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Company Information

Company at a Glance

Industry:
Multi-Utilities
Fiscal Year-End:
Jun 10

Company Overview

CIF was established to develop a diversified portfolio of global infrastructure assets. CIF may acquire whole assets or participate in investment consortia comprising leading industry players to acquire controlling or minority interest. It invests in regulated and contracted monopoly-like assets. Its portfolio comprises two key assets: Inexus Group (Holdings) Limited (Inexus) and Challenger LBC Terminals Jersey Limited (LBC).

Company History

CIF listed on the ASX on 19 August, 2005.

Industries Of Operation

CIF operates in the Financial sector, as an Infrastructure Fund. Infrastructure funds invest in public infrastructure assets including transportation, communication and utility facilities.

Differentiating Factor

Leveraging from the Challenger Group, CIF will benefit from the skills and investment expertise of one of Australia’s largest asset managers.

Major Customers & Competitors

CIF owns essential assets that have monopoly type characteristics. Its key customers are developers that contract Inexus to construct the utility connections to residential developments and the utility companies that use the connections to transport gas and power. LBC's main customers are the users of its liquid bulk chemical storage facilities..

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Market Statistics

Market Cap ($M):
533.4
Equiv. Shares (M):
335.9
% All Ords:
0.03
12Mth Range ($):
1.20 - 2.06
Turnover ($M pa):
104.1
Index:
S&P/ASX 200
Sector:
Utilities
Industry Group:
Utilities
Industry:
Multi-Utilities
Sub Industry:
Multi-Utilities

Last 5 Market Sensitive Announcements

Date
Announcment
22-Dec-09 14:12
Changes relating to buy-back - Appendix 3D
22-Dec-09 09:52
Inexus secures London`s Kings Cross Redevelopment
18-Dec-09 09:28
CIF Estimated Distribution of 7 cents per security
17-Dec-09 09:11
Inexus Successfully Refinances GBP461 Million
11-Nov-09 09:01
Sale of Southern Water at NAV

Calendar Of Events

Date
Event
25-Feb-10
Dividend Date Payable for Half Yearly Result (7c % franked)
18-Feb-10
Reporting Date for Half Yearly Result
31-Dec-09
Dividend Record Date for Half Yearly Result (7c % franked)
23-Dec-09
Dividend Ex-Dividend Date for Half Yearly Result (7c % franked)
27-Aug-09
Dividend Date Payable for Final Year Result (8c 0% franked)

Directors

Name
Position
R Woods
Director
I M Martens
Director
I R Moore
Director
G McWilliam
Director
B Shanahan
Chairman
Mr B O’Connor
Director
M Cole
Independent director

Management

Name
Position
Mr S Bickerton
Chief Executive Officer

Substantial Shareholders

Name
% Holding
Challenger Financial Services
37.1
Deutsche Bank
19.5
Arkmile Limited
10.2

Consensus Recommendation Summary


0
1
2
0
2
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 5

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 14.3 7.5
EPS Growth (%)   -47.8
P/E Ratio (x) 11.4 21.8
P/E Rel. All Ords (x) 0.78 1.80
P/E Rel. Sector (x) 0.93 1.88
Number of Brokers in Earnings Survey: 2 3

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    
Challenger Financial Services 9.8 12.8 3.5 2,061.7 3.69 Out Perf.
CBA PERLS III n/a n/a n/a 1,003.2 170.30 none
Westpac TPS n/a n/a n/a 659.8 86.50 none
IAG Finance (New Zealand) Limited RES n/a n/a n/a 550.0 99.91 none
Challenger Infrastructure Fund 13.1 (8.8) 12.3 547.5 1.63 Out Perf.

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