New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Investors in Infratil (IFT) have been richly rewarded over the last three decades, with total returns of almost +20% annually, or ~270x your money.</li><li>Far outpacing Berkshire Hathaway. Over the last three years, IFT has delivered a total return of ~+18% per annum, against a backdrop of rapidly increasing interest rates and negative returns from the S&amp;P/NZX 50. But IFT has had its fair share of consolidation periods.</li><li>We believe the next 12 months is likely to be such a period. The intense good news flow around the sale of DC operator AirTrunk, topped up by the announcement by Contact Energy (CEN) that it wants to acquire Manawa (MNW; 51% owned by IFT), has taken its share price above our spot valuation. </li></ul>

Investors in Infratil (IFT) have been richly rewarded over the last three decades, with total returns of almost +20% annually, or ~270x your money.Far outpacing Berkshire Hathaway. Over the last three years, IFT has delivered a total return of ~+18% per annum, against a backdrop of rapidly increasing interest rates and negative returns from the S&amp;P/NZX 50. But IFT has had its fair share of consolidation periods.We believe the next 12 months is likely to be such a period. The intense good news flow around the sale of DC operator AirTrunk, topped up by the announcement by Contact Energy (CEN) that it wants to acquire Manawa (MNW; 51% owned by IFT), has taken its share price above our spot valuation. 

Infratil - Coming up for Air — Down to NEUTRAL

Infratil Ltd

Infratil - Coming up for Air — Down to NEUTRAL