Macquarie Infrastructure Company LLC

[leftovers]

Macquarie Infrastructure Corporation: Past May Be Bitter, But Future Couldn't Be Brighter

Summary
Yielding 9.0%, MIC offers superior risk-adjusted return potential relative to high-yielding alternative investments.
This high yield is due to a past disappointment that has no bearing on the future, the cause of which is exactly what makes the yield so safe today.
While the yield is attractive in and of itself, a more realistic discounting of the company's risk profile would result in a share price 43% higher than current levels.
In addition, clear line of sight into future, low-risk growth provides an additional floor beneath existing share price levels.
We are indiscriminate buyers of MIC at current levels and would switch to a more opportunistic stance only when yields recover to historical levels.