Morgan BellMIG Buys Toll Road in Texas
January 30th 2007 04:01
Macquarie Infrastructure Group is a hugely profitable business and its expansion in the US is continuing. Stay with me for a closer look at this trust.
The news today, 30 January 2007, is that “Macquarie Infrastructure Group has resumed its onslaught on the US toll road market by teaming up with sister US wholesale fund Macquarie Infrastructure Partners to make a binding offer to develop and operate the SH121 toll road in northern Texas.”
“But investors reacted with scepticism to MIG's return to the US acquisition trail. The company's stock closed down 7c yesterday at $3.60.”
“Four private groups are seeking to operate sections of Highway 121, Michael Morris, director of transportation for the North Central Texas Council of Governments, the regional planning agency, told the Dallas Morning News last year.”
“Mr Morris said the winning bid would be at least $US2.5 billion ($3.2 billion) with $US2 billion of that being made as an upfront payment.”
“The road will eventually stretch for 42km and 11km has already been completed and is charging tolls.”
“The two Macquarie Bank-managed funds will own the equity in the new project - if their bid succeeds - but the consortium also includes non-equity partners Kiewit Texas Construction and JD Abrams, a highway contractor.”
“MIG, MIP and their partners hope to hear from the Texas authorities about whether they have won by the end of next month.”
This news was published in the online versiton of The Australian under the title “MIG in toll road pursuit of Texas” and was written by Robert Clow.
Macquarie Infraestructure Group (ASX: MIG) is a hugely successful and profitable trust fund from “the millionaire’s factory,” as Macquarie bank is known.
A look into its financial figures reveals EPS being 19.7 cents from 7.7 cents in 2001, representing a compound annual growth of 20.7 per cent.
Revenues are high at $332.6 million from $80.4 million in 2001.
Net Profit is $317.4 million on a margin of 133.6 per cent, which looks great to me.
MIG’s Return on Equity is 7 per cent.
MIG’s Long Term Debt is $5,019.7 million comprising 43 per cent of capital. I would say MIG cannot take any more debt.
Interest is large at $330.55 million. MIG has Cash Assets of $1,201.734 million.
MIG share price is $3.68 being its Book Value of $2.55 per share.
MIG P/E is 18.7 times and is traditionally high.
End
The news today, 30 January 2007, is that “Macquarie Infrastructure Group has resumed its onslaught on the US toll road market by teaming up with sister US wholesale fund Macquarie Infrastructure Partners to make a binding offer to develop and operate the SH121 toll road in northern Texas.”
“But investors reacted with scepticism to MIG's return to the US acquisition trail. The company's stock closed down 7c yesterday at $3.60.”
“Four private groups are seeking to operate sections of Highway 121, Michael Morris, director of transportation for the North Central Texas Council of Governments, the regional planning agency, told the Dallas Morning News last year.”
“Mr Morris said the winning bid would be at least $US2.5 billion ($3.2 billion) with $US2 billion of that being made as an upfront payment.”
“The road will eventually stretch for 42km and 11km has already been completed and is charging tolls.”
“The two Macquarie Bank-managed funds will own the equity in the new project - if their bid succeeds - but the consortium also includes non-equity partners Kiewit Texas Construction and JD Abrams, a highway contractor.”
“MIG, MIP and their partners hope to hear from the Texas authorities about whether they have won by the end of next month.”
This news was published in the online versiton of The Australian under the title “MIG in toll road pursuit of Texas” and was written by Robert Clow.
Macquarie Infraestructure Group (ASX: MIG) is a hugely successful and profitable trust fund from “the millionaire’s factory,” as Macquarie bank is known.
A look into its financial figures reveals EPS being 19.7 cents from 7.7 cents in 2001, representing a compound annual growth of 20.7 per cent.
Revenues are high at $332.6 million from $80.4 million in 2001.
Net Profit is $317.4 million on a margin of 133.6 per cent, which looks great to me.
MIG’s Return on Equity is 7 per cent.
MIG’s Long Term Debt is $5,019.7 million comprising 43 per cent of capital. I would say MIG cannot take any more debt.
Interest is large at $330.55 million. MIG has Cash Assets of $1,201.734 million.
MIG share price is $3.68 being its Book Value of $2.55 per share.
MIG P/E is 18.7 times and is traditionally high.
End
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