Intrinsic value of InfraREIT - HIFR

Previous Close

$21.16

  Intrinsic Value

$2.95

stock screener

  Rating & Target

str. sell

-86%

Previous close

$21.16

 
Intrinsic value

$2.95

 
Up/down potential

-86%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as HIFR.

We calculate the intrinsic value of HIFR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.70
  5.63
Revenue, $m
  159
  186
  216
  247
  281
  317
  356
  396
  439
  483
  530
  578
  629
  681
  736
  793
  852
  914
  978
  1,044
  1,114
  1,185
  1,260
  1,338
  1,419
  1,504
  1,592
  1,684
  1,780
  1,880
Variable operating expenses, $m
  61
  69
  78
  87
  97
  108
  120
  132
  144
  157
  157
  172
  187
  203
  219
  236
  253
  272
  291
  310
  331
  352
  374
  398
  422
  447
  473
  500
  529
  559
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  61
  69
  78
  87
  97
  108
  120
  132
  144
  157
  157
  172
  187
  203
  219
  236
  253
  272
  291
  310
  331
  352
  374
  398
  422
  447
  473
  500
  529
  559
Operating income, $m
  98
  117
  138
  160
  184
  209
  236
  265
  294
  326
  372
  406
  442
  479
  517
  558
  599
  642
  687
  734
  783
  833
  886
  940
  997
  1,057
  1,119
  1,183
  1,251
  1,321
EBITDA, $m
  182
  213
  246
  282
  321
  362
  406
  452
  500
  551
  604
  660
  718
  778
  840
  905
  973
  1,043
  1,116
  1,192
  1,271
  1,353
  1,438
  1,527
  1,620
  1,716
  1,817
  1,922
  2,031
  2,145
Interest expense (income), $m
  34
  51
  64
  78
  94
  111
  129
  148
  168
  190
  212
  236
  261
  287
  314
  342
  371
  401
  433
  465
  499
  535
  572
  610
  650
  691
  734
  779
  826
  875
  926
Earnings before tax, $m
  47
  53
  59
  66
  73
  80
  88
  96
  105
  113
  136
  145
  155
  165
  176
  187
  198
  210
  222
  235
  248
  262
  276
  291
  306
  323
  340
  357
  376
  395
Tax expense, $m
  13
  14
  16
  18
  20
  22
  24
  26
  28
  31
  37
  39
  42
  45
  47
  50
  53
  57
  60
  63
  67
  71
  74
  79
  83
  87
  92
  96
  101
  107
Net income, $m
  34
  39
  43
  48
  53
  59
  64
  70
  76
  83
  99
  106
  113
  121
  128
  136
  145
  153
  162
  171
  181
  191
  201
  212
  224
  236
  248
  261
  274
  288

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,341
  2,738
  3,170
  3,636
  4,135
  4,667
  5,230
  5,824
  6,449
  7,103
  7,788
  8,502
  9,247
  10,022
  10,828
  11,666
  12,536
  13,441
  14,382
  15,359
  16,376
  17,433
  18,533
  19,678
  20,870
  22,113
  23,409
  24,760
  26,171
  27,643
Adjusted assets (=assets-cash), $m
  2,341
  2,738
  3,170
  3,636
  4,135
  4,667
  5,230
  5,824
  6,449
  7,103
  7,788
  8,502
  9,247
  10,022
  10,828
  11,666
  12,536
  13,441
  14,382
  15,359
  16,376
  17,433
  18,533
  19,678
  20,870
  22,113
  23,409
  24,760
  26,171
  27,643
Revenue / Adjusted assets
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
  0.068
Average production assets, $m
  2,094
  2,449
  2,835
  3,252
  3,698
  4,174
  4,678
  5,209
  5,768
  6,353
  6,966
  7,605
  8,270
  8,964
  9,684
  10,434
  11,213
  12,022
  12,863
  13,737
  14,646
  15,592
  16,576
  17,600
  18,666
  19,778
  20,937
  22,146
  23,407
  24,724
Working capital, $m
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  13
  14
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
Total debt, $m
  1,182
  1,448
  1,738
  2,050
  2,384
  2,740
  3,118
  3,516
  3,934
  4,373
  4,832
  5,310
  5,809
  6,328
  6,868
  7,430
  8,013
  8,619
  9,249
  9,904
  10,585
  11,294
  12,031
  12,798
  13,597
  14,429
  15,298
  16,203
  17,148
  18,135
Total liabilities, $m
  1,568
  1,835
  2,124
  2,436
  2,771
  3,127
  3,504
  3,902
  4,321
  4,759
  5,218
  5,697
  6,195
  6,715
  7,255
  7,816
  8,399
  9,006
  9,636
  10,291
  10,972
  11,680
  12,417
  13,184
  13,983
  14,816
  15,684
  16,589
  17,534
  18,521
Total equity, $m
  773
  904
  1,046
  1,200
  1,365
  1,540
  1,726
  1,922
  2,128
  2,344
  2,570
  2,806
  3,051
  3,307
  3,573
  3,850
  4,137
  4,436
  4,746
  5,069
  5,404
  5,753
  6,116
  6,494
  6,887
  7,297
  7,725
  8,171
  8,636
  9,122
Total liabilities and equity, $m
  2,341
  2,739
  3,170
  3,636
  4,136
  4,667
  5,230
  5,824
  6,449
  7,103
  7,788
  8,503
  9,246
  10,022
  10,828
  11,666
  12,536
  13,442
  14,382
  15,360
  16,376
  17,433
  18,533
  19,678
  20,870
  22,113
  23,409
  24,760
  26,170
  27,643
Debt-to-equity ratio
  1.530
  1.600
  1.660
  1.710
  1.750
  1.780
  1.810
  1.830
  1.850
  1.870
  1.880
  1.890
  1.900
  1.910
  1.920
  1.930
  1.940
  1.940
  1.950
  1.950
  1.960
  1.960
  1.970
  1.970
  1.970
  1.980
  1.980
  1.980
  1.990
  1.990
Adjusted equity ratio
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  39
  43
  48
  53
  59
  64
  70
  76
  83
  99
  106
  113
  121
  128
  136
  145
  153
  162
  171
  181
  191
  201
  212
  224
  236
  248
  261
  274
  288
Depreciation, amort., depletion, $m
  84
  95
  108
  122
  137
  153
  170
  187
  206
  226
  232
  253
  276
  299
  323
  348
  374
  401
  429
  458
  488
  520
  553
  587
  622
  659
  698
  738
  780
  824
Funds from operations, $m
  118
  134
  152
  170
  190
  212
  234
  258
  282
  308
  332
  360
  389
  419
  451
  484
  518
  554
  591
  629
  669
  711
  754
  799
  846
  895
  946
  999
  1,055
  1,113
Change in working capital, $m
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
Cash from operations, $m
  117
  134
  151
  170
  190
  211
  233
  257
  282
  307
  331
  359
  388
  419
  450
  483
  517
  553
  590
  628
  668
  709
  753
  798
  844
  893
  944
  997
  1,053
  1,111
Maintenance CAPEX, $m
  -59
  -70
  -82
  -95
  -108
  -123
  -139
  -156
  -174
  -192
  -212
  -232
  -253
  -276
  -299
  -323
  -348
  -374
  -401
  -429
  -458
  -488
  -520
  -553
  -587
  -622
  -659
  -698
  -738
  -780
New CAPEX, $m
  -318
  -355
  -386
  -417
  -446
  -475
  -504
  -531
  -559
  -586
  -612
  -639
  -666
  -693
  -721
  -749
  -779
  -809
  -841
  -874
  -909
  -945
  -984
  -1,024
  -1,067
  -1,112
  -1,159
  -1,209
  -1,261
  -1,317
Cash from investing activities, $m
  -377
  -425
  -468
  -512
  -554
  -598
  -643
  -687
  -733
  -778
  -824
  -871
  -919
  -969
  -1,020
  -1,072
  -1,127
  -1,183
  -1,242
  -1,303
  -1,367
  -1,433
  -1,504
  -1,577
  -1,654
  -1,734
  -1,818
  -1,907
  -1,999
  -2,097
Free cash flow, $m
  -260
  -291
  -317
  -341
  -365
  -388
  -409
  -430
  -451
  -470
  -493
  -512
  -531
  -550
  -569
  -589
  -609
  -630
  -652
  -675
  -699
  -724
  -751
  -779
  -809
  -840
  -874
  -909
  -947
  -986
Issuance/(repayment) of debt, $m
  232
  266
  289
  312
  334
  356
  377
  398
  419
  439
  459
  479
  499
  519
  540
  561
  583
  606
  630
  655
  681
  708
  737
  767
  799
  833
  868
  905
  945
  987
Issuance/(repurchase) of shares, $m
  81
  92
  99
  105
  111
  117
  122
  126
  130
  133
  127
  130
  132
  135
  138
  140
  143
  146
  148
  151
  154
  158
  162
  166
  170
  175
  180
  185
  191
  197
Cash from financing (excl. dividends), $m  
  313
  358
  388
  417
  445
  473
  499
  524
  549
  572
  586
  609
  631
  654
  678
  701
  726
  752
  778
  806
  835
  866
  899
  933
  969
  1,008
  1,048
  1,090
  1,136
  1,184
Total cash flow (excl. dividends), $m
  53
  67
  72
  76
  81
  85
  89
  94
  98
  102
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  148
  154
  160
  167
  174
  181
  189
  198
Retained Cash Flow (-), $m
  -115
  -131
  -143
  -154
  -165
  -175
  -186
  -196
  -206
  -216
  -226
  -236
  -246
  -256
  -266
  -277
  -287
  -299
  -310
  -323
  -335
  -349
  -363
  -378
  -394
  -410
  -428
  -446
  -465
  -486
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -62
  -64
  -71
  -77
  -84
  -90
  -96
  -102
  -108
  -114
  -134
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -233
  -243
  -254
  -265
  -276
  -288
Discount rate, %
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
  -57
  -53
  -53
  -52
  -49
  -46
  -43
  -39
  -34
  -30
  -29
  -24
  -20
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  92.0
  84.8
  78.7
  73.5
  69.0
  65.0
  61.6
  58.6
  55.9
  53.5
  51.6
  49.8
  48.2
  46.7
  45.4
  44.2
  43.0
  42.0
  41.0
  40.1
  39.3
  38.5
  37.7
  37.0
  36.4
  35.7
  35.1
  34.5
  34.0
  33.4

InfraREIT, Inc. is a real estate investment trust. The Company is engaged in owning and leasing rate-regulated transmission and distribution (T&D) assets in Texas. It leases its T&D assets to Sharyland Utilities, L.P. Its assets are located in the Texas Panhandle near Amarillo, the Permian Basin in and around Stanton, Central Texas around Brady, Northeast Texas in and around Celeste and South Texas near McAllen. As of December 31, 2016, its T&D assets consisted of approximately 54,000 electricity delivery points, approximately 815 circuit miles of transmission lines, approximately 40,500 circuit miles of distribution lines, 57 substations and a 300 megawatt high-voltage direct current (DC) Tie between Texas and Mexico (Railroad DC Tie). As of December 31, 2016, its T&D assets in each of its leases included S/B/C Lease, McAllen Lease, competitive renewable energy zone (CREZ) Lease, Stanton Transmission Loop Lease and Electric Reliability Council of Texas (ERCOT) Transmission Lease.

FINANCIAL RATIOS  of  InfraREIT (HIFR)

Valuation Ratios
P/E Ratio 18.5
Price to Sales 5.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow -8.6
Growth Rates
Sales Growth Rate 13.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.3%
Cap. Spend. - 3 Yr. Gr. Rate -9.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 103.1%
Total Debt to Equity 124.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 87.8%
EBITDA Margin - 3 Yr. Avg. 72.3%
Operating Margin 59.9%
Oper. Margin - 3 Yr. Avg. 50%
Pre-Tax Margin 40.7%
Pre-Tax Margin - 3 Yr. Avg. 25.9%
Net Profit Margin 29.1%
Net Profit Margin - 3 Yr. Avg. 18.3%
Effective Tax Rate 1.4%
Eff/ Tax Rate - 3 Yr. Avg. 3.1%
Payout Ratio 0%

HIFR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HIFR stock intrinsic value calculation we used $134.562 million for the last fiscal year's total revenue generated by InfraREIT. The default revenue input number comes from 0001 income statement of InfraREIT. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HIFR stock valuation model: a) initial revenue growth rate of 18.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.2%, whose default value for HIFR is calculated based on our internal credit rating of InfraREIT, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of InfraREIT.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HIFR stock the variable cost ratio is equal to 40%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HIFR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for InfraREIT.

Corporate tax rate of 27% is the nominal tax rate for InfraREIT. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HIFR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HIFR are equal to 1315.3%.

Life of production assets of 36 years is the average useful life of capital assets used in InfraREIT operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HIFR is equal to 1.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $657.067 million for InfraREIT - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 43.962 million for InfraREIT is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of InfraREIT at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ InfraREIT: 3Q Earnings Snapshot   [Nov-01-18 09:23AM  Associated Press]
▶ [$$] Oncor Reaches $1.28 Billion Deal to Take Over InfraREIT   [Oct-19-18 10:50AM  The Wall Street Journal]
▶ Oncor makes bigger push in Texas with $1.27B deal   [09:27AM  American City Business Journals]
▶ Oncor makes bigger push in Texas with $1.27B deal for InfraREIT   [10:05AM  American City Business Journals]
▶ InfraREIT Announces Quarterly Dividend   [Sep-07-18 04:05PM  PR Newswire]
▶ InfraREIT: 2Q Earnings Snapshot   [09:01AM  Associated Press]
▶ InfraREIT, Inc. to Host Earnings Call   [09:00AM  ACCESSWIRE]
▶ InfraREIT Announces Quarterly Dividend   [Jun-01-18 04:05PM  PR Newswire]
▶ InfraREIT Comments on Related Party Schedule 13D Filing   [May-24-18 04:48PM  PR Newswire]
▶ InfraREIT: 1Q Earnings Snapshot   [May-03-18 08:58AM  Associated Press]
▶ InfraREIT reports 4Q loss   [09:57AM  Associated Press]
▶ InfraREIT, Inc. to Host Earnings Call   [09:45AM  ACCESSWIRE]
▶ InfraREIT Announces Quarterly Dividend   [Feb-27-18 04:20PM  PR Newswire]
▶ February Top Real Estate Dividend Payers   [Feb-19-18 10:02AM  Simply Wall St.]
▶ Great Real Estate Dividend Stocks For Every Portfolio   [Jan-15-18 10:02AM  Simply Wall St.]
▶ InfraREIT Announces Quarterly Dividend   [Dec-01-17 04:10PM  PR Newswire]
▶ InfraREIT, Inc. to Host Earnings Call   [Nov-02-17 09:50AM  ACCESSWIRE]
▶ InfraREIT posts 3Q profit   [08:47AM  Associated Press]
▶ InfraREIT Announces Quarterly Dividend   [Aug-31-17 07:00PM  PR Newswire]
▶ Is InfraREIT a Great Stock for Value Investors?   [Aug-08-17 09:30AM  Zacks]
▶ InfraREIT posts 2Q profit   [Aug-02-17 09:40PM  Associated Press]

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