Yes MIG's miserable performance these past 3 or 4 years seems to go by without derisive comment.
Institutions seem to love it...ABNamro Morgan's have had a target price of $4.30 for as long as I can recall.
I attended the MIG investor presentation [sponsored by ABNamro Morgans] at the flash Westin Hotel in Sydney last week...if nothing else this mob owed me a lunch.
The departing CEO, a Mr Allen, was impressive, erudite and completely across the business of what he referred to as "selling time" [ie fast moving toll roads]. I guess you could make a case that Qantas and all other airlines, are in the same business of "selling time"
MIG makes big money [it is exceptionally good at what it does], Macquarie Bank and its senior executives do very nicely out of MIG and the other MBL infrastructure entities.
Mr Allen lamented the fact that MIG was not in a position to develop, market and distribute an "Apple like I-pod" which would give the SP a boost...fair enough.
Owning stapled securities in MIG is like taking a ride in one of their slow lanes; the return to security holders twice a year is OK...and every now and again they'll invite you to lunch.
MIG Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
