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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hicl Infrastructure Plc | HICL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -2.00 | -1.60% | 123.00 | 16:29:35 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 124.60 | 122.60 | 125.00 | 123.00 | 125.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 21/02/2024 | Interim | GBP | 0.0206 | 29/02/2024 | 01/03/2024 | 28/03/2024 |
| 15/11/2023 | Interim | GBP | 0.0206 | 23/11/2023 | 24/11/2023 | 29/12/2023 |
| 19/07/2023 | Interim | GBP | 0.0206 | 24/08/2023 | 25/08/2023 | 29/09/2023 |
| 17/05/2023 | Interim | GBP | 0.0207 | 25/05/2023 | 26/05/2023 | 30/06/2023 |
| 22/02/2023 | Interim | GBP | 0.0206 | 02/03/2023 | 03/03/2023 | 31/03/2023 |
| 16/11/2022 | Interim | GBP | 0.0206 | 24/11/2022 | 25/11/2022 | 30/12/2022 |
| 20/07/2022 | Interim | GBP | 0.0206 | 25/08/2022 | 26/08/2022 | 30/09/2022 |
| 18/05/2022 | Interim | GBP | 0.0207 | 26/05/2022 | 27/05/2022 | 30/06/2022 |
| 23/02/2022 | Interim | GBP | 0.0206 | 03/03/2022 | 04/03/2022 | 31/03/2022 |
| 17/11/2021 | Interim | GBP | 0.0206 | 25/11/2021 | 26/11/2021 | 31/12/2021 |
| 21/07/2021 | Interim | GBP | 0.0206 | 26/08/2021 | 27/08/2021 | 30/09/2021 |
| 19/05/2021 | Interim | GBP | 0.0207 | 27/05/2021 | 28/05/2021 | 30/06/2021 |
| 17/02/2021 | Interim | GBP | 0.0206 | 04/03/2021 | 05/03/2021 | 31/03/2021 |
| 18/11/2020 | Interim | GBP | 0.0206 | 26/11/2020 | 27/11/2020 | 31/12/2020 |
| 15/07/2020 | Interim | GBP | 0.0206 | 06/08/2020 | 07/08/2020 | 30/09/2020 |
| 13/05/2020 | Interim | GBP | 0.0207 | 04/06/2020 | 05/06/2020 | 30/06/2020 |
| 26/02/2020 | Interim | GBP | 0.0206 | 05/03/2020 | 06/03/2020 | 31/03/2020 |
| 15/11/2019 | Interim | GBP | 0.0206 | 28/11/2019 | 29/11/2019 | 31/12/2019 |
| 23/07/2019 | Interim | GBP | 0.0206 | 05/09/2019 | 06/09/2019 | 30/09/2019 |
| 22/05/2019 | Interim | GBP | 0.0202 | 06/06/2019 | 07/06/2019 | 28/06/2019 |
| 06/08/2018 | Interim | GBP | 0.0202 | 23/05/2019 | 24/05/2019 | 28/06/2019 |
| Top Posts |
|---|
Posted at 23/4/2024 14:10 by mrscruff Thanks for that. The forward yield for BBGI is significantly more than I expected given that it paid out 7.93p in total for over the past 12 months. Agree in general and INPP is my highest weighted holding in the entire portfolio and HICL my lowest of the 3. |
Posted at 23/4/2024 12:50 by williamcooper104 And on forward divi yield I'm at INPP - 6.91%HICL - 6.63% BBGI - 6.53% Interesting that BBGI doesn't yield much less than HICL So not sacrificing much in way of short/medium term income If/when HICL are able to get their water company paying dividends it's likely they'll restart growing their divi |
Posted at 23/4/2024 12:46 by williamcooper104 Just looking at my spreadsheet for the three I take their valuation discount rates, take away managembt fees and then adjust for the discount to NAV as best measure of long term returns Getting to 8.83 for INPP8.52 for HICL 7.45 for BBGI BBGI is more conservative on future inflation so on a like for like basis can probably add c30bps to their return All of these are attractive returns for the risk but I prefer INPP as slightly higher return and BBGI for lower risk |
Posted at 23/4/2024 11:38 by mrscruff Hi William (I am not the one who voted you down btw).The trio have all "re-set" to more of a bond proxy by removing the leverage...at least while the normal/nominal rate of interest in years to come is unknown. If your after that growth edge using leverage then only have 3IN and PIN in the generalist space. With that rather simplistic view in mind HICL is probably the best value for now at these prices.... tomorrow could be another day though. |
Posted at 22/4/2024 21:26 by williamcooper104 It is alas the largest and it's not paying a dividend IIRC The forward yields on INPP and BBGI aren't a lot lower given they've got divi growth pencilled in Hold a lot more of them but still hold a little HICL - have been in it to a greater or lesser amount since its IPO |
Posted at 22/4/2024 20:26 by mrscruff Affinity Water is the largest holding at 7 percent however they seem OK and the rest is well diverfide into high quality defensive sectors. Yes I marginally prefer those other two but HICL has come down in price and so the yield for new investors is very attractive nearly 7 percent and that's higher than high quality bonds or gov bonds. It's a buy at these levels to diversify ones portfolio and provide more quarterly dividends that smooth out INPP twice yearly distributions. |
Posted at 14/4/2024 13:00 by petersinthemarket After years of steady dividend growth, HICL has held its dividend at 8.25p a share (yld 6.5% at 126p/sh) since its financial year to March 2020, but the trust doesn't plan to increase its dividend target in respect of financial years to March 2024 and 2025, meaning that the real value of shareholders investment income will decrease significantly. Jefferies analysts find dividend plans disappointing. By estimating future dividend cover based on cash flow projections, they believe that whether HICL will be able to resume dividend growth is largely contingent on inflation outperformance and HICL looks a bit like a bond proxy. |
Posted at 12/1/2024 10:07 by blueliner MorningI have escalating problems in receiving my HICL dividend. My holding unfortunately is through HSBC Stockbrokers, a historical peculiarity. The payment due to me 29th Dec remains unpaid on my account as HSBC admit they are having problems processing HICL dividends and some other stocks dividends. I had to ring up for the figure to complete the calendar year end. I could consider a stock transfer. Anyone else haaving to wait so long, I know there are rumblings how long it takes with certain providers to credit pi's accounts, could be down to platforms cutting staff numbers. |
Posted at 30/9/2023 20:24 by blueliner Does anyone know.Am a long time holder for my pains, is there a tax or anything else deducted from HICL dividend payments that we receive, not sure whether the broker I have used for this stock for long time knows. I certainly don't receive the full amount indicated, but is that just my inertness. |
Posted at 16/7/2023 01:07 by unastubbs HICL vs IPP: Which infrastructure trust should you buy?International Public Partnerships and HICL Infrastructure are both relatively low-risk, but there are differences to factor in Investor's Chronicle July 14, 2023 A popular asset class until last year, infrastructure has fallen out of favour quite spectacularly as interest rates rise and investors worry about the impact on net asset values (NAV). While it might be some time before a rally arrives, funds in this sector still have much to recommend them for the long term, including high yields, good levels of inflation linkage and government-backed revenues. Sector giants International Public Partnerships (INPP) and HICL Infrastructure (HICL) have hardly ever been this cheap, but choosing between them isn't a simple task. As the chart below shows, over the past five years their performances have been similar, although HICL Infrastructure did better at times during 2022. The two trusts have many features in common, so you need to look below the surface to gauge which of them might be more suitable for your investment approach. Two evolving portfolios Both trusts invest in core infrastructure, which HICL defines as “essential infrastructure assets that deliver resilient cash flows from a protected market position” and “sit at the lower end of the risk spectrum”. And both have exposure to private public partnerships (PPP), through which revenues come from the public sector so are less exposed to economic fluctuations. But like most infrastructure trusts, over the past few years, both portfolios have evolved, reducing their exposure to PPP and ‘social’ infrastructure assets, for example in the health and education sectors, in favour of more economically sensitive projects, such as those in the utilities sector. Despite their names, HICL is more exposed to PPPs than International Public Partnerships, which has significant investments in regulated assets instead. Regulated assets’ revenues are pre-determined for a given period via sporadic regulatory settlements. IPP’s key assets in this area are Cadent, the UK’s largest gas distribution network, and Tideway, which is in charge of building and maintaining the new 25km London ‘super-sewer&# The past few years HICL has shifted towards a higher exposure to demand-based assets, particularly in the transport sector. For example, traffic levels have an impact on the revenues of the trust’s second-largest investment, the A63 motorway in France. HICL's shift away from PPP, health and education is because no new PPP projects are being commissioned in the UK and the price of secondary transactions is rising, detracting from returns. Earlier this year, Stifel analysts argued that moving towards economic assets offers benefits including higher potential for returns and longer portfolio lives. But it also slightly changes the trusts’ risk profiles, leaving them more exposed to economic conditions and regulatory changes. “Given the weaker economic outlook, this is a bit of a concern,” they noted. As well as having fewer PPP projects, International Public Partnerships has greater exposure to construction projects – 14 per cent of its portfolio compared with 3 per cent of HICL's. Both trusts are UK-focused, although HICL is slightly more internationally diversified with a 64 per cent exposure to the UK against International Public Partnerships’ 76 per cent. Mick Gilligan, head of managed portfolio services at Killik, adds: “[Many infrastructure investors will] prefer assets that have low levels of economic sensitivity and execution risk, and high levels of inflation linkage. In effect, closer to an inflation-linked bond than to an equity. On this basis, HICL is more attractive than International Public Partnerships.” Discount rates under pressure While the composition of its portfolio means International Public Partnerships is arguably slightly riskier than HICL, there are other considerations including the discount rate they use – International Public Partnerships’ is 7.5 per cent, on average, while HICL’s is 7.2 per cent. Because of the long lives of their assets, both trusts are heavily impacted by an increase in their discount rates. According to their last financial statements, a percentage point increase in discount rate was expected to result in 11.6 and 8.9 per cent NAV decreases for HICL and IPP, respectively. This helps to explain why these trusts react so negatively to higher interest rates, with their share prices showing high levels of correlation with gilt yields (‘Why it's hard to find funds that benefit from higher rates’, IC, 23 June 2023). Higher rates put pressure on the risk premium offered by these funds, and International Public Partnerships has a bit of extra breathing room. In its latest portfolio update at the end of May, the trust acknowledged the increase in government bond yields since the publication of its December 2022 NAV, although it added that “historically discount rates have not moved in lockstep with government bond yields”. Both HICL and IPP might yet have to increase their discount rates further this year, after increasing them by 60 basis points (bps) and 54bps, respectively, over the course of last year. But this might not be as bad as the discounts in the sector would imply. At the end of June, Stifel analysts estimated that the market was pricing in discount rates of 8.8 per cent for HICL and 9.5 per cent for International Public Partnerships, which they deemed “relatively high". The negative effect of discount rates is partly compensated for by inflation-linked revenues. HICL boasts an inflation correlation of 0.8, meaning that every percentage point increase in inflation is expected to result in a 0.8 per cent increase in its cash flow. International Public Partnerships has an inflation correlation of 0.7. To gauge which of the two trusts looks more attractive at any given time, Gilligan uses a model that adjusts the discount rate to take into account factors such as any leverage or cash at the holding company level, fees and the premium or discount. The model calculates the “steady state return” or the rate of return that investors should receive based on the current share price. As at 4 July, this was 7.9 per cent for HICL and 8.4 per cent for International Public Partnerships. “We like the relatively low-risk nature of both trusts and hold both in portfolios,” says Gilligan. “We tend to have a higher weighting in whichever [one] is showing a higher steady state return, which is currently International Public Partnerships.” 'Disappointing' dividend growth HICL had a slightly wider discount and higher yield than International Public Partnerships. As of 7 July, but despite its high levels of inflation-linkage, the trust doesn't plan to increase its dividend target in respect of its financial years to March 2024 and 2025, meaning that the real value of its shareholders' investment income will decrease significantly. After years of steady dividend growth, HICL has held its dividend at 8.25p a share since its financial year to March 2020. The trust’s board says that this is to future-proof the portfolio as the trust gradually moves to assets other than PPP that offer better growth prospects but tend to provide lower yields at first. The trust’s biggest asset, Affinity Water, which accounts for about 7 per cent of its portfolio, is not currently paying dividends to shareholders and is unlikely to do so until 2025. But HICL hopes to resume dividend growth in future. International Public Partnerships targets annual dividend growth of 2.5 per cent, which is more promising, although still well below the current inflation rate. Jefferies analysts say that the dividend plans of both funds are disappointing. By estimating future dividend cover based on cash flow projections, they believe that whether HICL will be able to resume dividend growth “is largely contingent on inflation outperformance” Yet both trusts could be good additions to a portfolio and their current discounts to NAV look like a solid opportunity to get them on the cheap. They provide a degree of inflation protection and a solid level of income at low risk. Which one you choose partly depends on your investment preferences – HICL looks a bit more like a bond proxy while International Public Partnerships has slightly more potential for growth. |
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