MIC

Macquarie Infrastructure Corp

Industrial/Transportation


Presented:07/08/2020
Price:$30.24
Cap:$2.62B
Current Price:$4.09
Cap:$0.36B

Presented

Date07/08/2020
Price$30.24
Market Cap$2.62B
Ent Value$4.92B
P/E Ratio26.97x
Book Value$34.39
Div Yield9.92%
Shares O/S86.74M
Ave Daily Vol996,892
Short Int2.85%

Current

Price$4.09
Market Cap$0.36B
Macquarie Infrastructure Corp. owns and operates a diversified group of businesses providing basic services to customers in the U. S. It operates through the following business segments: Bulk Liquid Terminals Business, International-Matex Tank Terminals (IMTT), Atlantic Aviation and MIC Hawaii. The IMTT segment provides bulk liquid terminalling to third parties in the U.S. and Canada. The Atlantic Aviation segment provides airport services. The MIC Hawaii segment comprises energy services, production and distribution. The company was founded on April 13, 2004 and is headquartered in New York, NY.

Publicly traded companies mentioned herein: Barclays PLC (BCS), Macquarie Infrastructure Corp (MIC), Signature Aviation PLC (SIG LN)

Highlights

The presenter is long shares of Macquarie Infrastructure Corp (MIC), which announced its plan to break up and sell the company in October 2019. MIC consists of three business lines: MIC Hawaii, a local gas utility and the smallest and least attractive asset; IMTT, a commodity storage business that is performing very well, partially due to Q1 contango pushing utilization back to ~95%; and Atlantic Aviation, one of the largest private jet terminal operators in the country (trailing SIG LN), which the presenter believes has upside. The stock is currently trading at ~$30 per share and he has a near-term price target of $38 – $45 per share.

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Idea Discussion

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