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Company Information

Company at a Glance

Industry:
Multi-Utilities
Fiscal Year-End:
n/a NaN

Company Overview

Challenger Infrastructure Fund (CIF) was established to provide investors with access to a global portfolio of utility and infrastructure investments which offer a combination of long-term, predictable income streams and potential for capital growth. CIF consists of two stapled registered managed investment schemes, CIF Investment Trusts 1 & 2. Its assets are mainly located within the United Kingdom.

Company History

CIF listed on the ASX on 19 August, 2005 with three UK-based seed assets bought from Challenger. Over the next two years it bought stakes in Inexus, LBC, Southern Water and helped fund an acquisition by one of the seed assets. The infrastructure bubble burst with the GFC and CIF sold four assets, including the seed assets, to reduce gearing. It now owns just two, Inexus and LBC.

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

CIF offers exposure to the UK housing market and bulk chemical storage markets in Europe and the US.

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 ($M):
431.7
Equiv. Shares (M):
318.6
% All Ords:
0.03
12Mth Range ($):
1.28 - 2.06
Turnover ($M pa):
112.6
Index:
S&P/ASX 200
Sector:
Utilities
Industry Group:
Utilities
Industry:
Multi-Utilities
Sub Industry:
Multi-Utilities

Last 5 Market Sensitive Announcements

Date
Announcment
10-Jun-10 09:51
Estimated distribution for 6 months ending 30 June 2010
29-Mar-10 17:54
Appendix 3D
26-Mar-10 08:58
CIF Change of Chief Executive
18-Feb-10 09:46
Appendix 4D
12-Feb-10 09:31
CIF Repays Redeemable Preference Securities

Calendar Of Events

Date
Event
30-Aug-10
Dividend Date Payable for Final Year Result (7c 0% franked)
19-Aug-10
Reporting Date for Final Year Result
30-Jun-10
Dividend Record Date for Final Year Result (7c 0% franked)
24-Jun-10
Dividend Ex-Dividend Date for Final Year Result (7c 0% franked)
25-Feb-10
Dividend Date Payable for Half Yearly Result (7c % 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 E Pahljina
CEO

Substantial Shareholders

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

Consensus Recommendation Summary


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

Number of Brokers in Recommendation Summary: 5

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 21.9 14.0
EPS Growth (%)   -36.3
P/E Ratio (x) 6.2 9.7
P/E Rel. All Ords (x) 0.55 n/a
P/E Rel. Sector (x) n/a n/a
Number of Brokers in Earnings Survey: 1 2

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 5.8 4.0 5.6 1,758.1 3.52 Out Perf.
NAB Income Securities n/a n/a n/a 1,544.0 77.01 none
CBA PERLS III n/a n/a n/a 1,044.0 179.00 none
Westpac TPS n/a n/a n/a 682.7 89.60 none
Challenger Infrastructure Fund (11.7) (48.7) 13.3 431.7 1.36 Out Perf.

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