3i Infrastructure Share Discussion Threads

[jonwig] 30/9/2022 15:49

Yes - it was a blended 10.3% in the last results. I think a lower rate would apply to PPP/PFI assets where the income is government guaranteed. 3iN doesn't own any of these (I think).

[ferrox5] 30/9/2022 14:46

Citywire had an article on the Infrastructure funds. It said that 3IN used a rate of 10.9% which was a lot higher than the others (circa 7%). Does anyone know if this is correct and is it due to riskier cashflows?

[jonwig] 30/9/2022 06:18

Update. Summary sentence -

Our portfolio has continued to perform robustly and ahead of expectations set at March 2022. 3iN's portfolio demonstrates a positive correlation between inflation, power prices and total portfolio value.



Shares have fallen 14% since the mini-budget, which I suppose is better than most.

[stevie blunder] 07/7/2022 11:01

Yes, very reassuring update.

Inflation could actually give a boost given that:

" 3iN's portfolio companies are also part-funded with debt that is not inflation-linked, often fixed at attractive long-term rates."

Low fixed-rate long term debt in an inflationary environment leads to the gearing going down, if you have some pricing power.

I was hoping to get some more this summer maybe around 320p, that chance may have gone.

[jonwig] 07/7/2022 06:09

Q1 performance update:



All portfolio companies performing well. Positive remarks about pricing power and inflation resilience.

[jonwig] 30/6/2022 18:47

New Kepler research:

[jonwig] 31/5/2022 10:53

The "outlook" statement in the results says:

The Company has remained disciplined in its investment approach, and has succeeded in making a number of new investments during the year. Our portfolio consists of defensive businesses providing essential services to their customers and the communities they serve, often benefitting from long-term sustainable trends.

We remain confident in our business model. As our Company has grown, we have increased the size of the investments we can hold in our portfolio and the funding options we have available to us. We are well-placed to take advantage of new investment opportunities and to continue to support and grow our portfolio companies.

- which is a bit anodyne!

[plasybryn] 31/5/2022 08:42

What's next on the agenda here?

[jonwig] 10/5/2022 06:18

Final results.

3i Infrastructure plc (the 'Company') today announces a 17.2% return for the year, delivery of the FY22 dividend of 10.45 pence and a 6.7% increase in the target dividend for FY23 to 11.15 pence per share.

And NAV 303.3p, so premium quite tight.

Will the market reward this performance?

[woodyjmw] 31/3/2022 16:21

Yes, great long term investment, a core holding.

[jonwig] 31/3/2022 06:53

Pre-close update, all good ... very good:

[jonwig] 01/2/2022 07:27

Operations update, all good:

[chc15] 26/1/2022 18:36

Odd, rock solid when the mkts crashing, down today when things are up!

[jonwig] 06/12/2021 07:14

New investment -



Looks interesting. I've never much wondered where all these temporary road signs and traffic lights come from. There's a lot of road improvement going on, (including outside our home!) so this is a strong proposition.

[stevie blunder] 09/11/2021 14:47

Is this new?

--------------

Our investment in ESVAGT is subject to an ongoing strategic review and as part of this review, offers have been invited. No decision to sell has been made and there can be no certainty that any transaction will result.
-----------------------

They have never sold anything below carrying value, and with ESVAGT representing 10% of the folio there could be another 2-3% on the NAV with a sale :-)

[chc15] 09/11/2021 12:28

Really good stuff, will be ftse 100 one day.. Just went in for some PINT, hopefully they do as good as these over the long term ..

[truffle] 09/11/2021 09:53

Yes, confirmation of good steady progress

It remains a core holding for me, along with 3i Group

[jonwig] 09/11/2021 08:04

H1 results:



You think things can't get even better, then they do. NAV 291.2p so premium of 13% fully deserved.

[chc15] 28/10/2021 18:15

On a roll here, all time highs, good for 3i too.

[jonwig] 30/9/2021 06:14

Pre-close update:



Almost all their investments seem to have met or exceeded expectations.
And:

The Company is on track to deliver its dividend target for the year ending 31 March 2022 of 10.45 pence per share, a year-on-year increase of 6.6%.

[jonwig] 23/9/2021 08:16

Profitable disposal of Oystercatcher with 10p/sh nav uplift:

[peterbill] 14/6/2021 05:29

3i Infrastructure (3IN)The Company aims to build a diversified portfolio of equity investments in entities owning infrastructure businesses and assets. The Company seeks investment opportunities globally, but with a focus on Europe, North America and Asia. To invest responsibly in infrastructure, delivering long-term sustainable returns to shareholders and having a positive impact on our portfolio companies and their stakeholders. Share Price: 307pEstimated NAV: 268.1pPremium/Discount: 14.51%Year high: 320pYear low: 272.5pOngoing charge: 1.47%Dividend yield: 3.23%Dividend frequency: Semi-Annually Market capitalisation: £2737mTop 10 holdings in (3IN) 30 September 2020Portfolio Breakdown by country Infinis 16% Netherlands 21%Tampnet 13% France 19%Joulz 12% UK 16%Ionisos 12% Norway 13%TCR 11% Belgium 11%ESVAGT 9% Luxembourg 9%Oystercatcher 9% Denmark 9%Valorem 6% India 2%Attero 6% Projects 4% India Fund 2%




14.5% premium ... Phew!

[n0rbie] 01/4/2021 07:20

Nice acquisition - full fibre to the home ISP. Big investment up front and recurring income for decades

[adamb1978] 16/11/2020 13:53

I added someone 3IN to my pension this morning. Fixed income isn't remotely interesting based on current yields and this sort of instrument, underpinned by hard assets, can provide some of the same features.
Hoping to now forget about this money and watch it gradually roll up over coming years!

[888icb] 11/11/2020 09:10

The good thing to note from the graph above is that the share price has very nearly recovered from the large Covid fall in March and should soon be reaching a new high for the year.