When it comes to finding companies to research, there are so many that are just no worth looking at. Infratil is not one of them, I like this business, the way they are managed, and the investments they have and continue to make.

This is one I first came across when looking to tender for services for one of the businesses they own. Always good to see who you might end up working with and how to weave a story. 

It was interesting to learn the business was the world's first listed infrastructure fund when listed on the NZX in 1994.

My back o’ the envelope intrinsic value calculation is they shares are worth about 15% more than the current price (which has run hard). I like their investments, and their reasonably clean balance sheet.  

They recently recapitalised and now have a problem. What to do with a billion dollars? How many companies would like to have that problem? I like they are thinking carefully around the deployment and how they will compliment current holdings. Their most recent acquisitions appear to have been sensible and reasonably well-integrated – this is QScan and Pacific Radiology.

One other thing I appreciate is they are also seem to consider risks carefully. Staying in known markets when expanding geographies, not doubling down on market and geo compounding risk.

Phillippa Harford, the CFO, also just seems to be eminently sensible. 

Don’t currently hold, but this one is definitely on the watchlist as a foundation holding.