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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hicl Infrastructure Plc | LSE:HICL | London | Ordinary Share | GB00BJLP1Y77 | ORD 0.01P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 1.20 | 1.00% | 121.00 | 82,991 | 08:02:17 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 120.00 | 121.20 | 121.20 | 121.00 | 121.20 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 50M | 45.9M | 0.0234 | 51.20 | 2.35B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 08:54:24 | O | 41 | 121.20 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 20/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 19/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 18/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 17/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 16/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 13/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 12/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 11/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Notice of AGM |
| 11/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 10/6/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
Hicl Infrastructure (HICL) Share Charts1 Year Hicl Infrastructure Chart |
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1 Month Hicl Infrastructure Chart |
Intraday Hicl Infrastructure Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 28/5/2025 | 21:41 | H I C L :::::::::::::::: long-term infrastructure investment | 1,391 |
| 15/1/2011 | 08:47 | secure income | 24 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 07:54:25 | 121.20 | 41 | 49.69 | O |
| 07:54:25 | 121.20 | 6 | 7.27 | O |
| 07:53:54 | 120.47 | 1,750 | 2,108.16 | O |
| 07:53:31 | 120.40 | 6,000 | 7,224.00 | O |
| 07:53:00 | 120.47 | 2,477 | 2,983.99 | O |
| Top Posts |
|---|
Posted at 20/6/2025 09:20 by Hicl Infrastructure Daily Update Hicl Infrastructure Plc is listed in the Finance Services sector of the London Stock Exchange with ticker HICL. The last closing price for Hicl Infrastructure was 119.80p.Hicl Infrastructure currently has 1,961,316,642 shares in issue. The market capitalisation of Hicl Infrastructure is £2,349,657,337. Hicl Infrastructure has a price to earnings ratio (PE ratio) of 51.20. This morning HICL shares opened at 121.20p |
Posted at 28/5/2025 08:15 by masurenguy "Worthy of research is HICL Infrastructure. We believe this collection of roads, schools, and critical infrastructure assets can deliver reliable and attractive risk-adjusted returns in excess of 9%, underpinned by predominantly inflation-linked, government-backed contracts, for the next 15 years. The opportunity to acquire these assets at a discount to NAV provides an additional margin of safety, with potential upside from accelerated disposals (at least 14% of HICL’s portfolio so far) and takeovers. Foreign investors are already swooping on undervalued assets, witness the recent takeover of a similar holding in our portfolio, BBGI Infrastructure, by the Canadian pension fund BCI." Hassan Raza, Portfolio Manager, CG Asset Management.A discount of circa 25% to NAV and a yield of 7.2% looks interesting and goes onto my watchlist. |
Posted at 22/5/2025 11:46 by sigmund freud hicl have papered over what some of the true issues are in their reporti know they found RAAC concrete at pinderfields hospital. this is described as " HICL recognised an increase in forecast cost risk associated with defect remediation and lifecycle delivery at the project, for which HICL’s portfolio company is responsible... A significant milestone was met in May 2024 when the portfolio company’s construction partner completed the building of a large temporary ward at Pinderfields Hospital, which currently holds 16 beds and spans 1,400m2 of floor space. % of portfolio: 3.4% (March 2024: 3.5%) HICL holding: 100.0% Concession life remaining: 17 years Status: Operational The 16-bed arrangement is due to change to a 40-bed configuration over a six-month period commencing early November 2025. Since its completion, this ward has been used by the NHS Trust to accommodate patients while various components of the main hospital undergo upgrades. The works to haematology and intensive care unit (‘ICU’) wards were completed in February 2025. The completion of this temporary ward also enabled the release of an additional distribution to HICL which was tied to this milestone What concerns me is that pinderfields was built in 2010, so it is hardly one of those crumbling school roofs built in the 60s and 70s. How much more RAAC concrete is in the rest of their portfolio? Did this construction partner build other HICL projects? Why can't HICL be open and honest rather than describing it as "defect remediation" I did buy some a while back but sold when i found this out. the nhs did a full survey of trusts looking for this concrete, i suspect other organisations may not have looked for it |
Posted at 21/5/2025 11:42 by skinny Mike Bane, Chair of HICL, said:"The Company's share price performance continues to be disappointing. This is despite another year of solid operating results and actions taken to address the discount. I am confident that through disciplined execution of our strategy the Company will continue to demonstrate financial robustness and operational excellence thus proving its inherent value" Edward Hunt, Head of Core Infrastructure Funds at InfraRed Capital Partners, HICL's Investment Manager, added: "HICL's high-quality portfolio continues to support the Company's total return proposition, with progression in portfolio cash generation, delivery of portfolio company capex plans and increased earnings from the portfolio's growth assets in the year. Looking forward, the active approach to asset rotation remains a key lever to enhance value and address share price weakness, while further refining the portfolio for long-term success." |
Posted at 21/5/2025 11:41 by skinny · The Company's NAV per share decreased by 5.1p (-3.2%) in the year to 153.1p at 31 March 2025, principally driven by the increase in the portfolio's weighted average discount rate to 8.4%.· Solid operational performance in the year. The portfolio delivered an annualised underlying return of 7.7% (31 March 2024: 9.0%) before the impact of changes to macroeconomic assumptions. HICL's growth assets (45% of portfolio by value) outperformed budget with actual EBITDA growth of 11% year-on-year. · New dividend guidance of 8.50pps for FY 20271 and reaffirmed guidance of 8.35pps for the year to 31 March 20261. This further increase in dividend growth reflects continued improvement in cash generation from the portfolio in the year with cash cover of 1.56x or 1.07x, excluding profits on completed disposals (31 March 2024: 1.05x). · Completed £244m of divestments (previously announced), taking total realised divestments to £509m over the last 20 months, achieved at or above carrying value and underscoring the robustness of HICL's valuation. · Continued focus on effective capital allocation in the year, with the initial £50m buyback completed and expanded by a further £100m. In excess of £200m of targeted divestments in the coming year, in line with the Company's active approach to portfolio rotation. · At the HICL level, net debt stands at £102.2m with significant liquidity of £441.8m available on the Revolving Credit Facility (RCF), providing the company with capital resilience and flexibility. · To further improve manager alignment with shareholder, the Board and Investment Manager have agreed a revision to the management fee arrangements, transitioning to a fee basis of 50% NAV (previously GAV) and 50% market capitalisation effective from 1 July 20253. · Positive outlook for the Company, with the Group's high-quality assets well-positioned to deliver HICL's total return strategy, notwithstanding macro uncertainty. The Manager's active approach to portfolio rotation has enabled proactive capital allocation to address share price weakness and enhance the balance sheet, positioning HICL to capitalise on the substantial market opportunity for specialist infrastructure investors. · Published HICL's 2025 Sustainability Report, which can be found on the Company's website at: 1. This is a target only and not a profit forecast. There can be no assurance that this target will be met 2. Defined as the return on the portfolio that includes the unwind of the discount rate and portfolio performance (excluding macro-economic performance) 3. Subject to finalisation of contractual arrangements; the fee basis will be capped at the current GAV-based fee arrangement |
Posted at 19/5/2025 19:21 by boystown Thanks WC and sorry everyone else for going off-topic; there's an excellent analysis courtesy of the expertise of 'skinnypope' here; Also, Simon Thompson had the following to say in his most recent analysis on 19th March: Lock into a high-yielding ship leasing fund • Net asset value (NAV) edges up to $429mn (159¢) • Total NAV return of 6 per cent • 8.6 per cent dividend yield • 27 per cent discount to NAV Ship leasing fund Tufton Oceanic Assets (SHIP:116¢) is navigating a global shipping market that is being strongly influenced by geopolitics. In January, the US government increased the scope of sanctions to include more than 180 tankers and associated commercial entities to reduce Russian energy revenues. Separately, the US government blacklisted prominent Chinese companies including China Cosco Shipping for suspected military links. Tufton’s investment managers note that sanctions typically remove capacity from legitimate commercial service – thereby tightening shipping markets. For instance, they point out that after the US sanctioned a tanker subsidiary of China Cosco Shipping, which controls 3 per cent of the global tanker fleet, in September 2019 average tanker earnings more than trebled over the next three months. The sanctions were subsequently removed in 2020, but the episode highlights the potential market impact of sanctions. Lloyd’s List estimates that even after the latest increase in the scope, only 35 per cent of the fleet trading Russian, Iranian and Venezuelan oil are sanctioned by the US, UK or EU. The introduction of higher bilateral trade tariffs represents another wild card for the global shipping market. There have been several changes in proposed US tariff schemes, which have prompted retaliatory measures. It’s unclear whether these tariffs are being used as temporary negotiation tools or will represent longer-term hurdles to free trade. Similarly, there is little clarity on proposed higher US port charges for Chinese-built vessels, which is scheduled to be debated in Congress later this month. Port charges are generally the charterer’s responsibility, so it’s worth noting that only four of Tufton’s 20 vessels are Chinese-built. Wars have potential to cause shipping rates to spike Conflicts in the Middle East and Ukraine are also having an impact on the global shipping outlook. Tufton’s investment manager points out that although Houthi rebels signalled their intention to cease attacks on vessels, there is uncertainty over how quickly this may happen and normalise transit through the Suez Canal. They add that the Houthi announcement appears to be linked to the Gaza ceasefire agreement, which is now in disarray after Israel launched missile attacks on the territory this week. Disruption of canal transits causes a rerouting of cargo via alternative longer routes and adds to shipping demand. Finally, although the US administration is raising the prospect for peace between Ukraine and Russia, any normalisation of traditional trade routes and patterns between Europe and Russia is likely to happen slowly even if a deal is agreed. What this means is that there are multiple geopolitical avenues for disruption of traditional trade patterns, which if played out are likely to benefit shipping in terms of tonne-mile trade demand growth. It should also give a boost to charter companies’ earnings after The ClarkSea Index, a broad vessel earnings indicator, declined by 22 per cent in the second half of 2024. Although Tufton’s first-half operating profit trended lower, too, the company’s net asset value (NAV) edged up slightly to $429mn (159.3¢) year on year and that’s after returning $31.5mn to shareholders through a compulsory redemption of shares and buying back $1.8mn of the shares, too. True, Tufton’s share price has dipped 10 per cent in the past six months, but almost half the slide has been recouped from a 2.5¢-a-share quarterly dividend that is forecast to be covered 1.4 times by earnings over the next 18 months. Moreover, the holding has still delivered a 17 per cent total return since I suggested buying the shares (‘Alpha Research: ‘An overlooked firm eyeing recovery upside’, 8 February 2024). Trading on a 27 per cent discount to book value and offering an 8.6 per cent dividend yield, the rating is attractive for a well-managed closed-end fund that has delivered an internal rate of return of 14.2 per cent since inception. The rating also fails to factor in the possibility that charter rates may spike at some point this year if geopolitical tensions escalate. Buy. |
Posted at 14/5/2025 17:35 by hugepants 14/05/24HICL Infrastructure PLC (the "Company") is pleased to announce the fourth interim dividend for the financial year ended 31 March 2025 of 2.07 pence per ordinary share (the "Q4 Dividend"). The shares will go ex-dividend on 22 May 2025 and the Q4 Dividend will be paid on 30 June 2025 to shareholders on the register as at the close of business on 23 May 2025. |
Posted at 05/5/2025 07:37 by pyufak posting on both boards but any reason HICL and INPP have stayed separate for so long? A merger of approximately equals would seem to gain economies of scale - potentially negotiate a better deal with the investment managers or my preference try and bring this in house. My view of the world somewhat is get big or get eaten as we're seeing with smaller REITs and investment trusts at the moment. BBGI shows this can also apply to bigger infra companies.After looking at the two names I can't really choose much between them - think I'll just buy both. Lower concentration risks in HICL as mentioned above with the biggest investment 8% albeit INPP has seen the larger and more aggressive director buys which I always like to see. |
Posted at 10/4/2025 19:22 by hugepants I hold both HICL and INPP but I think I prefer HICL's portfolio overall. It looks better diversified with the biggest investment being 8.5% of NAV compared to 16%. Also much less in OFTOs. |
Posted at 09/3/2025 20:48 by boystown From Citywire.com....‘Compelling HICL Infrastructure is planning another £100m of buybacks as it continues to languish at a more than 25% discount. Heavily-discounted HICL Infrastructure (HICL) has expanded share buybacks, as it says purchasing its own shares offers a ‘compelling Shares in the £2.9bn portfolio of equity and debt linked to both private and government-funded infrastructure projects rose 1.8% after the board announced the share buyback programme will be extended by £100m. That follows the completion of a £50m programme last week. InfraRed Capital Partners, which manages the fund, will target asset sales in excess of £200m over the year to cover the cost of the buyback as well as fund ‘existing investment commitments of [around] £110m’. An increase in debt will also be used to try to boost the ailing shares, which closed on Friday at a 26% discount to portfolio net asset value (NAV). To bridge the gap between buybacks and asset disposals, the fund will use up to £50m of its £400m revolving credit facility, which is currently undrawn. Fighting the discount A market announcement today said the ‘significant&# ‘The return currently implied on the repurchase of the company’s shares is 11%, which offers a compelling return over alternative uses of capital,’ it said. The board said buying shares at a discount, which has left the £2.9bn portfolio trading at a market cap of just £2.2bn, followed market transactions which ‘evidence the intrinsic value in HICL’s portfolio and we continue to expect to take advantage of this dynamic to drive greater returns for shareholders’. While not offering a like-for-like comparison, HICL’s management referenced the blockbuster bid for BBGI as underpinning the valuations of some of its portfolio. In terms of planned asset sales, investment manager InfraRed is looking to ‘build on its track record of securing attractive pricing on over £500m of accretive disposals since March 2023’. If sales exceed £200m, the board will consider how to deploy the excess proeeds but stay ‘disciplined&# HICL also confirmed it remains on track to deliver a fully covered dividend of 8.25p per share for the year to the end of March, maintaining the 7.3% yield. Splashing out New investments are expected to be limited in HICL’s next financial year ending March 2026, with £50m already committed to supporting Affinity Water’s investment programme. Affinity Water is HICL’s top holding, with an over 8% position in the water company. After a few years of controversy, including draining too much water from natural resources, an investigation by Ofwat has led to a positive outcome for HICL’s largest holding. The water regulator allowed Affinity Water to make more generous returns than expected and removed dividend restrictions, and HICL said this ‘is expected to lead to a modest increase in the overall valuation of the business’, as well as the resumption of dividend payments in the next year. ‘Overall, this is a positive trading update, and we like to see the board prioritising disposals and return of capital given the wide discount – which means the current implied return on buybacks is 11% – and so this strategy makes sense,’ said Stifel analyst Will Crighton. |
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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