Reported Earnings • May 03
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: US$0.13 (down from US$0.16 in 1Q 2021). Revenue: US$68.7m (down 74% from 1Q 2021). Net income: US$11.4m (down 17% from 1Q 2021). Profit margin: 17% (up from 5.2% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 37%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Independent Director Mandy Brock was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: US$3.42 loss per share (down from US$1.11 loss in FY 2020). Revenue: US$236.0m (up 31% from FY 2020). Net loss: US$300.3m (loss widened 211% from FY 2020). Revenue missed analyst estimates by 37%. Earnings per share (EPS) also missed analyst estimates by 42,447%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 03
Third quarter 2021 earnings released: US$3.13 loss per share (vs US$1.82 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: US$60.1m (down 70% from 3Q 2020). Net loss: US$274.7m (loss widened 74% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. Independent Director Mandy Brock was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Oct 07
Principal Accounting Officer Robert Choi has left the company On the 30th of September, Robert Choi's tenure as Principal Accounting Officer ended after 6.3 years in the role. We don't have any record of a personal shareholding under Robert's name. Robert is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.33 years. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. Independent Director Mandy Brock was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 01
Inaugural dividend of US$37.39 per share Eligible shareholders must have bought the stock before 08 October 2021. Payment date: 07 October 2021. The company last paid an ordinary dividend in February 2020. The average dividend yield among industry peers is 2.9%. Price Target Changed • Aug 12
Price target increased to US$42.00 Up from US$38.00, the current price target is provided by 1 analyst. New target price is 6.6% above last closing price of US$39.39. Stock is up 29% over the past year. Announcement • Aug 05
Macquarie Infrastructure Corporation Withdraws Financial Guidance for the Year 2021 Macquarie Infrastructure Corporation withdraw financial guidance for the year 2021. With the announced sales of Atlantic Aviation and MIC Hawaii, the company will no longer provide outlook on the performance of its businesses and is withdrawing its previously provided guidance. Price Target Changed • Jun 17
Price target increased to US$42.00 Up from US$37.67, the current price target is provided by 1 analyst. New target price is 7.5% above last closing price of US$39.08. Stock is up 24% over the past year. Announcement • Jun 16
Argo Infrastructure Partners LP agreed to acquire The Gas Company, LLC from Macquarie Infrastructure Corporation (NYSE:MIC) for approximately $510 million. Argo Infrastructure Partners LP agreed to acquire The Gas Company, LLC from Macquarie Infrastructure Corporation (NYSE:MIC) for approximately $510 million on June 14, 2021. Under the terms of the merger agreement, at closing, Argo will pay the merger consideration to unitholders, and fund transaction costs and fund a disposition payment to MIC’s external manager of approximately $82 million if the merger closes on or before July 1, 2022 or $57 million if the merger closes after this date. At closing the Company’s MIC Hawaii businesses will become a wholly-owned subsidiary of Argo for expected consideration of $3.83 per unit. Unitholders are expected to receive $3.83 per unit net of an additional payment to the MIC's external manager if the merger closes on or before July 1, 2022. If the merger closes after this date, unitholders will receive consideration of $4.11 per unit. The terms of the merger agreement correspond to an enterprise value for MIC Hawaii of $514 million including assumed debt and transaction costs resulting in a multiple of 2021 Earnings Before Interest Taxes and Depreciation (EBITDA) of 12.9 times. Upon closing MIC will no longer be a publicly traded company. The transaction is expected to close in the first half of 2022 subject to customary approvals, including by the Hawaii Public Utilities Commission and by MIC shareholders and the prior closing of the previously announced sale of MIC’s Atlantic Aviation business. MIC intends to seek shareholder approval for both the merger and the sale of Atlantic Aviation at a Special Meeting of Shareholders in 2021. The proceeds were used to eliminate holding company level debt with the remainder distributed to shareholders as a special dividend of $11.00 per share in cash in January 2021.
Macquarie Infrastructure Corporation will pay termination fee of $13.6 million and Argo Infrastructure Partners LP will pay termination fee of $22.7 million. Lazard Frères & Co. LLC and Evercore Group L.L.C. acted as financial advisors and fairness opinion providers and White & Case LLP acted as legal advisor to Macquarie Infrastructure Corporation. Mayer Brown LLP acted as legal advisor to Argo. Reported Earnings • May 06
First quarter 2021 earnings released: EPS US$0.16 (vs US$0.081 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$264.2m (down 7.1% from 1Q 2020). Net income: US$13.8m (up US$20.8m from 1Q 2020). Profit margin: 5.2% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 19
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 37%. Earnings per share (EPS) exceeded analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 18%, compared to a 10% growth forecast for the Infrastructure industry in the US. Announcement • Feb 06
Macquarie Infrastructure Corporation to Report Q4, 2020 Results on Feb 17, 2021 Macquarie Infrastructure Corporation announced that they will report Q4, 2020 results on Feb 17, 2021 Price Target Changed • Feb 03
Price target lowered to US$34.67 Down from US$38.00, the current price target is provided by 1 analyst. The new target price is 20% above the current share price of US$28.98. As of last close, the stock is down 35% over the past year. Is New 90 Day High Low • Jan 06
New 90-day high: US$38.56 The company is up 49% from its price of US$25.95 on 07 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 50% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$31.56 per share. Upcoming Dividend • Jan 04
Upcoming Dividend of US$11.00 Per Share Will be paid on the 8th of January to those who are registered shareholders by the 11th of January. The company last paid an ordinary dividend in February 2020. The average dividend yield among industry peers is 3.3%. Upcoming Dividend • Dec 28
Upcoming Dividend of US$11.00 Per Share Will be paid on the 8th of January to those who are registered shareholders by the 4th of January. The company last paid an ordinary dividend in February 2020. The average dividend yield among industry peers is 3.4%. Price Target Changed • Dec 22
Price target raised to US$40.75 Up from US$35.50, the current price target is an average from 2 analysts. The new target price is 12% above the current share price of US$36.30. As of last close, the stock is down 17% over the past year. Is New 90 Day High Low • Dec 18
New 90-day high: US$37.19 The company is up 43% from its price of US$26.08 on 18 September 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$31.87 per share. Is New 90 Day High Low • Nov 15
New 90-day high: US$30.50 The company is up 1.0% from its price of US$30.25 on 17 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Infrastructure industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$41.96 per share. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue and earnings miss expectations Revenue missed analyst estimates by 38%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is expected to shrink by 10% compared to a 3.9% growth forecast for the Infrastructure industry in the US. Reported Earnings • Nov 11
Third quarter 2020 earnings released: US$1.82 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: US$202.0m (down 50% from 3Q 2019). Net loss: US$158.0m (down US$173.0m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 80% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Oct 31
Macquarie Infrastructure Corporation to Report Q3, 2020 Results on Nov 09, 2020 Macquarie Infrastructure Corporation announced that they will report Q3, 2020 results at 9:15 PM, GMT Standard Time on Nov 09, 2020 Is New 90 Day High Low • Oct 29
New 90-day low: US$25.21 The company is down 16% from its price of US$30.10 on 30 July 2020. The American market is up 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Infrastructure industry, which is down 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$48.34 per share. Major Estimate Revision • Oct 16
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from US$0.57 to US$0.43. No change was made to the revenue estimate which at the last update was US$1.35b. Net income is expected to grow by 33% next year compared to 7.9% growth forecast for the Infrastructure industry in the US. The consensus price target increased from US$35.25 to US$36.25. Share price stayed mostly flat at US$26.72 over the past week. Announcement • Jul 17
Macquarie Infrastructure Corporation to Report Q2, 2020 Results on Aug 04, 2020 Macquarie Infrastructure Corporation announced that they will report Q2, 2020 results at 9:00 AM, Eastern Standard Time on Aug 04, 2020 