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Company Information

Company at a Glance

Industry:
Transportation Infrastructure
Fiscal Year-End:
n/a NaN

Company Overview

Australian Infrastructure Fund (AIX) is an Australian diversified listed infrastructure fund. Its stapled securities combine units in Australian Infrastructure Fund Trust and shares in Australian Infrastructure Fund Limited. It is managed by Hastings Funds Management which in turn, is owned by Westpac Banking Corporation. Transport infrastructure assets account for 100% of the company's portfolio which include; airports, seaports, toll roads and rail.

Company History

AIX was listed in 1997. In 1998, AIX expanded its toll road interests with acquisitions of Commonwealth Bank's holdings in Statewide Roads (M4). AIX has grown primarily via acquisition. The most recent acquisition was Hochtief Airport with its holdings in Athens, Düsseldorf, Hamburg and Sydney airports.

Industries Of Operation

AIX has a portfolio of international airports, Victorian seaports, Toll Roads and the Sydney Metro Light Rail system. Airports represent about 90% of total assets.

Differentiating Factor

AIX is a small-cap, diversified transport infrastructure stock, providing a partly franked yield. Its underlying minority interest investments are predominantly in airports, like MAP. While MAP boasts control of its airport assets, it charges a lucrative half-yearly management performance fee, while AIX does not. Hastings Fund Management brings strong expertise in airports and ports.

Major Customers & Competitors

Airports generally are regional monopolies and, as such, do not have natural competitors. Customers include commuters, tourists and commercial freight. The ports of Geelong and Portland serve the forestry, agriculture and mineral processing industries (again with no natural competitors).

Research provided by  

Market Statistics

Market Cap ($M):
1,117.3
Equiv. Shares (M):
620.7
% All Ords:
0.09
12Mth Range ($):
1.41 - 2.09
Turnover ($M pa):
796.8
Index:
S&P/ASX 200
Sector:
Industrials
Industry Group:
Transportation
Industry:
Transportation Infrastructure
Sub Industry:
Airport Services

Last 5 Market Sensitive Announcements

Date
Announcment
28-Jul-10 17:11
NT Airports passenger numbers
26-Jul-10 12:11
AIX`s Australian airports continue to grow strongly
17-Jun-10 17:30
Estimated distribution for the six months to 30 June 2010
17-Jun-10 12:01
AIX acquires additional stake in APAC
26-May-10 09:48
Update Impressive passenger growth for AIX airports

Calendar Of Events

Date
Event
30-Aug-10
Dividend Date Payable for Final Year Result (5c 0% franked)
30-Jun-10
Dividend Record Date for Final Year Result (5c 0% franked)
24-Jun-10
Dividend Ex-Dividend Date for Final Year Result (5c 0% franked)
26-Feb-10
Dividend Date Payable for Half Yearly Result (5c % franked)
19-Feb-10
Reporting Date for Half Yearly Result

Directors

Name
Position
P Espie
Chairman/Non-Executive Director
L Forde
Director/Chairman
J F Harvey
Non-executive Director
R Tsenin
Non-Executive Director
J McDonald
Independent Non-Executive Director
S R Boulton
Director
S Gibbs
Non-executive and Independent director
A Cameron
Independent Director
M Hutchinson
Director

Management

Name
Position
S Boulton
CEO
P Mcgregor
Chief Operating Officer
J Pollock
Chief Executive Officer

Substantial Shareholders

Name
% Holding
Barclays Group
7.3
LOOF Holdings Limited
6.2

Consensus Recommendation Summary


0
0
2
3
4
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 9

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 17.2 21.5
EPS Growth (%)   25.4
P/E Ratio (x) 10.5 8.4
P/E Rel. All Ords (x) 0.94 n/a
P/E Rel. Sector (x) n/a n/a
Number of Brokers in Earnings Survey: 9 8

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Historical Forecast Earnings And Recommendations

Consensus Recommendations

Consensus information provided by Reuters.

Consensus EPS Forecasts 1

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Peer Recommendation Comparison

  P/E (x) EPS Chg (%) Dividend Yield (%) MktCap ($M) Price ($) Consensus Rec
  09A 09A 09A    
Transurban (<99) (85.2) 5.3 6,337.7 4.48 Out Perf.
Qantas Airways 29.2 (82.1) 3.0 5,594.9 2.47 Out Perf.
MAp Airports Limited 13.8 (203.0) 7.1 5,509.2 2.96 Out Perf.
Asciano Group >99 (70.5) 0.0 4,945.1 1.69 Out Perf.
Aust. Infrastructure Fund 5.1 (46.1) 9.6 1,117.3 1.80 Out Perf.

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