The discount to NTA is made all the more surprising by conservative elements of the valuation, particularly the cost of equity.
IMO, there is significant refinancing potential for the underlying assets in the short to medium term and re-rating potential for the fund.
Personally, I'd prefer them to be more aggressive. At ~40% debt/EV at the asset level and no debt at fund level they could be accused of laziness rather than prudence - but I guess that is why BAA became a target?
Does anyone know the nature / terms of the pre-empts mentioned in the April presentation to the UBS transport conference?
Always DYOR.
possible big deals and better scale, page-7
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