Hicl Infrastructure Share Discussion Threads

[skinny] 13/5/2014 10:39

From the February IMS :-

Outlook

As the Group's portfolio of investments is performing as expected the Board remains confident that the target dividend per share of 7.1p for this financial year will be achieved, and that the guidance for the subsequent financial year to 31 March 2015 of 7.25p per share remains appropriate.

[hiddendepths] 13/5/2014 10:11

spangle! I didn't know you were into this.

It's threatening to break out again. It's amazing how few people even know about this company. It's loved by many fund managers though. What not to like? Automatic dividend reinvesting is boosting my shareholding nicely.

Definitely a sleep-at-night share.

[rik shaw] 04/5/2014 12:11

The actual dates are not shown yet:

hxxp://hicl.com/investor-relations/corporate-calendar

[spangle93] 04/5/2014 00:23

Check on the track record on the fundamentals page

uk.advfn.com/p.php?pid=financials&symbol=L^HICL

[schofip] 03/5/2014 22:19

Hi
anyone know when the next next ex divi and divi payment is due.

[p@] 26/3/2014 11:10

Looks like someone clicked on my post above!...LOL

[p@] 21/3/2014 15:06

See RNS-Hope these Bozo's on telephone No. salaries have taken this into account-


RNS-

[hiddendepths] 19/3/2014 14:19

Nice response to the Budget.

I love this stock. Hardly known to PIs despite its size, it's a favourite with a lot of heavyweight fund managers. Good yield too.

[stonesfan] 10/2/2014 18:06

A very positive statement. As a LTH, I particularly liked this part:

"A number of factors are likely to impact positively upon the Company's net asset value per share as at 31 March 2014. As noted above, the imbalance in the UK between supply and demand may lead to a reduction in the weighted average discount rate used to value the Group's portfolio, while the reduction in UK corporation tax rates from 23% to 21% from 6 April 2014 will also have a positive impact on valuation. On the down side, short term deposit rates look set to continue at current levels for longer than previously expected and inflation is currently closer to the Company's assumed long-term level of 2.75% p.a., which means that the positive contribution to value from inflation will be less than in recent reporting periods."

Still a significant premium to NAV, but we're worth it!

[rik shaw] 26/1/2014 20:54

It's just general market sentiment and is relatively mild compared with a lot of shares.

[frankf1105] 26/1/2014 19:49

Held these shares for years because of the yield however never really understood the occasional non divi date peaks and troughs .

[skinny] 15/1/2014 07:07

HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce the acquisition of incremental stakes in three existing investments, and the separate disposal of interests in two further projects. The result of these transactions on the Group's investment portfolio is a disposal of two investments and net disposal proceeds of £5.8m.

Following on from the successful disposal of the Group's 50% stake in the Doncaster Schools project to Vinci Pensions Limited in November 2012, HICL's Investment Adviser, InfraRed Capital Partners Limited, has continued to examine opportunities to maximise returns from the Group's investment portfolio. These transactions are the result of that process and take the Group's investment stake in each of the Derby Schools, Newport Schools and Medway Police projects from 80% to 100%, while taking the Group's stake in each of the Dorset Police and Swindon Police projects from 80% to zero. The 20% stakes were acquired from co-shareholder Vinci Investments Limited, and the separate 80% stake disposals were made to Vinci Pensions Limited, the corporate trustee of the Vinci PLC pension fund.

The transaction values were in line with the current valuation of similar UK social infrastructure projects in the Group's portfolio.

The net disposal proceeds will be applied to reduce drawings under the Group's revolving credit facility. The Group's portfolio now comprises 91 infrastructure investments.

Graham Picken, Chairman of HICL, said:

"This transaction has a modest impact on the size of the investment portfolio. However, it demonstrates how the Investment Adviser is undertaking active portfolio management to enhance the value of the portfolio. By rationalising our holdings of specific assets selectively, we are able to enhance value and create efficiencies for the benefit of our shareholders

With a healthy pipeline of potential new investment opportunities we are confident that the Group can re-invest the net disposal proceeds in a timely manner."

-ends-

[spangle93] 13/1/2014 15:16

Bit of a whoosh since early Dec :-)
- when do chartists start to call it a breakout?

[skinny] 06/1/2014 07:16

The Board of HICL Infrastructure Company Limited notes the changes to the FCA rules relating to the restrictions on the retail distribution of unregulated collective investment schemes and close substitutes which came into effect on 1 January 2014.

Following the receipt of legal advice, the Board confirms that it conducts the Company's affairs, and intends to continue to conduct the Company's affairs, such that the Company would qualify for approval as an investment trust if it were resident in the United Kingdom. It is the Board's intention that the Company will continue to conduct its affairs in such a manner and that IFAs should therefore be able to recommend its Ordinary Shares to ordinary retail investors in accordance with the FCA's rules relating to non-mainstream investment products.

-ends-

[skinny] 04/12/2013 10:44

RBC Capital Markets Outperform 129.35 129.00 130.00 133.00 Upgrades

[jonwig] 04/12/2013 07:51

Yes, the FT's take on this:



Insurance companies want to invest £25bn in infrastructure projects.

Presumably this is early-stage construction. Once complete and largely de-risked, a project would be sold to such as HICL.

[ryandj2222] 04/12/2013 07:28

A plan to boost infrastructure spending in the UK over the next two decades is being unveiled by the government.

[jonwig] 21/11/2013 07:39

Citywire:


HICL targets 5.5% yield but runaway premium erodes value

The £1.4 billion HICL Infrastructure
fund has affirmed its commitment to a progressive dividend policy, although analysts have noted that its income characteristics have left the trust looking expensive.

In its half-year results today, HICL told investors it was 'confident' of hitting its 7.1p dividend target for the year to 31 March 2014 – equivalent to a 5.3% yield – and predicted a 7.25p dividend for next year.

'We are encouraged by the increased dividend target for the year to March 2015, which represents a prospective yield of 5.5%,' said Ewan Lovett-Turner, an analyst at Numis Securities.

But Lovett-Turner added that HICL's 'sizeable' 10.9% premium 'looks high'; its average premium over the past year has been 9.6%. 'We believe the premium reflects the market's preference for the low volatility of the asset class, strong income characteristics and an anticipation that discount rates will continue to edge lower,' Lovett-Turner explained.

A reduction of 50 basis points to the discount rate applied to the underlying portfolio would boost HICL's net asset value per share by 4.8%.

'However, we believe these characteristics can be accessed more cheaply elsewhere in the sector,' concluded Lovett-Turner.

The average premium in the infrastructure sector is 9.2%, with the average yield standing at 5.3%.

Since HICL's launch in 2006, it has generated an annualised total return of 9.4%, beating its original target range of 7-8%. Over the past year it has returned 13.7%, the best in its peer group.

Underlining mine - the discount rate is aligned to gilt yields, which are more likely to be rising than falling.

[jonwig] 20/11/2013 08:39

NB: xd 3.5p today.

[jonwig] 20/11/2013 07:52

Impressive as long as you ignore the statutory IFRS numbers, which are all over the place, and concentrate on the "investment basis" accounts.

Interesting that the IFRS earnings are hit badly by the effect of rising gilt yields. Ultimately these will have the effect of reducing net asset value which in turn could well hit the share price - already at a premium.

Anyway, dividends of 7.0, 7.1, 7.25 (2013 through 2015) is an increase of over 2% pa which isn't a bad stab at indexing.

With inflation and interest rates damped down for now, these are a decent hold. Is the wider market (FTSE100) wobbling a bit? Trending level/lower since 30/10.