Tuesday, May 13, 2008

Macquarie Power & Infrastructure Income Fund - (MPT.UN)

Macquarie Power & Infrastructure Income Fund invests in essential infrastructure assets, with an emphasis on power infrastructure.

MPT's POWER PORTFOLIO INCLUDES:
-Gas Cogeneration – Cardinal, a 156 MW gas cogeneration plant, is located in Cardinal, Ontario.

-Wind – MPT owns the 99 MW Erie Shores Wind Farm in Port Burwell, Ontario, which currently represents about 6% of Canada's installed wind capacity.

-Hydro – MPT owns four hydroelectric facilities, located in Dryden and Marathon, Ontario, and Sechelt and Dease Lake, British Columbia, totalling 36 MW.

-Biomass – MPT owns a 28 MW biomass facility in Whitecourt, Alberta, and holds investments in a 31 MW facility located in Chapais, Quebec.


MPT's SOCIAL INFRASTRUCTURE INCLUDES:
An indirect 45% investment in Leisureworld, which is currently the fourth largest provider of long-term care (LTC) homes in Ontario.

FINANCIAL HIGHLIGHTS:
-I have listened to the last conference call and management seemed to be very conservative and selective in any growth opportunities that they’ll investigate in the future.
-12.2% yield
-They have provided 2008 payout ratio guidance in the range of 95%-100%
-Trading at approximately book value
-Involved in recession resistant, government regulated industries.
-S&P stability rating of SR-2 which is the second highest rating and described by S&P as “An entity rated ‘SR-2’ has a VERY HIGH level of distributable cash flow generation stability.”
-Estimated 2008 PE - 21X
-Estimated 2009 PE – 17X
-Although this trust is fairly small ($420 million market cap) their income streams are diversified with 23% of distributable cash from their investment in Leisure World with the remainder coming from their power generation facilities.
-One note of caution is they do pay relatively high fees to their Australian based parent company “The Macquarie Group”
-TDWaterhouse rates them a very strong buy with a $10.00 one year target price (recently reduced from $10.50).

[I do not own units of MPT.UN. As always please do your own research and consult your own financial advisor before making any decisions.]

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Anonymous said...

Is this the same Leisureworld that I read about in the Toronto Star this morning under the headline "Nursing Home Crackdown"? Something about 2 patients dying and a police investigation.

http://healthzone.ca/health/article/426001

What impact might this have?

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Bill,

That is indeed the same Leisureworld. I'm not sure what impact this will have... I suppose it depends on what's revealed in the investigation (if one is even required). My guess would be that I probably won't have much impact though.

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