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Company Description

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125 West 55th Street

New York, NY 10019

United States

Phone: 212-231-1000

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Macquarie Infrastructure Corporation owns, operates, and invests in a group of businesses that provide services to businesses, government agencies, and individuals primarily in the U.S. The businesses that the company owns and operates include International-Matex Tank Terminals (IMTT), a bulk liquid terminals business, which provides bulk liquid storage, handling and other services to third parties; Atlantic Aviation, a provider of fuel, terminal, aircraft hangaring and other services primarily to owners and operators of general aviation aircraft on 69 airports in the U.S.; Contracted Power and Energy (CP&E) segment, including controlling interests in gas-fired, wind and solar power facilities in the U.S.; and Hawaii Gas, a gas energy company processing and distributing gas and providing related services in Hawaii. IMTT IMTT is an independent provider of bulk liquid terminal services in the U.S. IMTT stores or handles primarily refined petroleum products, various commodity and specialty chemicals, renewable fuels and vegetable and animal oils (collectively liquid commodities). The business operates a network of 12 terminals, including 10 in the U.S. and 2 in Canada (partially owned) with principal operations in the New York Harbor (NYH) market and on the Lower Mississippi River. IMTT also owns OMI Environmental Solutions, an environmental emergency response, industrial services, waste transportation and disposal business. Louisiana Terminals (48% of gross profit) On the Lower Mississippi River, IMTT operates four terminals (St. Rose, Gretna, Avondale and Geismar). With combined storage capacity of 20.5 million barrels, the four sites give IMTT substantial market share in the storage of black oil, bulk liquid chemicals and vegetable oils on the Lower Mississippi River. The Louisiana facilities also give IMTT a major presence in a key domestic transport hub. The Lower Mississippi River serves as a major transshipment point between the central United States and the rest of the world for agricultural products (such as vegetable oils) and commodity chemicals (such as methanol). The region also has substantial traffic related to the petroleum industry. Gulf Coast refiners and traders send products to other regions of the U.S. and overseas and use IMTT’s Louisiana facilities to perform some of these functions. Bayonne Terminal (42% of gross profit) Located on the Kill Van Kull between New Jersey and Staten Island, the 15.8 million barrel capacity terminal occupies an advantageous position in NYH. NYH serves as the main petroleum trading hub in the northeast United States and a physical settlement site for the gasoline and ultra low sulfur diesel futures contracts traded on the New York Mercantile Exchange. In addition to waterborne shipments, products reach NYH through petroleum product pipelines from the U.S. Gulf region and elsewhere. NYH also serves as the starting point for refined product pipelines linked to inland markets and as a key port for refined petroleum product exports and imports. IMTT-Bayonne has connections to the Colonial, Buckeye and Harbor refined petroleum product pipelines, as well as rail and road connections and substantial blending capabilities. As a result, IMTT-Bayonne provides its customers with logistical flexibility. IMTT-Bayonne has the capability to load and unload the largest bulk liquid transport ships entering NYH. Customers IMTT provides bulk liquid terminal services primarily to vertically integrated petroleum product producers and refiners, chemical manufacturers, food processors and traders of bulk liquid petroleum, chemical and agricultural products. IMTT’s customers are primarily major oil companies, major chemical companies or traders of these commodities. Strategy IMTT’s strategy has five primary components, such as continuously drive improvements in safety; attract and retain customers who place a premium on flexibility, speed and efficiency in bulk liquid terminals; the development of existing locations by constructing new terminal assets (tanks, docks, rail offloading capacity, pipelines or other logistics infrastructure) and other non-terminal ass

 

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Price/Earnings 76.2x
Price/Sales 4.0x
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Price/Cash Flow 18.7x
TEV/Sales 2.2x
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