HMC Capital Partners Fund I on Ingenia
Thesis
We have high conviction in Ingenia's long-term prospects due to its visible earnings growth, strong asset backing, and exposure to favorable demographic trends. The stock has de-rated back to its NTA, a level that has historically represented a compelling buying opportunity. We are confident in the business's fundamentals and its ability to achieve its 10-15% p.a. five-year settlement growth target.
“We continue to have high conviction in the long term prospects for Ingenia (ASX: INA), with the business representing a rare combination of visible earnings growth, asset backing and exposure to favourable demographic trends that are largely independent of shorter‑term economic cycles.”