|John Laing Inf
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John Laing Inf Share Discussion Threads
Showing 301 to 325 of 325 messages
|Profit taking after significant recent rise ? Possibly encouraged by a little shake by the MM's ?|
|Anyone - why the sudden drop in this and HICL? Thx|
|No news expected: performance in line with HICL, 3IN.
Lower interest rates = lower discount rate in valuing assets.
Actual transactions up to 30% above formal valuations.
Probable increase in inflation improves indexing of passed-on costs and a degree of indexing in dividend.
Both political parties want greater infrastructure spending - same abroad.|
|Nice rise at the end there..news expected?|
|Some discussion of JLIF in here:
|Two disposals at uplift of 36% to carrying value. Total proceeds are only £43.3m against a NAV of £883m, but optimists will apply that to the whole portfolio, making the shares cheap.
Music still playing, after nearly six years (more with HICL).|
|Questor (a long-term fam of infra funds says 'hold':
|Agreement for Acquisition of P3 Concession for 23 service plazas in the US
JLIF, the FTSE 250 listed infrastructure investment company, is pleased to announce that it has entered into an agreement to acquire a 100% interest in Project Service LLC (the 'Operator'), the provider of 23 highway service areas in the State of Connecticut (USA), between New York and Boston.
JLIF has purchased the interest from Carlyle Infrastructure Service Plazas, L.P. (an affiliate of The Carlyle Group), Doctor's Associates Inc. (the parent company of Subway Restaurants) and Subcon, Inc. (a major Subway franchisee and developer). The acquisition is JLIF's first entry into the US P3 market and will take the total number of assets within JLIF's portfolio to 61. The equity value is the US Dollar equivalent of approximately £72 million and will be funded using JLIF's multi-currency revolving credit facility. JLIF expects the acquisition to complete in the coming weeks subject to the satisfaction of the conditions as agreed between the parties.
The project involves the operation and maintenance of 23 highway service areas along Interstate 95, Interstate 395 and Route 15, under a 35-year exclusive concession signed in 2009 with the State of Connecticut acting through the Connecticut Department of Transport. The planned renovation of all 23 facilities, as agreed under the concession signed in 2009, was completed in August 2015 and all 23 highway service areas are now fully operational. The Operator is the exclusive provider of Connecticut's on-highway fuel and food facilities along one of the main artery routes between New York and Boston. The Operator has long term tenant agreements in place (15-35 years) with major food and fuel providers including four key anchor tenants including McDonalds, Dunkin' Donuts, Subway Restaurants and Alliance Energy (Mobil brand). The majority of the revenues from the concession are generated from these anchor tenants. Further, as part of the concession agreements, the Operator pays the Connecticut Department of Transport a share of the Revenues over the life of the concession which ensures strong public-sector alignment.
The discount rate applied for the valuation of the project was within the range used for the valuation of JLIF's portfolio as at 31 December 2015.
Andrew Charlesworth from John Laing Capital Management ("JLCM"), Investment Adviser to JLIF, said:
"We are pleased to secure our first investment in the US market, which we anticipate may represent a significant source of growth for JLIF over the medium and long term. It represents the third transaction since December 2015 in which JLIF has secured an exclusive bilateral position. We look forward to working with the experienced management team at the Operator and the Connecticut Department of Transport."|
· Underlying growth in Portfolio value for the three months to 31 March 2016 of 1.7% to £973.5 million on a rebased value of £957.2 million
· Announced a 1.04% increase in the dividend from 3.375pps to 3.41pps, in respect of the six- month period to 31 December 2015, in line with UK inflation
· Net Asset Value ("NAV") of £1,000.6 million as at 31 March 2016, including £27.8 million allocated to the dividend to be paid in May 2016
· NAV per share as at 31 March 2016 of 108.3 pence ex-div (111.7 pence cum-div), due to underlying portfolio growth over the period, positive unrealised exchange rate movements and the NAV accretive equity issuance in March 2016
· Acquisitions of approximately £90 million in the first quarter of 2016, including JLIF's first investment in the Spanish secondary PPP market
· Strong pipeline of assets at advanced stage, expected to complete in coming months|
|They reduced their fair price from 119 to 117 on the justification that there were likely to be further share issues.
But as you rightly say, what premium do you want to pay for safety? And unless you are going to jump between vehicles it is all just swings and roundabouts.|
|A common complaint! Premium for safety?
Presumably 'sell' HICL and 3IN, too?
JLIF nav 108.4p at 31/12 ... share price 124.0p ... pm 14%
HICL nav 139.1p at 30/09 ... share price 161.5p ... pm 16%
3IN. nav 153.8p at 30/09 ... share price 180.5p ... pm 17%
Allowing for different base dates, premiums are probably about same.
Differences: JLIF is potentially geared (a proposal) probably a permanent feature; HICL lower (and probably transient) gearing; 3IN net cash.
Also: JLIF first-in-line as buyer of JLG developed assets; HICL expanding faster overseas (mainly Europe); 3IN different asset types, both UK and abroad.|
|Stifel issued a sell note this morning, btw. Gist was that the company is sound but premium too high.|
|127.9p on March 6 2015 is all-time high.|
|What's the 3 year high?|
|HICL pays quarterly... some may prefer that.|
|I don't know...I hold both but changed the weighting in favour of jlif last week for that reason.|
|HICL made an all time high last week, JLIF still some way to go.
And HICL yielding 4.4%, JLIF 5.5%.
Why the lower rating here? Possibly the relative gearing? Possibly HICL's overseas expansion.|
|Nearly a 52 week|
I see that almost all the asset growth came from discount rate unwind which, I'd think, is down to zero inflation.
I see also that they want to increase gearing limit from 25% to 35% of gross assets. presumably most of this would be bridging finance ahead of equity issues?|
|Unfortunate that small shareholders don't get a chance to subscribe to an attractively priced placing.|
|Doh cheers Shauney my brain not in gear this morning.|
|SP drop thoughts?|
|Nice one jonwig|
|Trading statement, dividend and the expected fundraising.
Dividend is yielding 6.2% on net assets. NAV growth is almost entirely down to discount rate unwind, but in a low inflation rate environment, we couldn't expect better!|