Share Name Share Symbol Market Type Share ISIN Share Description
Henderson Div. LSE:HDIV London Ordinary Share JE00B1Y1NS49 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 93.00p 92.00p 93.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 9.3 8.1 5.2 18.0 161.98

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Date Time Title Posts
09/3/201613:05Henderson Diversified Income Limited114

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Henderson Div. (HDIV) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
24/10/2016 17:15:0692.9946,85543,570.46O
24/10/2016 16:35:1093.002,1812,028.33UT
24/10/2016 16:28:2993.00257239.01AT
24/10/2016 15:40:0592.9915,57514,483.19O
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Henderson Div. (HDIV) Top Chat Posts

Henderson Div. Daily Update: Henderson Div. is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker HDIV. The last closing price for Henderson Div. was 93p.
Henderson Div. has a 4 week average price of 92.35p and a 12 week average price of 92.66p.
The 1 year high share price is 95.50p while the 1 year low share price is currently 0p.
There are currently 174,168,240 shares in issue and the average daily traded volume is 151,045 shares. The market capitalisation of Henderson Div. is £161,976,463.20.
petewy: I'm in for the 5.40% yield. Henderson Diversified Income Fund's net asset value per ordinary share increased from 87.92p to 88.82p in the year to the end of October and the share price remained largely unchanged at 91.25p as compared to 91.50p. The company said demand for its shares was strong and following a successful placing and offer for subscription in February and further tap share issues since that date, net assets have grown 54% over the year from £80.9m to £124.6m.
davebowler: As at close of business on 21st November 2012, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 83.9. Meanwhile RECI news; Real Estate Credit Investments (RECI / BUY / 101.25p) – Interim results to September 2012 n 21.3% NAV total return in H1 – NAV per share rose by 18.2% in the six months to September 2012 with a particularly strong performance in the quarter ended 30 September 2012 driven by bond repayments on the portfolio. In addition dividends of 3.4p (3.1% of starting NAV) were paid in H1. The NAV has been superseded by recent fortnightly factsheet announcements which highlight a further 4.4% NAV increase in the period to 15 November. The NAV total return for 2012 YTD is now +40%. n Bond portfolio offers upside – Despite strong mark-to market gains in the portfolio valuation in the period, the portfolio is still valued at 66% of par at September 2012. The average effective yield on the portfolio is 13.7%. n Bond repayments driving NAV performance – Approximately 20% of the value of the bond portfolio was repaid at par in the period. The average purchase price of these bonds was 82% of par. A further loan was sold post-period end which generated a total return of 13%. Figure 1: Bond repayments post-June 2012 Bond Date of repayment Event TITN 2006-4FS Jul-12 Full repayment of bond with PIK interest following refinancing ELOC 26 Jul-12 Full loan repayment (backed by City of London office property) DECO 2007-E6 Jul-12 Full loan repayment (backed by German shopping centre) INFIN SOPR Aug-12 Full loan repayment (backed by German shopping centre) OMNI Loan Oct-12 (post-period end) Full loan repayment (backed by London residential properties) Source: Company data n Accretive acquisitions – Part of the cash from disposals has been reinvested with net purchases of £7.1m in the quarter to September. The bonds were purchased at an average price of 78% of par and as at 31 October the price had risen to 81% of par. The acquisitions included a €4.2m commercial loan secured against a portfolio of commercial properties in the Netherlands at an LTV of 64.1% and a life of 3.5 years (yield of 17.6%). More recently, the manager has made a £10m mezzanine loan at a 65% LTV (12% yield) backed by a London office property and has identified another £5m loan that it expects to complete in December on similar terms. n 17.6% increase in dividend – RECI has declared a 2.0p quarterly dividend which is in line with the company's policy of distributing 6% of NAV. n Attractive investment pipeline – The manager has identified an attractive pipeline of bond and loan opportunities and it expects to sell down the lower yielding assets in the portfolio to invest further in these assets. 20% to 25% of the gross asset value is expected to be allocated to real estate loans over the next two quarters as RECI seeks to capitalise on the retrenchment of traditional real estate lenders from the market. which should leave the company close to fully invested. n €1.3m return for ERII shareholders – ERII's NAV rose by 7% in the period driven by cashflow generation. ERII held cash of €5.6m at September 2012 of which €3m is segregated in relation to the Newgate 2006-1 residual cashflows and €1.0m is being held back for litigation costs. A dividend of 3.2 cents per share has been declared which equates to a distribution of €1.3m or 12.5% of the current share price. Liberum View: n RECI has delivered a strong set of results for the period to September 2012. The significant level of bond repayments at par in the period demonstrates the robust nature of the company's credit underwriting process. n We believe the current 25.4% discount to NAV is too wide given the strength of the underlying portfolio and the implied prospective dividend yield is 8.0% (based on the company's policy of paying out 6% of NAV). We think this will ultimately see the shares appeal to a wider set of investors and we expect the discount to narrow as an overhang on the shares has been removed. n We note the manager's comments regarding the acquisition pipeline which should enable the company to deliver additional NAV growth given the manager's track record of identifying and capitalising on attractive opportunities.
davebowler: HDIV has c. 50% in Secured Bonds and is at a premium to NAV whereas RECI with most of its assets in Mortgage Backed securities is at a big discount- Liberum view; RECI has today released its bi-monthly fact sheet, in which it announces a NAV per share of 110p as at 31 March 2012. This represents a fifth consecutive reported increase, with NAV per share now up 10% since the start of the year, making it one of the best performers in our coverage universe. In our view RECI is on track to deliver the NAV growth we forecast in February as it continues to benefit from improving sentiment in credit markets, the pull to par effect on bonds purchased at a significant discount to their face value and the gearing provided by the preference shares. Significant volumes of the preference shares have been traded since the start of the year and their price has consequently increased from 92.5p to 97.5p. However, the Ordinary share price has failed to keep pace with the growth in NAV and as a consequence the discount has now widened to 23.6%. Given the mark to market, floating rate nature of the portfolio we believe this is excessive and that the current share price represents an attractive buying opportunity. BUY. n The 2.8% increase in NAV over the second half of March is reflective of broad based fair value gains in CMBS and RMBS assets and the gearing provided by the preference shares. In our note published on 10th February 2012 we forecast NAV per share to grow to 115 pence over the year and on the basis of today's bi-monthly factsheet, this now looks very achievable. However, the share price has failed to keep pace with the growth in NAV and as a consequence the discount has widened to 23.6%, which we believe is excessive. n The investment manager, Cheyne Capital, has over $1Bn of AUM invested in real estate debt and as such RECI benefits from all of the experience associated with an investment team that is much larger than its market cap might suggest. Cheyne Capital continues to actively manage the portfolio and has recently hedged against a widening of credit spreads by entering a €50m short position in the iTraxx Main Index. During the second half of March they have also increased exposure to residential real estate loans to £4m, which now accounts for c.5% of the total investment portfolio. Factoring in the fairly bearish outlook for property capital value growth, we continue to believe that the risk adjusted value opportunity in real estate has moved from equity to debt holders and that given the senior secured nature of its portfolio and comfortable LTV at which the underlying loans are secured, we believe RECI's is ideally positioned to benefit. We also believe that the pull to par effect on the bonds (which are currently priced at c.61% of par) should prove highly accretive to NAV, as will the floating rate coupons received from the bond portfolio. n Returns to ordinary shareholders are also geared by the £47.1m of preference shares, which are currently covered 2.4x by assets and offer an attractive yield to maturity of 8.6% and an income yield of 8.2%. Since the start of the year there has been significant increase in the volume of preference shares traded, which is reflected in the increase in their price from 92.5 pence to 97.5 pence. In our view this also reflects an improvement in investor sentiment towards RECI and as such we would also ultimately expect the Ordinary shares to benefit. n On the basis that the bond portfolio is marked to market, that 56.1% of its value is represented by investment grade credits and that it remains focused almost entirely on the safer havens of the UK and Germany, we believe the current 23.6% discount to NAV is anomalous. In our view, the current share price represents an extremely attractive buying opportunity and we re-iterate our BUY recommendation.
Henderson Div. share price data is direct from the London Stock Exchange
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