International Public Par... Share Discussion Threads

[dendria] 23/12/2024 10:58

Topped up on HICL this morning and took a first helping of INPP - the move to quarterly dividends made all the difference.

[gemlotte55] 02/12/2024 12:51

Steady results.
Like them going over to a quarterly dividend.

[yf23_1] 12/9/2024 15:48

and 3 months before payment ??!!!
disgusting

[williamcooper104] 06/9/2024 09:35

And is they reinvest then the NAV won't be lower

[williamcooper104] 06/9/2024 09:34

The NAV would be lower if they returned the capital from maturing projects but then you'd still get the market implied discount rate (being the discount rate used in the valuations adjusted for the management fees and the discount to NAV the shares are trading at) that's about 8% (from memory, haven't looked at my spreadsheet) However that's unlikely to happen as return of capital is going to reduce management fees So the one to watch is where they reinvest - that's not worked out that well for HICL

[bathcoup] 06/9/2024 09:03

"...even if no further investments are made, the Company expect to be able to continue to meet its existing progressive dividend policy for at least the next 20 years."

Williamcooper104,

If that was the case, I wonder what the nav would be after twenty years? (substantially lower?)

[williamcooper104] 05/9/2024 11:39

Indeed Like BBGI another set of wonderfully boring results I've much less of a position in HICL as they started to become more interesting with water companies and demand assets

[gemlotte55] 05/9/2024 08:05

The bit i liked.

The Company reconfirms that the projected investment receipts from the Company's investment portfolio as at 30 June 2024 are such that even if no further investments are made, the Company expect to be able to continue to meet its existing progressive dividend policyiv for at least the next 20 years.

[gemlotte55] 05/9/2024 08:01

I'm liking the quarterly dividends. Good solid results with extra buybacks announced.

[rik shaw] 05/9/2024 07:08

2024 first half year dividend of 4.18 pence per share
Ex-dividend date: 12 September 2024 Payment date: 19 December 2024

Increase in dividend frequency

The Board is pleased to announce that, commencing in 2025, the Company intends to increase the frequency of its dividend payments, from semi-annually to quarterly. The second and final dividend in respect of 2024 is anticipated to be announced in March 2025 and paid in June 2025. This will be the final dividend paid on a six-monthly basis. Following this, dividends will be paid quarterly, commencing with the first of four interim dividends for the financial year 2025 in September 2025

[unastubbs] 19/6/2024 07:00

accentuating the negative...from today's portfolio update:

As with the wider investment company peer group, the Company's NAV per share is subject to changes in the external macroeconomic environment, including inflation rates, government bond yields and foreign exchange rates. Taken together, and other things being equal, these factors are currently expected to have a modest negative impact on the Company's last published NAV:

o Inflation rates have fallen faster in the majority of the jurisdictions the Company is invested in over the first half of the year, compared to previously published forecasts. Given the portfolio's positive inflation linkage, a reduction in forecast inflation rates (other things being equal) will have a negative impact on the Company's NAV.

o Yields on the government bonds issued by the countries in which the Company is invested are, on average, broadly in line with the levels seen at 31 December 2023. The discount rates that will be adopted as part of the 30 June 2024 valuation will be determined by taking into account, among other things, the underlying government bond yields, operational performance of the investments and prevailing market conditions.

o Since 31 December 2023, the Company has observed a strengthening of Sterling against the majority of the currencies it is exposed to, including the Australian Dollar, Canadian Dollar, Danish Krone, and Euro, with the only exception being the US Dollar. In isolation, this would have a minor negative impact on the Company's NAV.

[spoole5] 13/6/2024 15:35

No excuse really, happens all the time with HL these days.

[apparition1] 13/6/2024 15:22

Strangely not in at A J Bell yet and they're usually on the ball. Certainly a divi from MUT came in on time this morning.

[spoole5] 13/6/2024 15:22

Increasingly the case.

[rik shaw] 13/6/2024 15:15

Yes ii was in before 7am today yet no sign yet with HL. It's my money and I wanted to reinvest it this afternoon.

[mrscruff] 22/4/2024 15:06

There are others and in particular HICL is near identical in structure and dividend yield. You do have to pay stamp duty on HICL but I think at todays price if you can find money from other sectors (not INPP obviously)then I think its a good investment and adds diversification. I can only see HICL and INPP falling if central banks raise rates but they would only do that to induce a recession and banking crisis and in that situation money would run to gold and into this sector.

[fabius1] 08/4/2024 17:10

Be interesting to see if we test the low when it goes XD.

[ivor hunch] 08/4/2024 07:35

One of our largest holdings as well. Added today to get in before going ex-dividend on Thursday - payment in June.

[8w] 02/4/2024 15:25

Yes, dividend safe, solid performance from one of the better infra co's. Thanks for comments.

I am long term holder and have added on weakness to make this one of my largest holdings

[mrscruff] 02/4/2024 14:50

I quote from the RNS "Even if the Company does not make any new investments, the projected cash flows are sufficient to fulfil INPP's progressive dividend policy for the next 20 years"

[williamcooper104] 02/4/2024 14:33

Yep The best measure of divi coverage is market adjusted net discount rate (eg discount rate less manangenbt costs adjusted for the discount to NAV) relative to the current divi yield The actual year to year cashflows can be more volatile as debt is amortised at the project level But with loads of revolver headroom one year of cash being less than the divi won't lead to a cut

[mrscruff] 02/4/2024 13:56

@8W the dividend is more than covered. The NAV decline is due to discount rates what with higher rates. This could unwind the other way with rate cuts. It has inflation protection too. INPP remains a a strong defensive buy.