3i Infrastructure Share Discussion Threads

[davr0s] 12/12/2017 20:21

But if it were 3bn then 3in share would be 1.2m so very good. Could be interesting days ahead

[jonwig] 12/12/2017 20:01

DavRos - yes, I've just done the rough sums and there seems to be no uplift to 3IN's equity. (My misinterpretation was the assumption that the equity of Elenia would be worth €3bn. This was never made clear before.) Damn!

They've done special dividends in the past, so any decent uplift would probably result in one.

[davr0s] 12/12/2017 19:58

So trying to get my head around this. They've got it on there books at a tad over 400m and I think I read they own just over 40% so if it's sold for 1bn that's broadly neutral. So a bigger value would clearly be very good. Have I got this all right! If they get a lot more have they indicated what they plan to do with the proceeds

[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 17:53

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

[jonwig] 25/10/2017 13:41

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

[chc15] 25/10/2017 12:05

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

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

Yes disappointing pull back, opportunity perhaps.

[chc15] 25/10/2017 09:44

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

[jonwig] 18/10/2017 17:23

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

[its the oxman] 18/10/2017 12:28

210p for starters hopefully.

[its the oxman] 12/10/2017 21:22

Overdue a rally here.

[jonwig] 06/10/2017 18:07

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 13:41

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 07:48

Many thanks Jonwig.

[jonwig] 19/8/2017 11:32

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

[jonwig] 15/8/2017 05:44

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 06:20

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 11:40

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 06:37

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 07:06

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