2020 Seaports and Covid
Seaports, like airports, are considered high quality, low risk monopoly infrastructure assets. Both port types traded around 20x...
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Oct 2, 20206 min read
A gas lead recovery from Covid-19 – Pipe dream or Hot Air?
First apologies for the two dad jokes in the one headline – but how often do you get a chance like that😊! The past few weeks have seen a...
Oct 2, 20204 min read
Covid-19 and infrastructure six months on
It was six months ago that team Infradebt was just settling into working from home and putting the finishing touches on our March quarter...
Oct 2, 20203 min read
Duration discount rates and the grumpy views of a middle-aged man….
Over the past few years investors have become obsessed with the record low level of interest rates. Interest rates are the fundamental...
Oct 2, 20204 min read
Chasing yield at the zero bound
A common analogy for a range of yield chasing strategies is “picking up pennies in front of a steam roller”. While this expression is...
Jul 6, 20209 min read
Five Faces of Inflation
The unprecedented monetary response to Covid-19 has sparked a storm of commentary in the financial media (and Twitter) about whether...
Jul 6, 20205 min read
Airports 2020 Q2
Airports are considered high quality, low-risk monopoly infrastructure assets. Prior to the onset of Covid-19 the trailing EV/EBITDAC of...
Jul 5, 20201 min read
COVID-19 Charts
The last four months have been surreal to say the least. We have all felt some form of step change in our lives. But the nagging question...
Jul 5, 20205 min read
Renewable Electricity Policy
The typical new solar or wind farm project has a forecast operating life of 25 to 30 years. In this context, when looking at the current...
May 27, 20204 min read
Photon Energy to Add 14 MWp to its PV portfolio in Australia
· The Company has reached financial close for the construction of two PV power plants with a combined capacity of 14 MWp in Leeton, New...
Apr 4, 20204 min read
This time is different
The saying goes that “This time is different” are the four most expensive words in finance! Well ignoring that – here goes – this is how...
Apr 3, 20204 min read
Key risks – an infrastructure sectoral view
The COVID19 crisis and ensuing credit crunch will hit different assets in different ways. The intention of this article is to provide a...
Apr 3, 20203 min read
Signposts
On the 23rd of January, while most of us didn’t know it, China locked down the entire province of Wuhan, and the world fundamentally...
Dec 17, 20192 min read
IEF & CEFC finance Enerparc NSW Solar Farms
Infradebt and Enerparc Australia (Enerparc) are pleased to announce the close of a A$8.5 million senior debt facility for Enerparc’s Peak...
Oct 31, 20194 min read
Inflation and Infrastructure Equity Returns – A case of high expectations
Most infrastructure equity investors adopt inflation assumptions in line with the mid-point of the RBA target band – 2.5% per annum. This...
Oct 31, 20193 min read
Regulated WACCs
The Australian 10 year government bond has fallen from 2.7% in 2018 to around 1.0% this quarter. Over the same period of time, there has...
Oct 31, 20192 min read
Airports
Australian airports have been very attractive infrastructure investments. The core of their strong investment returns has been the...
Jul 9, 20192 min read
Weak passenger growth trends for airports
Sydney airport is Australia’s largest airport and releases monthly data on passenger and aircraft movements. This provides a near real...
Jul 9, 20193 min read
Lower base rates - which infrastructure sector wins most?
While the previous article focused on the long-term impact of lower interest rates from an investors’ perspective – it is worth looking...
Jul 9, 20192 min read
Low Interest Rates – the Future Eaters for Long-term Savers
Modern monetary policy (not to be confused with modern monetary theory) has evolved to a point where central banks actively manage...
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