Pantheon Infrastructure Share Discussion Threads

[mrscruff] 18/4/2024 12:59

Share buybacks have just resumed again (see RNS). It has been well over a month.

[mrscruff] 09/4/2024 08:16

topvest, the thing is you never know what PINT would do, such as early sale of an asset or part of an asset at a higher price. Dividend growth is all in the ambitious plan and PINT are growth infrastructure so anything is possible... though rates will have to come down. And because revenue is more certain than traditional equity and as long as we have a growing NAV (and we do) then we are on track and taking on that extra "risk" of an uncovered divi should give PINT an edge. Diversification into INPP and BBGI is always good though.

[topvest] 03/4/2024 20:02

Results seem OK - Pantheon are a good investment manager and I have held PIN for many years. The problem I have with this is that the dividend won't be cash covered until expected realisations take place in 2026, so we have the whole of 2024 and 2025 to survive on the existing cash balance and £115m RCF. This will no doubt be OK, but its a bit of a constraint. At least they haven't drawn down any of the RCF yet. The dividend policy still looks a bit aggressive for an early stage company. It's only affordable if they get some exits away in 2 years time.

I don't quite understand why the expected total return is 8-10% per annum (10.4% in 2023) but the weighted average discount rate of the portfolio is 13.6%. What is the difference? Ongoing charges are 1.35%.

I am a holder rather than a buyer at this stage, as I'd rather focus more on alternatives with well covered dividends. This could be as good as 3i Infrastructure long-term though.

[mrscruff] 14/3/2024 15:10

I have contacted PINT and the buybacks will resume after the results on the 2nd of April. This is normal. Great to see strong total return with both NAV growth and dividend. Apologies for the previous post.

[mrscruff] 14/3/2024 15:00

Apologies CC2014, I am not as smart as you. Thanks for flagging CORD that is 5p cheaper. Just like those 2-5p savings vouchers you get at supermarket petrol stations every little helps. I can return the tip... if you own a Diesel vehicle you can save about 5p by putting in Petrol... though I am not sure about the MPG you get, perhaps its the same but its still a saving. Teamwork like this makes the dream work.

[cc2014] 14/3/2024 14:26

lol. But why do you want to buy PINT at 75p when you can buy CORD at 70p?

[mrscruff] 14/3/2024 14:09

CC2024 are you nutts, quick buy PINT. You say you know DGI9 then have you seen how quality the holdings are and the growth in the digital sub sector that they cant sustain due to their debt, notably you will see excellent growth by private markets in these sectors. Seriously this is bargain.

[cc2014] 13/3/2024 17:23

Batteries, batteries, batteries.

And if it's not batteries, it's renewables which are weak too.

And if not batteries it's digital infrastructure and one look at DGI9 and CORD will tell you where that market is at

[riverman77] 13/3/2024 16:27

Been weak recently but can't see any obvious reason - last update showed portfolio was performing well. This is held by a lot of the wealth managers, many of which are dealing with outflows, so could be some forced sellers. I know the biggest holder Rathbones reported further outflows the other day, so possibly linked to that.

[markydeedrop] 13/3/2024 14:12

Anyone know why Pantheon Infrastructure is falling today?

[riverman77] 26/2/2024 15:42

Strangely weak over the last month or so - adding here as think Pantheon are a quality outfit. I like their co-investment aprpaoch, which saves on fees, and they seem to have assembled a good portfolio which is performing well. Discount doesn't really make sense.

[cruelladeville] 16/12/2023 09:34

Looking forward to great things from PINT. Discount is just not logical given the quality of assets owned.

[gbcol] 15/12/2023 13:12

“The NAV increased by 5.6 pence per share in the quarter, an increase of 5.5% on the NAV of 101 pence per share as at 30 June 2023.”

That’s a decent performance for the quarter. Share buybacks of about £2.8m giving a minimal 0.2p uplift to NAV but I would be in favour of continuing with buybacks while the discount to NAV is so significant. I expect talk of and pressure for interest rate cuts will intensify early in the new year, which will help as higher interest rates have been a significant reason for the discount.

[jonwig] 02/11/2023 09:30

There are two ITs in my portfolio which aren't doing buybacks: ORIT and CORD (CORD did a bit, then stopped). CORD is still buying assets, and ORIT is recycling mature assets into development assets.

If a company doesn't want to do either of these, then buybacks give a strong signal that it believes its shares are undervalued. Eps and dividend cover are improved. Anyway, what would the share price have looked like without the buybacks?

[cc2014] 02/11/2023 09:03

Yeah. When the buybacks end support for the share price will be questionable.

[cruelladeville] 02/11/2023 08:56

Repeated share buy backs apparently having zero impact on share price?

[jonwig] 27/9/2023 18:47

riverman - correct: both are managed by Pantheon Ventures. Because PIN predates PINT, Iclumsily confused the situation.

[riverman77] 27/9/2023 17:41

Don't want to be pedantic but as far as I am aware PIN do not manage PINT. Yes they are both managed by Pantheon, but otherwise completely spearate companies with different fund managers.

[cruelladeville] 27/9/2023 14:18

No, I do see an issue either. Fact is PINT are minority stake holders and they don't hold the purse strings at invested companies.Looks like a complete no brainer buy to me.

[jonwig] 27/9/2023 07:59

H1 results.



This is interesting. I've no problem with it, but I imagine the discount would be even steeper if they paid out only on cash cover -

... the interim dividend of 2p per share, the Company's dividend for H1 2023 is covered by earnings 1.6 times.

From a cash perspective, the Company does not expect its dividend to be covered on a cash receipts basis in the short-term. The main reason for this is that the co-investment model means the Company does not have direct control of underlying distributions, and many of the Portfolio Companies consider the re-deployment of free cash flow into growth capex or M&A activity to be a more effective use of cash flow than making distributions in the current interest rate environment, and the relative immaturity of the Portfolio means that no investment exits are envisaged in the short-term.

[jonwig] 22/9/2023 08:23

PIN gets management fees from PINT (1% of NAV I think).

[ali47fish] 22/9/2023 08:16

iam invested in pin does that mean i do not benefit from pint- sorry for the error

[jonwig] 22/9/2023 07:52

That's for PIN, not PINT. (PIN does manage PINT, of course.)

[ali47fish] 22/9/2023 07:24

is this nav update any good - rns today

[cruelladeville] 14/9/2023 21:05

Trying to find information on next dividend payment from PINT. It's not obvious what the next dividend is or when the shares are ex dividend and the payment made. I recall a 4p forecast dividend for this year. But for the last few months I've been unable to actually find anything definitive on this?