though, long-term infrastructure play for me this one hopefully
But yes, I have released some capital, I'm hoping for some selling pressure from wall street to overflow into local markets to help accumulate more in the $6.50-$7 range in the coming weeks.
Cheers,
Dalto24
IFT Price at posting:
$7.48 Sentiment: Buy Disclosure: Held
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