3i Infrastructure Share Discussion Threads

[jonwig] 09/11/2017 07:26

The usual reliably good performance continued in H1, nav is 177p:



Key portfolio companies are Elenia and AWG: Our investments in AWG and Elenia are both subject to ongoing strategic review and as part of these reviews, offers have been invited. It is possible that this may lead to divestment by the Company of either or both holdings, but there can be no certainty as to the outcome. Both were given valuation uplifts in the half.

The valuation of the third company by size, Oystercatcher, suffered small forex losses.
Infinis (no4) was downgraded as it appears to be a wasting asset.

[davr0s] 25/10/2017 18:53

Retest of the break area so looking for it to find support in this area

[jonwig] 25/10/2017 14:41

See post #165 - maybe speculators expected a quick buck from that? Didn't happen, so move on.

[chc15] 25/10/2017 13:05

yes probably, just don't get the increase..maybe was a buyer out there.

[its the oxman] 25/10/2017 11:44

Yes disappointing pull back, opportunity perhaps.

[chc15] 25/10/2017 10:44

Hmmm, back down to earth, what happened last few days?

[jonwig] 18/10/2017 18:23

Would be nice to have something on Elenia and even AWG so long as positive.

[its the oxman] 18/10/2017 13:28

210p for starters hopefully.

[its the oxman] 12/10/2017 22:22

Overdue a rally here.

[jonwig] 06/10/2017 19:07

Just to repeat, 3i's 39.3% stake in Elenia was last valued at £413m. On the basis of a €3bn (£2.9bn) takeout it would be worth £1,140m - an uplift of £727m, or 70p/sh. That's non-trivial!

But what about the supposed sale of AWG? Labour's threats might influence things there.

[jonwig] 06/10/2017 14:41

Thanks Stevie! So €3bn. However, will the EU raise objections on strategic ownership? There might be a delay, if nothing else.

[stevie blunder] 20/8/2017 08:48

Many thanks Jonwig.

[jonwig] 19/8/2017 12:32

This is the Bloomberg link from the last post, which I couldn't get before:

[jonwig] 15/8/2017 06:44

More on possible sale of AWG and (more significantly) Elenia, first mooted in early 2016:



Significant cash uplifts to look forward to here?

[jonwig] 09/7/2017 07:20

Potential sale of AWG could be affected by new OFWAT proposals for price curbs:



At best, valuatio could be hit. sale could even abort. UU. share price tells all.

[jonwig] 27/6/2017 12:40

Possible sale of AWG:

The Board of 3i Infrastructure plc (the "Company") notes the press speculation regarding a potential sale of its interest in Anglian Water Group ("AWG"). The Company confirms that it is considering options in relation to its holding in AWG which is held through 3i Osprey LP, a partnership managed by 3i Investments plc, the Company's investment adviser. These considerations are at an early stage and, as such, there can be no certainty that they will lead to a sale of all or any of the Company's interest in AWG.

This is what they said in May (results to 31/03/17):

AWG was valued at £280.8 million at March 2017 (2016: £255.0 million). The business performed well during the year, with operational performance and income levels in line with expectations and the valuation benefited from higher expectations of UK RPI. The business is on track to deliver well against its regulatory settlement for the 2015-2020 regulatory period, or AMP6.

Suggests to me they will want £300m or more. And what will they do with it? ROC I hope if they've no big ideas. (30p a share.)

[jonwig] 11/5/2017 07:37

FY results:



NAV per share is 169p, giving a premium of 15%, which looks lower than the norm for this company. I can't see anything to get excited about - or concerned about!

[robbiereliable] 31/3/2017 08:06

Patience rewarded with this one.

[its the oxman] 22/12/2016 15:47

Be nice to retest 200p again. Starting to creep up again possibly.

[jimcar] 29/11/2016 20:06

Thnx for your views jonwig

[jonwig] 29/11/2016 17:04

8w - true! But the inflation return is real, the discount rate elective.

[8w] 29/11/2016 17:01

Bond sell off is occurring for a number of reasons but the in the mix is the possibility of higher inflation. Return on infrastructure investments is often linked to rate of inflation..... what you lose on the swings you gain on the roundabouts

[jonwig] 29/11/2016 17:00

EGL? I actually held the old Ecofin Trust [ECWO] for a while. They aren't comparable - 3IN essentially buys whole businesses and runs them. And a different mix, too. I think the Finnish business Elenia is susceptible to a big value uplift (this has been discussed here) and might go somewhere toexplain the premium.

EDIT: should have added: the Ecofin is valued on quoted share prices, 3IN on discounted cashflow from its investee companies. Hence not comparable.

[jimcar] 29/11/2016 16:25

Jonwig How do you rate this compared to EGL? EGL seems more energy, gearing but a big discount to NAV, 3IN seems to have nicer assets but I can't see how the premium can hold.