Ecofin Global Utilities ... Share Discussion Threads

[18bt] 06/4/2020 19:22

A few other companies in EGL’s universe have communicated on their dividends andweareadjustingourownforecaststoo. There is a high probability of a delay for some dividends –given several companies have announced the postponement of their AGMs and this will likely trigger the postponement of dividend payments too –but we believe a majority of portfolio holdings will still be able to pay their dividends before the end of September (EGL’s fiscal year-end). The risk to dividends in EGL’s portfolio should be amongst companies highly exposed to industrial contracts (e.g., environmental service groups) and for transportation infrastructure groups (roads and airports). For these names, we have reduced our base-case assumptions for dividends for this year and have trimmed (Suez) or exited (Veolia) some positions. While utilities –especially regulated businesses butalso many diversified integrated ones–should not need to alter their dividend policies as cash flow/debt service payments and dividend cover ratios are generally comfortable, there is nonetheless sufficient uncertainty in the business outlook for caution. Also, as we are seeing in France, political intervention to suppress dividends in certain sectors/companies, including where the state is a shareholder, is becoming a factor: EDF’s and Engie’s dividends for 2019 (due to be paid in 2020) have just been cancelled. Taking all of this in to account, we expect to implement some further changes to the portfolio to preserve the level of dividend income receipts this year.

[emptyglass] 06/4/2020 19:03

Note the paragraph on dividends in the March portfolio update.

[shauney2] 28/2/2020 12:26

Well i sold this at 140 something a while ago.Regretted ever since.When to buy again is the problem.

[18bt] 28/2/2020 11:05

Amazing how quickly this has moved out to a 7-8% discount.

[tiswas] 28/2/2020 11:01

Thanks to the comments here I sold this at 1.85ish a few days back and looking to get back in again now that the discount has widened. Sadly it was less than 2% of the remaining portfolio that I mainly held on to!

[spectoacc] 28/2/2020 09:40

Returning to buy territory? Is at least moderately defensive.

[speedsgh] 21/2/2020 08:58

Bit of both. In a similar vein I am looking at UEM as a possibility.

[spangle93] 20/2/2020 17:46

Amazing how the discount has steadily closed over recent months Have you gone into other similar infrastructure trusts, or branched into other sectors

[spectoacc] 20/2/2020 16:44

Well done - I was out far too soon, having held it variously forever. Have to give them credit where it's due, having been poor performers for years and years, they've massively turned it around now.

[speedsgh] 20/2/2020 16:43

I'm out at 186.95p. It's been on a great run. Decided to bank profit and move elsewhere offering wider discount. Will be happy to re-enter if suitable opportunity arises in future. GLTA who remain.

[18bt] 20/2/2020 09:28

Have top sliced now that the discount has narrowed so much and yield now down to 3.5%. I hope I've left something on the table as regards my remaining holding.

[spectoacc] 28/1/2020 11:29

178p NAV, really impressive, well done those still in.

[speedsgh] 23/1/2020 10:18

A welcome tick up in the quarterly dividend payment to 1.65p (6.60p annualised)... Dividend Declaration - HTTPS://www.investegate.co.uk/ecofinglobal-u--38-i-tst--egl-/rns/dividend-declaration/202001231010567288A/

[masurenguy] 28/12/2019 10:38

Hi Spangle - and a happy and prosperous new year to you !

[spangle93] 28/12/2019 10:09

Hello Mas - Haven't seen your name for a while - Happy Christmas!

[masurenguy] 28/12/2019 09:28

Friday's closing offer price was at a 3.5% discount to NAV.

[chc15] 20/12/2019 17:38

I don't the discount will widen now, inv trusts have been re rated since the election.

[spectoacc] 20/12/2019 11:48

@robow - no, would want discount to return to nearer historic levels.

[chc15] 20/12/2019 11:46

https://www.trustnet.com/news/7461061/wise-investments-10-trusts-for-income-hungry-investors

[robow] 20/12/2019 10:48

are you back in Specto?

[chc15] 20/12/2019 10:31

Bought 5k this week, just for some infr in my portfolio, has ticked up, hopefully continue in the new year..

[spectoacc] 29/10/2019 17:08

Wow. Ignoring the £'s move, they're continuing to perform well - but bloody hell, had to wait a long time for it!

[masurenguy] 29/10/2019 16:52

Discount to NAV at the close today was circa 5.5%.

[spectoacc] 18/10/2019 16:13

Mustn't deramp it now I'm out... Mustn't deramp it now I'm out... Can't remember ever seeing the premium this small - NAV fall no fault of EGL's, is suffering with the stronger £.

[speedsgh] 17/10/2019 11:55

New QuotedData research note released today... Compelling three-year track record - HTTPS://quoteddata.com/research/ecofin-global-utilities-infrastructure-trust-compelling-threeyear-track-record/