TERANET INCOME FUND $10 (Toronto symbol TF.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 155.0 million; Market cap: $1.6 billion; SI Rating: Speculative) manages Ontario’s electronic land registration system. Customers use its proprietary software, Teraview, to conduct electronic real estate registrations as well as title and writ searches. The Ontario government has granted Teranet an exclusive land registry access contract until March 2017.
Teranet has also developed fraud prevention software for use by financial institutions and other mortgage lenders to lower the risks associated with mortgage and real estate transactions.
In the three months ended September 30, 2007, Teranet’s revenues rose 11.8%, to $71.2 million from $63.6 million a year earlier, due to a rise in real estate and refinancing activity. Cash flow in the quarter grew 38.0%, to $0.27 a unit (total $41.2 million) from $0.20 a unit ($30.3 million).
Teranet pays distributions of $0.065 a month, for a current yield of 7.8%. It paid out 61% of its cash flow as distributions to unitholders in the latest quarter. The units trade at roughly 18 times earnings.
Teranet’s guaranteed 10-year provincial monopoly cuts its risk and provides steady cash flow. The trust also has growth prospects from extension of its land registration software to other geographical areas, It can also sell data such as sales and ownership reports, plus mapping information, to real estate agents, appraisers, surveyors, municipalities and utilities.
Teranet Income Fund is a buy.
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