Share Name Share Symbol Market Type Share ISIN Share Description
Utilico Emerging Mkts Utilities LSE:UEM London Ordinary Share BMG931151069 ORD 10P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00p -0.48% 207.00p 207.00p 209.75p 208.00p 207.00p 208.00p 135,481 16:35:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 14.6 11.6 5.0 41.6 444.90

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Utilico Emerging Mkts Utilities Daily Update: Utilico Emerging Mkts Utilities is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker UEM. The last closing price for Utilico Emerging Mkts Utilities was 208p.
Utilico Emerging Mkts Utilities has a 4 week average price of 206.86p and a 12 week average price of 205.55p.
The 1 year high share price is 210p while the 1 year low share price is currently 155.50p.
There are currently 214,926,502 shares in issue and the average daily traded volume is 99,918 shares. The market capitalisation of Utilico Emerging Mkts Utilities is £447,047,124.16.
davebowler: Edison; The manager’s view: Investment opportunities abound The manager approaches the market as an owner of assets, without reference to the composition of the MSCI Emerging market index. For example, the portfolio has no exposure to Russia or South Africa, which are sizeable weightings within the index. He highlights two countries where portfolio exposure has been increased: Romania and Mexico. Romania – the country has a population of 20 million, with GDP per capita of $22,000. It has benefited significantly since the IMF bailout in 2009; there is now more monetary and fiscal prudence at the government level and there is a more conservative approach to investment at the corporate level. Romania is one of the fastest growing economies in Europe; the IMF forecasts GDP growth of 4.2% in 2016 and 3.6% in 2017 vs 2.0% and 2.1% respectively for Europe as a whole. There is strong domestic consumer demand and wages are growing; core inflation is positive and rising. UEM’s investments in the country are primarily in electricity, gas and oil transmission; these are natural monopolies with clear regulation. Historically state-run and inefficient, there is potential for significant cost cutting at these companies. Balance sheets are solid and free cash flow generation strong, with a large percentage returned to shareholders as dividends. Although one-third of the increased exposure during FY16 was a result of share price performance, the manager still believes that valuations of Romanian companies remain attractive. Mexico – the country has a population of 136 million, with GDP per capita of $10,765. The manager considers the economic background stable, with GDP and inflation running around 2.5%. He highlights airports as attractive investments, with passenger numbers rising by more than 8% pa in recent years. Flight penetration is low and demand is increasing, led in part by the rising middle classes. There is a change in mind-set as passengers increasingly switch from buses to airplanes for domestic travel; in 2006 buses had a 93% market share, which declined to 91% in 2015, with air transportation increasing. The manager highlights the consistency of the investment strategy; he has no shortage of potential investment ideas; targeting 15% total return pa. He says that the biggest challenge over the last 12 months has been exchange rates such as the Brazilian real, which has been very volatile. From mid-June to late-September 2015 the real fell by more than 35% and between late-January to the end of June 2016 it rallied by more than 20%. The portfolio is not hedged due to the expense involved and the manager sees diversification as the best way to address currency volatility, rather than trying to predict forex movements.
davebowler: Edison; Valuation: Discount wider than historical averages UEM’s share price discount to cum-income NAV of 11.3% is wider than the 12-month average of 10.4% (range of 3.9% to 16.3%), and wider than the averages of the last three, five and 10 years of 8.2%, 7.9% and 8.3% respectively. UEM has a history of stable or rising dividends, compounding at an annual rate of 4.24% over the last five years. UEM’s current dividend yield of 3.3% compares favourably to the peer group average of 2.9%. Current portfolio positioning The portfolio typically holds c 60-90 names. At the end of May 2016, the top 10 positions accounted for 44.3%; this was a decrease in concentration from 52.8% at the end of May 2015 (see Exhibit 1). Reflecting the long-term nature of investments, nine companies are common to both periods. The new name in the top 10 list is Transgaz, a Romanian gas transmission company in its third regulatory cycle with a regulated rate of return of 7.7% until September 2017. There is a long tail of investments in the portfolio as initial position sizes are often small, either for liquidity reasons or to allow the manager to build confidence in the management of investee companies. Formerly the largest position in the portfolio, Malaysian IT services company MyEG is now the sixth largest holding, with the manager selling down as the shares are considered to be fully valued. The position in Malaysia Airport Holdings is now the largest single exposure. The manager expects good passenger growth at both its Malaysia-based airports and its now wholly owned investment in Sabiha Gökçen International Airport in Istanbul, Turkey. The fund typically invests/disinvests c £100m per annum. In FY16 £96.1m was invested and £130.5m realised as profits were taken on a number of Chinese H-share positions in the April 2015 market rally, although China remains the largest country exposure. Looking at sector exposure, over the last 12 months the largest increases have been in electricity (3.6pp), gas (2.8pp) and airports (2.3pp), while the largest decreases have been in satellites (3.3pp), other infrastructure (2.9pp) and toll roads (2.1pp). Dividend policy and record UEM pays dividends quarterly in September, December, March and June. Despite the focus on capital growth, the board aims for a flat or growing annual dividend; this has been achieved every year since fund inception in 2005. In FY16, the dividend of 6.4p was a 4.9% increase versus the prior year. Over the last five years, dividends have grown at a compound annual rate of 4.24%. UEM is able to distribute from both income and capital when necessary, which allows a smooth progression of the dividend even though income levels may fluctuate significantly. For the 12 months to 31 March 2016, total income rose by 45.9% to £21.3m. This was a yield on gross assets of 4.8% versus 3.0% in the previous year. Most of the increase was as a result of the special dividend distributed by Asia Satellite Telecom in H116. Higher income, coupled with lower costs, led to a revenue return of £17.5m in FY16 versus £10.6m in FY15, meaning that dividend payments were more than fully covered. Peer group comparison Exhibit 9 shows a comparison of UEM with AIC Global Emerging Markets sector trusts that have market caps greater than £50m. Given its focus on specific areas of the market, UEM cannot be compared directly with the peer group; however, its emerging market exposure provides some relevance to the comparison. UEM has outperformed the peer group average over one, three, five and 10 years, ranking second over three and five years and first over 10 years. In terms of risk-adjusted returns as measured by the Sharpe ratio, UEM is in line with the peer group average over one year and higher over three years. Its discount is narrower than average and it has one of the lowest ongoing charges, although a performance fee is payable. UEM’s 3.3% dividend yield ranks it third out of the five peers that pay a dividend.
praipus: Utilico Emerg Mkts Interim Results RNS Number:0722I Utilico Emerging Markets Limited 20 November 2007 Date: 20 November 2007 Contact: Charles Jillings Utilico Emerging Markets Limited 01372 271 486 Alastair Moreton Arbuthnot Securities Limited 020 7012 2000 Utilico Emerging Markets Limited Unaudited Statement of Results for the six months to 30 September 2007 Highlights of results * Profit for the period #69.7m * Undiluted net asset value per share increased 28.2% to 187.80p * Revenue return earnings per share of 3.58p * Dividend per share of 3.50p * Average annual compound return of 36.0% since inception * Increased bank facility from #60.0m to #80.0m in August 2007 Chairman's Statement Once again the first six months of UEM's year have been testing times for emerging markets investors so I am pleased to report UEM has performed well. The NAV per ordinary share rose from 146.45p to 187.80p after paying a final dividend of 0.70p for the year ended 31 March 2007. This represents a gain of 28.2%. The average annual compound return per ordinary share since inception stood at 36.0% at the end of the half-year. In common with previous periods, the portfolio has outperformed the MSCI EMF (Sterling adjusted) index. The MSCI gained 24.9% for the six months versus 28.2% for UEM. Over the last twelve months UEM has seen its NAV per ordinary share gain 56.8% versus the MSCI which gained 42.3%. Over this period UEM underperformed the MSCI in only two of the last twelve months. During the six months UEM increased its bank facility with Halifax Bank of Scotland ("HBOS") to #80.0m. As at 30 September 2007, #64.2m of this facility was drawn, all in US dollars. As a result gearing has increased to 16.9% from 15.6%. The managers continue to utilise contracts for difference and have increased the gross position to #25.3m (#14.4m at 31 March 2007) against which #14.4m was held as collateral. The managers have continued to increase the absolute level of market protection by investing in S&P 500 index put options and put option spreads. As at 30 September 2007 there were no short put options as these had expired the week before and total market protection at that date was #200.0m. Since period end the put option spreads have been completed and the current net equity protection is #105.0m equivalent to 25.0% of the gross assets (31 March 2007 - #78.4m or 25.0% of the gross assets). The revenue and expenses were broadly in line with the manager's expectations. The revenue return per share was negatively impacted by the increased costs associated with the increased borrowings taken on by UEM. Offsetting this was the change in accounting policy to capitalise 70.0% of finance costs and management fees. The resultant revenue earnings per share was 3.58p per ordinary share, up 49.8% on the same period last year. The board has declared an interim dividend of 3.50p. The managers continue to keep a firm control on costs. The annualised management and administration costs were 0.8% for the six months, marginally lower than previous periods. The market price of the ordinary shares increased by 26.4% to 173.50p as at 30 September 2007. This represents a small premium to the diluted NAV per ordinary share of 173.43p. We continue to see strong shareholder support for UEM. On 6 November 2007 we announced our intention to raise up to #100.0m by way of a placing and open offer of C shares and subscription shares. Further we are seeking a listing on the Channel Islands Stock Exchange which will enable UK PEP and ISA holders to invest in the Company for the first time. We expect to post a circular to shareholders and warrantholders, seeking the approval of the C share issue, towards the end of November. Looking forward the conflicting forces on the market and contrasting outlooks coupled with the range of issues facing the markets are expected to result in continued volatility. We continue to believe the world's economic activity will retreat from the high growth levels seen over the last twelve months, but we still anticipate sound economic progress from emerging markets. Furthermore, we believe the long term growth prospects for infrastructure, utility and related companies within emerging markets are strong and UEM's portfolio remains well positioned to benefit from this progress. Alexander Zagoreos November 2007 SUMMARY OF UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2007 30 September 31 March 2007 2007 Change Undiluted net asset value per ordinary share 187.80p 146.45p 28.2% Diluted net asset value per ordinary share 173.43p 138.80p 24.9% Ordinary share price 173.50p 137.25p 26.4% Discount/(Premium) - (based on diluted NAV) -% (1.1)% Equity holders' funds (#m) 312.4 241.6 29.3% Gross assets (#m)* 379.7 288.6 31.6% Bank debt (#m) 64.2 45.0 42.7% Gearing on gross assets 16.9% 15.6% 6 months to 6 months to 30 September 30 September 2007 2006 Earnings per share (basic) - Capital 38.55p 4.49p - Revenue 3.58p 2.39p - Total 42.13p 6.88p Dividend per share 3.50p 2.00p * Gross assets less current liabilities excluding loans UNAUDITED INCOME STATEMENT 6 months to 6 months to 30 September 2007 30 September 2006 Revenue Capital Total Revenue Capital Total return return return return return return #'000s #'000s #'000s #'000s #'000s #'000s Gains and losses on investments - 70,025 70,025 - 6,372 6,372 Gains and losses on derivative instruments - 5,721 5,721 - 8 8 Exchange gains and losses - 1,836 1,836 - 1,052 1,052 Investment and other income 7,859 - 7,859 4,994 - 4,994 Total income 7,859 77,582 85,441 4,994 7,432 12,426 Management and administration fees (351) (10,360) (10,711) (541) 85 (456) Other expenses (437) (26) (463) (315) (97) (412) Profit before finance costs and taxation 7,071 67,196 74,267 4,138 7,420 11,558 Finance costs (776) (1,811) (2,587) (399) - (399) Profit before taxation 6,295 65,385 71,680 3,739 7,420 11,159 Taxation (375) (1,621) (1,996) (303) (945) (1,248) Profit for the period 5,920 63,764 69,684 3,436 6,475 9,911 Earnings per share (basic) - pence 3.58 38.55 42.13 2.39 4.49 6.88 Earnings per share (diluted) - pence 3.35 36.04 39.39 2.33 4.40 6.73 The total column of this statement represents the Company's Income Statement, prepared in accordance with IFRS. The supplementary revenue and capital return columns are both prepared under guidance published by the Association of Investment Companies in the UK. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of the Company. UNAUDITED STATEMENT OF CHANGES IN EQUITY 6 months to 30 September 2007 Ordinary Share Non- Retained earnings share premium Warrant distributable Capital Revenue capital account reserve reserve reserves reserve Total #'000s #'000s #'000s #'000s #'000s #'000s #'000s Balance at 31 March 2007 16,498 147,194 9,050 101 67,408 1,365 241,616 Profit for the period - - - - 63,764 5,920 69,684 Ordinary dividend paid - - - - - (1,155) (1,155) Issue of ordinary share capital and warrants 135 2,074 - - - - 2,209 Balance at 30 September 2007 16,633 149,268 9,050 101 131,172 6,130 312,354 6 months to 30 September 2006 Ordinary Share Non- Retained earnings share premium Warrant distributable Capital Revenue capital account Reserve reserve reserves reserve Total #'000s #'000s #'000s #'000s #'000s #'000s #'000s Balance at 31 March 2006 7,507 62,284 4,050 1 14,634 1,215 89,691 Profit for the period - - - - 6,475 3,436 9,911 Ordinary dividend paid - - - - - (1,126) (1,126) Issue of ordinary share capital and warrants 8,955 85,984 5,100 - - - 100,039 Cost of issuing ordinary share capital - (1,398) - - - - (1,398) Balance at 30 September 2006 16,462 146,870 9,150 1 21,109 3,525 197,117 Year to 31 March 2007 Ordinary Share Non- Retained earnings share premium Warrant distributable Capital Revenue capital account reserve reserve reserves reserve Total #'000s #'000s #'000s #'000s #'000s #'000s #'000s Balance at 31 March 2006 7,507 62,284 4,050 1 14,634 1,215 89,691 Profit for the period - - - - 52,774 4,568 57,342 Ordinary dividend paid - - - - - (4,418) (4,418) Issue of ordinary share capital and warrants 8,991 86,308 5,000 100 - - 100,399 Cost of issuing ordinary share capital - (1,398) - - - - (1,398) Balance at 31 March 2007 16,498 147,194 9,050 101 67,408 1,365 241,616 UNAUDITED BALANCE SHEET 30 September 2007 30 September 2006 31 March 2007 #'000s #'000s #'000s Non current assets Investments 358,598 218,075 273,708 Current assets Other receivables 1,934 965 2,229 Derivative financial instruments 12,787 2,035 7,605 Cash and cash equivalents 18,979 5,365 19,904 33,700 8,365 29,738 Current liabilities Bank loans (19,751) (25,338) (20,000) Derivative financial instruments (709) (426) (482) Other payables (11,859) (2,614) (14,335) (32,319) (28,378) (34,817) Net current assets/(liabilities) 1,381 (20,013) (5,079) Total assets less current liabilities 359,979 198,062 268,629 Non-current liabilities Bank loans (44,440) - (25,014) Deferred tax (3,185) (945) (1,999) Net assets 312,354 197,117 241,616 Equity attributable to equity holders Ordinary share capital 16,633 16,462 16,498 Share premium account 149,268 146,870 147,194 Warrant reserve 9,050 9,150 9,050 Non-distributable reserve 101 1 101 Capital reserves 131,172 21,109 67,408 Revenue reserve 6,130 3,525 1,365 Total attributable to equity holders 312,354 197,117 241,616 Net asset value per ordinary share Basic - pence 187.80 119.74 146.45 Diluted - pence 173.43 116.45 138.80 UNAUDITED CASH FLOW STATEMENT 6 months to 6 months to Year to 30 September 2007 30 September 2006 31 March 2007 #'000s #'000s #'000s Cash flows from operating activities (20,784) (102,224) (105,201) Cash flows from investing activities - - - Cash flows before financing activities (20,784) (102,224) (105,201) Financing activities Equity dividends paid (1,155) (1,126) (4,418) Proceeds from borrowings 20,654 8,930 29,839 Proceeds from warrants exercised 1 1 361 Proceeds from issue of ordinary share capital - 98,614 98,608 Cash flows from financing activities 19,500 106,419 124,390 Net increase in cash and cash equivalents (1,284) 4,195 19,189 Cash and cash equivalents at the beginning of the period 19,904 1,238 1,238 Effect of movement in foreign exchange 359 (68) (523) Cash and cash equivalents at the end of the period 18,979 5,365 19,904 NOTES The Directors have declared an interim dividend in respect of the period ended 30 September 2007 of 3.50p per ordinary share payable on 14 December 2007 to shareholders on the register at close of business on 30 November 2007. The total cost of the dividend which has not been accrued in the results for the period ended 30 September 2007, is #5,822,000 based on 166,344,339 shares in issue at the date of this report. The Report & Accounts will be posted to shareholders towards the end of November 2007. Copies may be obtained during normal business hours from Exchange House, Primrose Street, London EC2A 2NY. By order of the Board F&C Management Limited, Secretary 19 November 2007 This information is provided by RNS The company news service from the London Stock Exchange END IR FESSUSSWSEDF
oxford blue: Will there not be a dilution for those not taking up the offer? Also: will the share price correct down to 100p to come into line with offer? I'm a holder of UEMW only - will the issue of extra warrants dilute their price too?
praipus: from UEM's website Monthly Comment - 31 January 2006 PERFORMANCE January was a strong month for UEM, with the NAV per ordinary share undiluted (cum income) rising 7.6% to 115.55p, despite significant weakness in US dollar linked currencies. This compares favourably with the MSCI EMF (GBP adjusted) index which increased by 6.9% during January. PORTFOLIO Once again, the main contributors to the positive performance came from Brazil, with CCR up a further £2.3m, Ocean Wilsons up £1.3m, TIM Participacoes up £1.1m and SABESP up £0.8m. ASUR was our only significant decliner, down £0.6m. During the month we received funds from the takeover of China Resources Peoples Telephone and reduced our holding in Zhejiang Expressway. Purchases included Datang International Power Convertible Notes, which replaced Zhejiang in the top 10 and a number of investments in Thailand, following a positive visit to the country. Net investments during the month were £1.4m and the fund is now fully invested. OTHER The ordinary share price increased by 6.6% to 113.5p during the month, a small premium to the diluted NAV of 112.96p. The warrants increased by 6p to 41p. Inline with the proposals set out at the time of UEM's floatation, we are looking to establish a £25 million bank facility, which we expect to draw down and invest.
praipus: PYF according to interims theyve lost $40 million dollars since inception 1999 so they are burning approx $8 million per annum. They have cash of $4 million and in the last year they had an income of $480,000. So in theory they are probably bust. NAV per share is -$51 or -£28 and the current share price 50p. Difficult to see an upside on these, Krishall I suggest sell PYF and buy UEM.
krishall: They look well placed to forefil their potential. So in that terms it's speculation as nothing can be sure for the future. Another company could come along with superior technology and wipe PYF off the map. However, my feeling is that they will remain leaders in their field and it won't be too long before the research starts paying off. So in that sence it's an investment. They've issued another Press Release today entitled 'FLUOROCARBON MEMBRANES ONCE AGAIN IN THE CROSSHAIRS AS POLYFUEL REPRISES PORTABLE FUEL CELL PERFORMANCE SHOOTOUT'. Posted on the website I personally think the share price will start increasing noticably before the warrants expire. So interested in both the shares and warrants. Although todays 550k shares transaction is showing as a Sell - I think it's a delayed Buy.Someone somewhere must have done some research to trade more than a quarter of a million quids worth in one transaction.
krishall: Rambutan2... How did you decide on your advfn nickname? Think MNE share price is equivalent to it's NAV at the moment. But about 2 years ago it was at up to 20% discount. I presume quite a few value investors that bought in that period might still be holding in the expectation of additional rises in NAV to come ... KH.
krishall: Well.. with NAV rising at a slow but sure pace then the $ premium is gradually being eroded. So if it continues like this then we should start to see some increae in the actually share price within a few weeks. A long term play ... so ... plenty of time to watch the paint dry whilst watching the share price. KH.
praipus: Interesting observation although I feel bound to point out that Ecofin have just raised an additional £50 million in share capital and changed the share structure such that a .9% increase in asset value causes the capital (ECWC) shares to outperform both the Income (7.4% yield (ECW)and the new Ordinaries (5 % yield(ECWO)). This is due to ECWC being highly geared, not to be overlooked if you like utilities. Also whilst ECWC share price has had a good run some 310% since September last year they still trade at a significant discount and are liable to substancial growth in assets and subsequently share price. The restructuring also decreased the impact of debt on the Capital shares so there is reason to believe the discount could narrow a lot more or even go to a premium like the UEM/UMEW's. Your term legacy holding is interesting with many utilities and inparticular UK utilities the regulator encourages investment in infrastructure to reduce cost to the consumer and encourage competition. The spin off for investors is that this increases the value of regulated assets and profitability thereby increasing dividends. So the longer a utility is held the more its worth our GDP and new housing starts also help utilites. Hope I havent gone on too much. My thoughts mixed with a bit of research. Best regards P.
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