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In reply to: eiffage21 on Monday 30/07/07 11:03am

On Friday MAp announced its holding in JAT, being a beneficial 4.79 purchased for $94m...funded from cash reserves.


They bought this on PE of 12xEV/EBITDA....in a market where assets were being privatised at over 20x.


This is looking like a copy of their purchase of Copenhagen Airport (CPH). From an initial stake of 11% in Feb 2005...MAP ended up acquiring a controlling interest of 53% by Jan 06. It paid c12xEV/EBITDA .


MAP has over $2.1b in cash....so really can afford to pay what ever price it likes.


Over the years MAp has been accused of over paying for assets (I have often made that claim when speaking with management) but they have done very well in securing new assets thus far....with all purchases proving to be very well picked up.


MBL earns massive fees out of these vehicles, and one could argue that the more they spend, the better off they are....but at the end of the day...these guys are world class as establishing these trusts, and sourcing assets. First mover advantage certainly is a massive advantage, but MBL has people on the ground....everywhere, sourcing deals for this octupus.





I hold.


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In reply to: Daz on Monday 30/07/07 12:40pm

there is a DRP(I participate).


the sept results will be released in nov with the div annoucement.


if you hold till then, hopefully this correction is just a blip.


MAP has only overpaid Sydney airport(it is performing extremely well) - all the other assets were bargains. I am holding MAP for the longer term.

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In reply to: eiffage21 on Monday 30/07/07 01:03pm

obviously i can see sydney demanding a good price for it


so that is not of a concern


buying anything under pe 15 is very prudent management skillz



just that jimmy guy saying MBL is his #1 short is a bit mm over the top possibly


cheers eif


i will hold LT and will also participate in the DRP scheme

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In reply to: Daz on Monday 30/07/07 04:00pm

old jim has to make a living - so he wrote a 'manual' on why he is shorting MBL so that he can make a killing on his short . He no longer owns MBL shares.


seen a substantial notice today that AXA has increased their holding from 5% to 6% in MBL.


Expect an interim div of $1.25. At PE x14, Christmas has arrived early for the Future Fund which must be buying this stock.

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In reply to: snakecatcher on Monday 30/07/07 05:23pm

i brought today , 79.77 to be exact hehe http://www.sharescene.com/html/emoticons/tongue.gif

only 2/3 of what i wanted though


other 1/3 just in case it tanks a bit more http://www.sharescene.com/html/emoticons/tongue.gif



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In reply to: Daz on Monday 30/07/07 10:48pm

Good on you Daz,

would love to buy more of these oversold shares, alas, money is the problem, somehow still prefer a roof over my head then shares in MBL. Have a good day and lets hope that from now on the sp will fly. http://www.sharescene.com/html/emoticons/wub.gif

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from CitiSB


Macquarie Bank Ltd

Upgrading EarningsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¦Again

MBL's quarterly fund update revealed 12% AUM (assets under management)

growth to $220.5bn in the 3 months to June following extremely strong flows into

structured products and retail funds ahead of the 1 July legislative changes. The

resulting impact on base and advisory fees sees us raise our core EPS forecasts

by 2%-4% p.a. over FY08e-FY10e. Our target price rises 7% to $122.88. Buy.

The strong AUM uplift appears largely related to Australia's superannuation

legislation changes that took effect on 1 July 2007, with $9.6bn of AUM flowing

into structured products and retail funds in the June quarter. We also note the

strong growth in infrastructure AUM (+13% to $112.4bn) due to the deployment of

capital from recently launched unlisted funds (e.g. Airwave O2, National Grid

Wireless) and some asset revaluations.

We now forecast base fee growth of 48% to $1.16bn in FY08e, or 14% of group

operating income (FY07: 11%). In contrast, we forecast asset realization gains to

fall 30% to $980m, or 11% of group operating income (FY07: 19%). Further, we

estimate the group has already locked in about half of our asset gain estimate.

We reiterate our Buy call and $122.88 target price and continue to view

consensus earnings as too low in light of the strong operating conditions, while

the stock's PER continues to track near 10-year lows.

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