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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
|
|
|---|---|---|---|---|---|
| 0.20 | 0.18% | 111.00 | 1,508,056 | 12:01:23 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 111.00 | 111.60 | 111.40 | 110.80 | 110.80 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 35.2M | 30.5M | 0.0151 | 73.51 | 2.24B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 12:02:48 | O | 3,000 | 111.2671 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 28/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 27/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 26/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 25/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 24/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 21/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 19/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 18/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 17/3/2025 | 07:00 | UK RNS | HICL Infrastructure PLC Transaction in Own Shares |
| 14/3/2025 | 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 |
|---|---|---|---|
| 25/3/2025 | 22:42 | H I C L :::::::::::::::: long-term infrastructure investment | 1,344 |
| 15/1/2011 | 08:47 | secure income | 24 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 12:02:49 | 111.27 | 3,000 | 3,338.01 | O |
| 12:01:23 | 111.00 | 1,110 | 1,232.10 | AT |
| 12:01:13 | 111.15 | 13,500 | 15,004.91 | O |
| 12:01:06 | 111.27 | 500 | 556.34 | O |
| 11:59:59 | 111.60 | 1 | 1.12 | O |
| Top Posts |
|---|
Posted at 28/3/2025 08:20 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 110.80p.Hicl Infrastructure currently has 2,025,338,061 shares in issue. The market capitalisation of Hicl Infrastructure is £2,248,125,248. Hicl Infrastructure has a price to earnings ratio (PE ratio) of 73.51. This morning HICL shares opened at 110.80p |
Posted at 25/3/2025 20:28 by 1knocker I topped up today at 109.52 (through HL !!)This does seem crazy cheap, but I thought that when I made my first purchase at 125. Hope I have not missed something. I guess everything depends upon what the dividend is over the next few years. The buybacks certainly ought to make sense at the current price, but I di=on't like employing debt to buy back shares. |
Posted at 18/3/2025 17:00 by binghall Absolutely agree, I've been back and forward between HICL/TRIG and HL (via complaints) and they've just reneged as I was contemplating the FCA. The guy at TRIG did confirm to me that HL were the only one of all the platforms to restrict trading. Not a good look. |
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 06/3/2025 12:55 by probablynotphil Good to see HICL mentioned in hxxps://www.trustintWish I had some spare cash to top up today. Very tempting price drop due to ex div and German bond bonanza. |
Posted at 03/3/2025 08:06 by williamcooper104 The biggest reason to be bearish on HICL was Affinity Water - so the update on that is great The risk to watch out for now are lifecycle costs on handed over PFI contracts - very annoying as BBGI had little exposure to that for a very long time The risk is that the modelled life cycle costs aren't sufficient and that this gets picked up when the asset is handed over to the public sector |
Posted at 13/2/2025 07:54 by skinny I finally received a response :-"Thank you for your correspondence and apologies for delay in responding. We are aware that HICL shares can no longer be purchased through Hargreaves Lansdown. We understand this is down to Hargreaves Lansdown taking a different view from other retail investment platforms of updated FCA guidance pertaining to investment companies. HICL shares continue to be available to retail investors to purchase shares on several other retail platforms." Is anyone else having a problem on a different platform? |
Posted at 07/2/2025 13:24 by probablynotphil I'd recommend switching to II if you're able. They're not perfect, but I've not come across any issues of blocking purchases yet, including Hicl and other similar ITs |
Posted at 27/1/2025 13:26 by sigmund freud no probs buying on idealing, very cheap platform, but not the easiest interface to use.i am not sure i want all of what is in their portfolio, but historically it has fallen a lot, especially for something which used to be a tipster favorite. suspect they will start mentioning it again when the share price is showing an upwards rather than downwards trend. they do say they have some data centre interest, and of all the infrastructure around, that is what i'd like to get more exposure to. anyone willing to share ideas? |
Posted at 08/1/2025 11:13 by apparition1 This seems well oversold. When interest rates were low it traded at an average 10% premium but now on 27% discount. OK so 10 year gilts have gone from .25% to 4.67% but that discount looks overdone on something yielding a pretty solid 7.23%. All logic seems to have gone out of the window on a lot of high yielders. Back in 2008 10 year gilts were at a similar level and HICL was yielding almost the same as gilts. ON that basis HICL should be around 170p. OK that's too optimistic but on a 10% discount to NAV we would be at around 140p and yielding around 6% which seems more sensible.I'll just keep hunkering down. |
Posted at 16/7/2023 00:07 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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