3i Infrastructure Share Discussion Threads

[mrscruff] 13/12/2024 08:49

3IN is currently available at a historically wide discount. Despite fees, it offers extremely high quality. Europe is likely to announce growth measures soon, making it a contrarian play. It provides a 4% dividend yield, which might be sufficient for income seekers who want to leave a growing company to their relatives. The growth is exceptional, matching equity and exceeding US forecasts for next year or so. I can't think of a better European play to diversify my strong US holdings.

[elbrus55] 03/10/2024 06:55

Interactive investor gives you an end of year tax certificate which tells you what amount to enter in each hmrc self assesment box numberIf your broker does that then it makes it much simpler.

[wad collector] 01/10/2024 16:25

Odd thing noticed filling in tax return ; the interim and main dividends alternate between being regarded as mainly interest and entirely dividend.
Here is the company comment
Designation of dividends as interest distributions
As an approved investment trust, the Company is permitted to designate dividends wholly or partly as interest distributions for UK tax purposes. Dividends designated as interest in this way are taxed as interest income in the hands of shareholders and are treated as tax deductible interest payments made by the Company. The Company expects to make such dividend designations in periods in which it is able to use the resultant tax deduction to reduce the UK corporation tax it would otherwise pay on the interest income it earns from its investments. The Board designated 3.2 pence of the 5.95 pence FY24 final dividend as an interest distribution.

So gotta split the divi payments and be taxed differently. Maybe you all know that but only one of my holdings like this. And IOM just to complicate a bit more...

[wad collector] 26/7/2024 21:11

Busy BB not noticed a 2 yr high here!

[jonwig] 26/1/2024 07:34

Q3 "ahead of expectations". Surprise?

[chc15] 17/10/2023 14:43

Bit if a swing today, dropped too much.

[jonwig] 29/9/2023 06:11

Pre-close update:



Excellent as always. Just about everything performing above expectations. No debt concerns.

[jonwig] 24/7/2023 06:12

Sale of 25% stake in Attero at 31% uplift to book:



Other 3i funds held a further 25%. Gives the lie to the idea that private equity valuations can't be trustsd.

[peterbill] 21/6/2023 19:46

Central Banks increasing rates to combat inflation will make it more expensive for companies to do business ... those with the biggest borrowings will suffer - IMHO

[chc15] 21/6/2023 09:17

No idea, but topped up earlier

[jonwig] 20/6/2023 09:51

You've got to admire their fundraising four months ago - they'd never get it away today!Is this just the gilts market panicking? I think so.

[chc15] 20/6/2023 09:37

Hmm bit more than an ex div drop than thought here, may have to top up..

[chc15] 08/6/2023 10:20

Topped up my holding this morning, ex div next week.

[jonwig] 10/5/2023 06:20

FY results -

"3i Infrastructure continues to deliver long-term sustainable returns. I am delighted to report that we achieved another year of outperformance, with a total return of 14.7% in the year ended 31 March 2023, well ahead of our target. We have increased the dividend per share in every year of the Company's existence."
Final divi 5.575p, xd 15/06, pay 10/07.
NAV 336.2, target divi 11.9p for 2024.

[jonwig] 31/3/2023 06:17

Trading statement Oct - March:



All good with 11.15p dividend for 2023 confirmed. But an offhand reference to slow rollout at DNS:NET, the Berlin-based fibre-optic firm.

[jonwig] 10/2/2023 07:20

Almost 31m new shares issued, raising £100m. Scaled back:



Holders can't complain, even if they weren't invited to the party.

[jonwig] 09/2/2023 11:20

Citywire -

said 3IN was being opportunisitic and grabbing ‘first-mover advantage’ in the race for investors’ capital at a point when other infrastructure funds were trading at discounts below NAV, preventing share issues.

[jonwig] 06/2/2023 07:30

Placing at 330p -



Aim is to reduce RCF. Target size not revealed. Looks like only professional status investors will be considered, but anyone interested could contact one of the bookrunners and enquire.

[jonwig] 19/1/2023 07:17

Q3 trading:



Summed up in the first sentence: "Overall the portfolio has performed well in the Period, exceeding the expectations we set in September 2022, and continues to deliver strong performance."

[jonwig] 10/11/2022 08:18

Questor on Tuesday's FY results:

We are off to a good start with this trust, tipped here just a month ago at 314p and already 4.8pc higher at 329p. We may have been fortunate with our timing as this trust, like so many income‑producing assets, was caught up in the chaos that followed the mini‑Budget, but the fund also published a positive interim report this week.

It reported a 9.3pc total return, on the basis of its net asset value, for the six months to the end of September, which is substantially ahead of its target return of 8pc to 10pc a year. The NAV at the end of the period was 325.8p, compared with 303.3p at the end of March.

The interim dividend of 5.575p is 6.7pc higher than the half‑year payment last time and the trust said it was on course to pay 11.15p for the full year, also a 6.7pc rise and expected to be fully covered by earnings.

Analysts at Investec, the bank, said: “We believe that 3i Infrastructure gives investors exposure to a high‑quality portfolio of economic infrastructure assets and a management team that can demonstrate a significant depth of resource to originate and manage a portfolio of infrastructure assets.

“The portfolio continues to perform strongly and given its positive value correlation to both inflation and power prices, which are expected to remain elevated, we believe the portfolio remains well‑placed to deliver attractive total returns.” Hold.

[ferrox5] 30/9/2022 20:57

Thanks for that. It will be interesting to see what the next NAV will be.

[jonwig] 30/9/2022 16:51

They probably will, as rates are rising across the EU, too.

Actually all these infra trusts use a higher rate than they need to! So their NAVs are lower than they should be, and they usually sell assets above carrying value which looks good. It also helps their share prices to stay usually at a premium, so they can do fundraisings!

It's all a big manipulation, but nobody seems to mind.

[ferrox5] 30/9/2022 16:37

Thanks jon. Could you see them increasing the rate if i/r's rise to say 5%? Presumably this is a major factor in the NAV calculation.