|HICL Infrastructure Company LD
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HICL Infrastructure Company Share Discussion Threads
Showing 426 to 450 of 450 messages
|Nice reaction to the rns|
|NAV is my reentry point for some funds. 5.5% yield at that point is reasonable|
|Thanks Jowig. The demand for infrastructure is certainly there, and exceeds the supply of 'shovel-ready' projects. Just awaiting the arrival of future government investment, which now seems to be more copious in the US than here. HICL may need to look across the pond.|
|Shavian - agreed. This is an article which you might find interesting:
|Jon, i take your point. FWIW an article in this weeks Investment Adviser (trade mag) on HICL says that it's an increasingly competitive environment out there for infrastructure funds, with funk money pouring into the sector and more funds chasing few projects. HICL Reports being outbid on 5 projects (toll roads and gas distribution) in the last reporting period. They may need to look further up the risk scale for new targets. Panmure Gordon are warning of a sharp repricing back to NAV across the sector. Maybe that's what we are seeing happen right now.However, we have some increased government spending in the sector to look forward to so maybe the current repricing may throw up a good entry point, but maybe not quite yet.|
|shavian - the problem might be that HICL and similar invest almost exclusively in completed, cash generating, lower risk projects. The people who want early-stage projects with more risk are thinner on the ground (JLG, I know). Even pension funds don't want the initial risk. It looks as though the gov't will need to offer guarantees at the start, eg. Hinckley. And gilts issuance.
Of course, HICL will have more to invest in further on in time, and might be persuaded to invest early with the right guarantees.|
|Premium down to 12.2%. HICL almost looking buyable again with all this promised infrastructure funding!|
|You're right it's the safer end of a very uncertain outlook! The 27% premium in August was excessive.|
|Based on todays price I reckon the premium is currently at 14%. I am currently back in fully invested for the longhaul. There are a lot of uncertainties and unknowns in the markets and the world in general at the moment and at least in HICL there are plenty of knowns.|
|NAV of 145.7p at 30/09 would be premium of 19% at that date. The 3.5p increase is down to the reduction of the discount rate from 7.5% to 7.3%. At some point the discount rate will need to rise and a fall in NAV is not unlikely. share price has begun to adjust for that, probably.
They can raise a further 56m shares (say £90m) from next month in tap issues, but they are sitting on a £11m surplus left over from previous issues. Will they try to raise the cash with nothing particular to spend it on? Chance might not last much longer.
I'm just a bit wary of seeing more progress here.|
|INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016
The Directors of HICL Infrastructure Company Limited announce the results for the six months ended 30 September 2016.
For the six months ended 30 September 2016
· Net asset value ("NAV") per share at 30 September 2016 of 145.7p; up 3.5p (2.5%) from NAV per share of 142.2p at 31 March 2016.
· Total shareholder return for the period of 10.4% (annualised), based on interim dividends declared plus uplift in NAV per share in the six month period.
· Aggregate quarterly dividends declared for the first half were 3.82p per share (2015: 3.72p); on track to achieve the Company's aggregate dividend target of 7.65p per share for the full year1.
· Value of the Company's investment portfolio up 7.9% in the six months, based on the 30 September 2016 Directors' valuation of £2,189.9m (31 March 2016: £2,030.3m).
· Four investments and one follow-on investment completed in the period and a contract signed for a further four new investments and two follow-on investments, for a combined total commitment of £102.5m.
· Over-subscribed tap issuance in September 2016 raised £113.4m to fund investments and pipeline.
· Pipeline of further attractive investment opportunities across all segments of the Company's investment strategy.
|HOLTS - that sounds more plausible! Equity markets are confusing me more than I can remember ... fortunately I'm well into cash.|
|had not seen that thanks for link , I assumed it had been marked down today along with utilities in view of the outlook for growth stocks from the US and the rise in govt stock yields .|
|Hum - I've just read the article in the FT - is that the one you mean?
I made this comment to it:
At present, infra funds take equity stakes in operating assets (eg. PPI, hospitals, etc.) and the asset is kept off the gov't's books for about 30 years. It strikes me that the infra fund would now have to buy a gov't bond rather than own the asset for its operating life, whilst drawing a fee for managing it. (The kind of funds I'm thinking about? Typically HICL.)
Just how this would effect the profits of the operator I don't know, but the debt would, presumably be added of the gov't's who would also take on the equity risk of operation. Strike me that the existing route is better!
I see HICL, JLIF, 3IN are down today (a bit) which are my portfolio holdings. More clarity needed!|
|Will the govt plans for infrastructure bonds be looming here ?|
|Personally, I wouldn't have been a buyer at 170p, but it's very nice to know that others are keen to buy at that price.|
|170p it is spot on toolsmoker|
|Yeh 170 i think too will prob trade around 172 after anouncment for a bit|
|170 look good bet on the charts to buy as well|
|170 to 172 im hearing|
|The number of New Ordinary Shares to be issued and the price per Share (the "Strike Price") will be agreed between Canaccord Genuity and the Company following close of the bookbuild at 10.00 a.m. on Thursday 22 September, and announced shortly thereafter.
Ermmm any whispers yet?|
|re posts 381 - 383: I've had confirmation that the expected return is circa 7% per annum.|
|I have been waiting for this to happen to see what price the city are prepared to stump up. The result will no doubt see see wade into these again. I think the current premium is way to much and it will be interesting to see how this goes.|
|It is estimated :-)|
|Skinny - I must have missed that - I thought they only stated it twice a year.|