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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
|
|
|---|---|---|---|---|
| 0.60 | 0.49% | 122.20 | 16:35:14 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 121.00 | 121.00 | 122.60 | 122.20 | 121.60 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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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 08/4/2024 15:47 by williamcooper104 Plus unwinding PFI leads to windfall profits and is extremely painful/time consuming Just arbitrarily ripping them up won't play well as will hit same investors they need funding from |
Posted at 28/7/2023 14:49 by jonwig FT -A group of companies including the UK coach and train service company Mobico has held detailed talks over launching a cross-Channel train service to rival Eurostar. Other parties involved in the discussions include the Spanish Cosmen industrialist family, which is an investor in Mobico, formerly known as National Express, according to two people with knowledge of the plans. The new rail service, to be named Evolyn, would start running between London and Paris through the Channel Tunnel as early as 2025, they said, although final details have yet to be finalised and could change. The proposed consortium had also held discussions with other investors over funding, the people added. The initiative would represent the first challenge to Eurostar’s current monopoly of passenger rail traffic linking London to major cities in Europe including Brussels and Amsterdam as well as Paris. So that would increase capacity of HS1, which is part-owned by HICL. Do I read this right? |
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. |
Posted at 26/4/2023 07:29 by jonwig FY results 24 May.Presentation at 2:00pm. Register here: |
Posted at 22/12/2021 09:36 by jonwig Kepler research repport:These are generally pretty thorough though company-sponsored, of course. |
Posted at 01/12/2021 18:43 by alan pt hxxps://citywire.co."A 1% increase in inflation would boost NAV by 4.3% for BBGI Global Infrastructure (BBGI), 9.8% for INPP and over 10% for HICL. On this basis, you’d probably want to be invested in HICL, though INPP isn’t too far behind. It’s also worth noting that these funds also publish an inflation linkage figure. This gives the investor some idea of what might happen if annual inflation is 1% higher than the valuation assumption for all future periods. Using this measure, we get an expected portfolio return of 0.8% for HICL, 0.75% for INPP and 0.46% for BBGI." |
Posted at 24/11/2021 08:07 by jonwig H1 results:All good, I think. This might come in handy: The outlook for inflation is expected to remain elevated in HICL's core markets, making the inherent inflation correlation of HICL's return, at 0.8x, a key attraction for investors. |
Posted at 25/7/2021 11:38 by exel I find it odd that HICL's 20/7/21 AGM came and went without any comment on current year trading. Maybe the main aim was to get the uplifted Directors' Remuneration through? together with the regular authority to issue new shares (up to 10%) at Board discretion without pre-emption rights.There is normally a Trading Update around this time of year. 2019 it was 6th Aug. and 2020 it was 16th July. As ex div for the unchanged qtrly dividend is now 26/8/21, I would expect an update before then. This may or may not contain an equity raise component? but the recent lack of new projects could suggest 'Not Needed', or they may be warming up for a big one? where some equity raise could also be justified. Hard to tell. But it all feels a tad foggy, not helped by the regularity of some large late stock offloads, such as Friday 23/7/21. Am guessing that all may become clearer within 4 weeks or so. Trading may be in line, no equity may be needed, and (if so) lack of fresh deal flow could start to wear down investor sentiment - the ex growth syndrome. Any thoughts (anyone) would be welcomed. |
Posted at 16/7/2020 07:15 by skinny .The Board of HICL Infrastructure PLC (the "Company" or "HICL") is pleased to announce that it proposes to raise additional equity capital through the issue of new ordinary shares in the capital of the Company ("New Ordinary Shares") by way of non-pre-emptive tap issuance (the "Issue"). The New Ordinary Shares will be issued at a price of 164.0p per Share (the "Issue Price"). The Issue Price represents a discount of 5.75 per cent. to the mid-market closing share price of 174.0p on 15 July 2020 and a premium of 7.68 per cent. to the last reported NAV of 152.3p (as at 31 March 2020). The net proceeds of the Issue will be applied in reducing the Company's funding requirement of approximately £75m, and in providing additional resources in respect of the Company's advanced pipeline. Details of the Issue The Issue will be made to qualifying investors (as defined in section 86(7) of the Financial Services and Markets Act 2000 (as amended)) through the Company's brokers, joint corporate brokers, Investec Bank plc ("Investec") and RBC Capital Markets ("RBC"), and will be subject to the terms and conditions set out in the Appendix to this announcement (the "Appendix"). The Issue will be launched immediately following this announcement. To register their interest in participating in the Issue, potential investors should communicate their applications for New Ordinary Shares by telephone to their usual sales contact at Investec or RBC. The Issue is expected to close at 11.00 a.m. (London time) on Tuesday 21 July 2020 but may close earlier or later at the discretion of the Company, Investec and RBC. The number of New Ordinary Shares to be issued will be agreed between Investec, RBC and the Company following the close of the Issue, and announced shortly thereafter. Investec and RBC may choose to accept applications, either in whole or in part, on the basis of allocations determined in agreement with the Company, and may scale down any applications for this purpose on such basis as the Company, Investec and RBC may determine. Investec and RBC may also, notwithstanding the above, subject to the prior consent of the Company: (i) allocate New Ordinary Shares after the time of any initial allocation to any person submitting an application after that time, and (ii) allocate New Ordinary Shares after the Issue has closed to any person submitting an application after that time. Application for Admission Application will be made to the Financial Conduct Authority for admission of the New Ordinary Shares to the premium segment of the Official List and to London Stock Exchange plc for admission to trading of the New Ordinary Shares on its main market for listed securities (the "Main Market"), (together, "Admission"). It is expected that Admission will become effective, and that dealings in the New Ordinary Shares on the Main Market will commence, on or around 23 July 2020. |
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