ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

GCP Gcp Infrastructure Investments Limited

77.20
-0.80 (-1.03%)
19 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gcp Infrastructure Investments Limited LSE:GCP London Ordinary Share JE00B6173J15 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.80 -1.03% 77.20 77.20 77.60 78.50 77.00 77.00 1,323,931 16:35:05
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 51.71M 30.91M 0.0355 21.80 674.33M
Gcp Infrastructure Investments Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker GCP. The last closing price for Gcp Infrastructure Inves... was 78p. Over the last year, Gcp Infrastructure Inves... shares have traded in a share price range of 59.50p to 84.70p.

Gcp Infrastructure Inves... currently has 871,232,650 shares in issue. The market capitalisation of Gcp Infrastructure Inves... is £674.33 million. Gcp Infrastructure Inves... has a price to earnings ratio (PE ratio) of 21.80.

Gcp Infrastructure Inves... Share Discussion Threads

Showing 901 to 925 of 950 messages
Chat Pages: 38  37  36  35  34  33  32  31  30  29  28  27  Older
DateSubjectAuthorDiscuss
20/2/2024
07:54
Revolving Credit Facility -

GCP Infra is pleased to announce that on 15 February 2024, the Company entered into a new revolving credit facility ("RCF"). The Company has reduced the total RCF commitments to £150 million, from £190 million previously, in line with the Company's stated capital allocation policy that has been set out in the 2023 annual report.

The RCF has been agreed with four lenders, Lloyds Bank, Mizuho Bank, Allied Irish Bank and Clydesdale Bank (trading as Virgin Money). The new facility has a three-year term and was refinanced on similar terms to the previous RCF, with the most notable amendment being the introduction of additional flexibility in utilisations and repayments to allow the Company to enhance its working capital management. The interest and commitment fees charged remain unchanged at SONIA plus 2.00% per annum and 0.70% per annum respectively.

As part of the refinance, the Company repaid c. £10 million of the RCF, reducing the drawn balance to c. £96 million, after accounting for accrued interest and refinance costs (31 December 2023: £104 million). The Company's net debt position is currently c. £72 million.

The Company remains committed to materially repay the RCF and intends to return at least £50 million of capital to shareholders during 2024 as has been set out previously. Further updates on the progress of the Company's disposal activities will be provided in due course.

speedsgh
12/2/2024
14:24
New Edison flash note...

GCP Infrastructure Investments: Key takeaways from capital markets day -

GCP Infrastructure Investments (GCP) has a mature, diverse and operational portfolio of 51 UK infrastructure assets with a total asset value of £1.1bn and a net asset value (NAV) of £953m, two-thirds of which is focused on renewables, and 41% of investments by value have some form of inflation protection. The portfolio is also well-positioned to benefit from the global trends of decarbonisation, energy security and population dynamics. The fund’s January capital markets day saw the board and management reconfirm the capital reallocation policy for the coming year, which consists of asset disposals and refinancing to position the fund in the strongest possible position.

Capital allocation strategy for 2024

GCP’s capital allocation strategy for 2024 of asset disposals and refinancing is focused on reducing the fund’s leverage position (£104m currently drawn from the fund’s revolving credit facility), returning capital to investors (minimum capital return of £50m in 2024 to shareholders, potentially via share buybacks or tender offer) and rebalancing the portfolio (away from equity towards debt). The total value of the potential asset disposals is c £500m, however the fund has set a base case target of £150m before the end of 2024. The four sectors in which the fund will most actively pursue asset disposals are supported living (£112m total portfolio exposure), onshore wind (£185m total portfolio exposure), rooftop solar (£102m total portfolio exposure) and anaerobic digestion (£99m total portfolio exposure) The overall aim of GCP’s capital re-allocation programme is to cycle out sectors within its portfolio (supported living), reduce NAV volatility to electricity prices, shorten duration (supported living) and refocus the portfolio’s position on debt.

Upside of recycling capital from asset disposals

The fund is trading at a 35% discount to NAV, the biggest discount in its 13-year history. This largely materialised in 2023 and mirrors the wider investment trust landscape, where discounts have emerged in a rising interest rate environment as investors have been drawn to money market funds and UK gilts over traditional investment trusts. There is potential upside therefore in repositioning the fund through the disposal of assets and then reinvesting capital by buying back stock while the fund is trading at such a significant discount to NAV. As an illustration, even if the select assets were sold at a 20% discount to NAV, there would still be significant upside in recycling the capital, given the fund is trading at a 35% discount.

Towards a debt focused portfolio in 2024

The fund trades at a c 10% dividend yield (1.23x covered for the 12 months to 30 September 2023) and offers a potential additional return of 54% if its discount to NAV were to close. On the date of the CMD, GCP highlighted the discount rate implied by the stock price is 18.8%, well above the applied NAV discount rate of 7.7% – for a portfolio that is returning 7.9% and increasingly shifting towards wholly debt investments, this seems surprising.

speedsgh
08/2/2024
16:10
Ex-div today (1.75p).
dendria
08/2/2024
16:05
Seems like the recent momentum has been killed off following last Thursdays BoE meeting
junior21
07/2/2024
12:00
#GCP #TRIG #HICL #INPP

Selloff tempts Rathbones into core infrastructure funds for the first time -

speedsgh
06/2/2024
07:51
About 9.64% @finkie:

It goes ex-divi in 2 days:

bpdon
06/2/2024
03:32
What is current divi yield here?
finkie
31/1/2024
07:09
Research from QD todayhttps://quoteddata.com/research/gcp-infrastructure-dont-anger-qd/
the deacon
29/1/2024
11:42
CC, occasionally the same with GABI this morning.
chucko1
29/1/2024
10:42
Hmm. Not for the first time the MM are messing around here, trying to get stock

I can sell in reasonable size at above the offer.

cc2014
29/1/2024
10:19
The dividend has gone down in real terms - to have retained purchasing power one would need to have done more than reinvest for most of the period, though not if one held off and put in the dividend at the lows. Ditto a static share price would also have been a reduction in real terms. I quibble though, this still looks a not unreasonable place to allocate funds. As such, and since I have no need to sell, I would be quite happy for the share price to remain becalmed for a while longer yet.
hpcg
29/1/2024
09:41
Nothing to do but wait. NAV stable, dividend decent and discount to NAV slowly closing.
cc2014
29/1/2024
09:24
Also the risk is much reduced as there are no new investments being made. So they hold a portfolio of assets that they've had for many years and know well
donald pond
29/1/2024
08:47
Personally looking/hoping for 80p+ on GCP, agree it's succeeding in not mis-stepping.

Paid to wait.

spectoacc
29/1/2024
08:18
Sorry, wrong thread
spangle93
29/1/2024
08:10
Another quarter goes by. Still no reduction in dividend, or dramatic cliff fall of NAV...

There's a webcast later this week to discuss the results " Gravis will be holding a webinar on 1 February 2024 at 11.00am". Details in the link.

spangle93
29/1/2024
07:10
Not read it all:

"Notwithstanding the lower electricity price forecasts, the portfolio continues to perform materially in line with the Company's expectations."

spectoacc
20/1/2024
08:51
https://x.com/donaldpond6/status/1748326593955594263?s=46&t=YfR7OyhMlqZLtI-h86iCxA
donald pond
20/1/2024
08:50
On the subject of Gravis selling, they do have a sizeable open ended U.K. infra fund which invests in the sector. The last factsheet showed that it had dropped in size by around £200m last year and most of that was redemptions, so they will have been selling around £7m of GCP and £4/5m of GABI if they've been selling pari passu. I saw yesterday that Schroders Greencoat were launching "semi-liquid" infra funds for institutional investors. Interesting to see if they use funds to build new projects or acquire some of the existing ones trading at huge discounts
donald pond
19/1/2024
17:54
The gilt discounts to par are very attractive to HNWs on 45%, must be sucking a lot of money up
hindsight
19/1/2024
16:56
Rathbones/Investec have around 102m
Fidelity 64m
Gravis 42m
West Yorks Pension Fund 38.4m

It won't be Gravis. (lol).
It won't be West Yorks Pension fund - they never sell anything across any stock

So, that leaves Rathbones and Fidelity. I assume it's Rathbones selling down a few as they've decided they've got too many as part of the merger and I assume since it's a specific number they have finished.

cc2014
19/1/2024
16:11
Quilter only had 28mn shares. If it was a private client broker advising clients to get out, or getting out on their behalf - great.

It seems that all the fixed income-like advice given by such entities of late has been utterly hopeless. The more they advise, the more opportunities there are for the not-hard-of-thinking-for-oneself.

chucko1
19/1/2024
14:35
You'd expect the above has been acting as a handbrake on the share price. Hopefully, we'll get to see some steady rises now. Time will tell.
junior21
19/1/2024
10:28
Significant 37m share trade just been reported at 68.5p

I suspect the order has already been worked and has been so maybe since the start of the year thus explaining the weakness in the share price.

There are very few owners of this amount of stock. Likely to be Rathbones/Investec or Quilter imho.

cc2014
12/1/2024
08:51
RBC have put a TP of 90p. Should get dividend confirmation and AGM notice soon.
donald pond
Chat Pages: 38  37  36  35  34  33  32  31  30  29  28  27  Older

Your Recent History

Delayed Upgrade Clock