Gcp Infrastructure Inves... Dividends - GCP

Gcp Infrastructure Inves... Dividends - GCP

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Stock Name Stock Symbol Market Stock Type
Gcp Infrastructure Investments Limited GCP London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.40 0.39% 104.20 16:35:11
Open Price Low Price High Price Close Price Previous Close
104.00 103.80 104.80 104.20 103.80
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Industry Sector

Gcp Infrastructure Inves... GCP Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

cc2014: I have arrived at this thread upon casting around for anywhere to put my money which offers a safe (rofl) return. The chart attracts of course as does the discount to NAV. The NAV seems to be drifting down due to two things 1. Some biomass projects where the equity buffer has got eaten up and 2. the DCF of future revenue streams is struggling due to energy prices, partly due to technology leading to lower cost of renewables I've read the last 150 or so posts and I'm left with a conumdrum. Rising interest rates aren't going to help but this should be in the price, alhtough presonally I perceive not all of if is. But what's probably of more importance to me right now is what happens if the DOW/FTSE pulls back 5%. Will GCP pull back 5% with it? or more likely some lower percentage. Or will money flood into "safer" havens meaning the share price would actually go up. So, I'll sit on the sidelines. I don't see a compelling reason to buy but GCP is of sufficient interest to add to my many watchlists.
jonathan49: Hi, I too attended the presentation. I put my question in before they started and pleased to say that they did answer it as some of you heard. I am disappointed that they had not flagged more clearly that the older loans are compromised due to an insufficient equity cushion and the fall in the long term power price forecast. Some of the older loans are also against assets with difficult operational issues such as biomass and anaerobic digestion. On page 20 of the last half year report there is a chart of NAV vs power prices which shows 6% of Nav lost per 10% of electricity price drop. I believe that this chart was new in that report indicating to me that they had previously thought that they had enough equity for the loans not to be affected by power price forecast downgrades. I guess we have taken most of the first 10% drop now and presumably it is a straight line down if there are further electricity price forecast downgrades. I therefore agree that it seems unlikely that the target income level can be maintained in the long run. The government will need electricity prices to be low in the future because in order meet CO2 objectives most houses/cars will need to be heated/powered by green electricity and people need to be able to afford it. A further concern of mine is given that GCP continually needs to reinvest as capital is returned from the amortising loans, the fund is also dependent on future opportunities being available which meet the target return level, however the returns from energy projects are highly uncertain. The risk reward profile of this fund is not what I thought and so I sold my complete holding after the presentation. I also hold TRIG (A bigger operation with 100% renewables rather than 60% in GCP infra) and suspect that the same issues will apply, though I believe TRIG holds the whole project capital rather than debt only.
speedsgh: Dividend Declaration & Scrip Dividend Alternative - HTTPS://www.investegate.co.uk/gcp-infra-inv-ltd--gcp-/rns/dividend-declaration---scrip-dividend-alternative/202104211106171764W/ GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt is pleased to announce a dividend of 1.75 pence per ordinary share, for the period from 1 January 2021 to 31 March 2021. The dividend will be paid on 8 June 2021 to holders of ordinary shares recorded on the register as at the close of business on 7 May 2021...
speedsgh: Net Asset Value(s) - HTTPS://uk.advfn.com/stock-market/london/gcp-infrastructure-inves-GCP/share-news/GCP-Infrastructure-Investments-Ltd-Net-Asset-Value/84851618 GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt, announces that as at close of business on 31 March 2021, the unaudited net asset value per ordinary share of the Company was 100.78 pence, down 1.93 pence from the 31 December 2020 quarter end. The net asset value takes into account cash, other assets, accrued liabilities and expenses and leverage (if any) of the Company attributable to the ordinary share class. The UK Government's announcement, as part of the March budget, to increase the corporation tax rate to 25% from 1 April 2023 has resulted in a reduction of the net asset value of c. 1.71 pence per ordinary share. In calculating the Company's net asset value, the Directors have historically incorporated electricity price forecasts in the valuation process by taking the average of the most recent four quarterly long-term forecasts published by Afry, a leading independent market price forecaster (the "Afry Average"). With effect from (and including) the 31 March 2021 net asset value, the Directors will apply a modified methodology for these purposes, pursuant to which the Company will use published electricity futures market prices for the three-year period starting on the valuation date (the "Futures Prices"). After this three-year period, the Afry Average will continue to be used. The Directors believe Futures Prices are a more appropriate reference for short-term prices that incorporate traded market activity and are more closely aligned to the prices that projects are able to secure for the sale of electricity under their respective power purchase arrangements. In the quarter ending on the 31 March 2021, a reduction in the Afry Average resulted in a decrease of the net asset value of c. 1.57 pence per ordinary share. The incorporation of the Futures Prices as described above resulted in an increase of the net asset value by c. 1.60 pence per ordinary share. The Directors note a range of electricity price forecasts and renewable asset valuation assumptions are used across the renewable infrastructure market. The Directors believe that the Company adopts a conservative position to the valuation of renewable assets and shall continue to do so pursuant to the revised approach regarding electricity power prices. Further detail on the Company's approach to long-term assumptions, and Mazar's independent valuation of its assets, is anticipated to be provided as part of the Company's interim results for the six-months ending 31 March 2021, which are scheduled to be published in June.
sharesoc: In case you missed our webinar with GCP Infrastructure Investments on 18 March, the recording and stockopedia report can be found here: hTTps://www.sharesoc.org/seminar/sharesoc-webinar-with-gcp-infrastructure-investments-gcp-18-march-2021/ To access the recording, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here: hTTps://www.sharesoc.org/membership/ Once you've joined, you'll receive an invitation to register for our "members network" private social network, from where you'll be able to access the recording (and recordings/reports on 100s of other meetings). If you're already a member and have any difficulty accessing the report, please do not hesitate to contact us here: hTTps://www.sharesoc.org/contact-us/
redsonning: CWA, you have a sensible strategy. Whilst no one can say where the bottom is, this is beginning to look pretty cheap - unless there is something we don't know about... The concern with GCP is whether it can still generate the necessary yields from its loans into the infrastructure market at a time of such low interest rates. On the other hand some investors are now getting concerned about possible inflationary pressures in due course. So there is a balance of factors being played through. The previous declines in NAV are an indication of the difficulties GCP has had in achieving those yields, and they are the reason that GCP has had to reduce its future dividend target. All interesting stuff - but in summary your starting stake looks reasonably safe, although of course is never going to be spectacular.
apollocreed1: Re GCP Infrastructure, it's a very secure 7% dividend yield at about 1% premium to its 102p NAV. They provide secured loans for renewables (60%) social housing (25%) and Infrastructure like roads (15%). A lot of their income streams are government backed and nearly all inflation linked. They do not have the risk of managing the infrastructure assets-they just collect payments as a secured creditor. They have traded in the past at 120-130p so I think this is a very good price. Price weakness is because they had some loan repayments in December and reinvesting the money is a challenge because so much money is competing for renewables so yields have been pushed down. However GCP is one of the best companies in the sector and the team has more experience than all the new upstarts. Including dividends they've returned 110% over 10 years with very low volatility.
speedsgh: Dividend Declaration & Scrip Dividend Alternative - HTTPS://www.investegate.co.uk/gcp-infra-inv-ltd--gcp-/rns/dividend-declaration---scrip-dividend-alternative/202101221154415049M/ GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt is pleased to announce a dividend of 1.75 pence per ordinary share, for the period from 1 October 2020 to 31 December 2020. The dividend will be paid on 9 March 2021 to holders of ordinary shares recorded on the register as at the close of business on 5 February 2021...
speedsgh: A few paras that stood out for me... On the dividend... "As well as reflecting on past achievements, this milestone is an opportune time to consider the future. As part of the publication of the interim results in 2020, the Company announced a dividend target2 for the financial year commencing on 1 October 2020 of 7.0 pence per share. The dividend target2 is reconfirmed as part of this annual report. Establishing a dividend target2 at a lower level than the historic dividend is a reflection of the very different environment in which the Company now finds itself, and is borne from a desire not to increase the risk profile of the investment portfolio by changing, or stretching, the Company's existing investment policy." "The dividend of 7.6 pence per share for the year was -0.1 times covered on an earnings cover1 basis (under IFRS) and 1.0 times covered on an adjusted net earnings cover1 basis, calculated on the Investment Adviser's assessment of adjusted net earnings1 in the period. The third and fourth interim dividends were paid out of capital, as a result of significant downward revaluation movements on investments, which under IFRS are recognised through the statement of comprehensive income..." On financing... "The Company made a net repayment of £27 million under its revolving credit arrangements in the period. These facilities are due to expire in March 2021. The Company, through its Investment Adviser, is well progressed in a process to refresh its financing arrangements through replacement with flexible, short-term (three year) credit facilities that may include some existing and new lenders. These arrangements are anticipated to continue to provide the Company with continued access to flexible debt finance, enabling it to take advantage of investment opportunities as they arise, and may also be used to manage the Company's working capital requirements from time to time." On investment outlook... "... The Company has a significant investment pipeline which is stronger than that seen in recent years. A number of attractive opportunities have been identified in new and existing sectors..." On the general outlook... "Looking forward to the medium to long term, infrastructure investment is likely to be a key fiscal tool that is used by the UK Government to support the economic recovery. The UK recently published its first Infrastructure Strategy, setting out ambitious plans to support economic recovery, levelling up regions of the UK and achieving net zero. These plans are likely to support future opportunities for private sector capital and the Company is well placed to benefit from these opportunities."
speedsgh: Don't think there's been any mention of the cut in the dividend target here so just in case anyone wasn't aware... From the interims on 29/5 - HTTPS://www.investegate.co.uk/gcp-infra-inv-ltd--gcp-/rns/half-yearly-report-and-financial-statements-2020/202005290700072950O/ It is central to the Company's investment objective to deliver 'regular, long-term and sustained' dividends to shareholders. In each of the past seven financial years the Company has paid annual dividends of 7.6 pence per share. In light of the factors identified above, and following an extensive review of the sustainability of the Company's dividend, the Directors have determined that it will target2 an annual dividend of 7.0 pence per share with effect from the next financial year commencing on 1 October 2020. In determining this target dividend2, the Directors intend to reflect what they consider to be a sustainable level of dividend distributions, based principally on the forecast interest income accrued by the Company under normal operating conditions. For the avoidance of doubt, it is the Directors current expectation that the Company will pay dividends of 1.9 pence per ordinary share in respect of each of the quarters ended 30 June and 30 September 2020. Further detail of the rationale for the Company's annual dividend target2 can be found below... GCP dividend cut is another lesson for income investors - HTTPS://citywire.co.uk/investment-trust-insider/news/gcp-dividend-cut-is-another-lesson-for-income-investors/a1364997
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