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International Public Partnerships Ld

-1.80 (-1.29%)
Share Name Share Symbol Market Type Share ISIN Share Description
International Public Partnerships Ld LSE:INPP London Ordinary Share GB00B188SR50 ORD 0.01P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.80 -1.29% 137.80 1,418,527 14:25:14
Bid Price Offer Price High Price Low Price Open Price
137.80 138.40 139.60 137.80 139.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unit Inv Tr, Closed-end Mgmt 370.13 326.90 14.70 7.36 2,351.01
Last Trade Time Trade Type Trade Size Trade Price Currency
14:28:49 O 4,500 137.935 GBX

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Date Time Title Posts
24/4/202310:54International Public PaI is a solid yield play built on global infrastructure180

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Posted at 30/3/2023 07:47 by rik shaw
Final Results
NAV per share increase of 7.3% to 159.1p, 2022 cash dividend cover of 1.3x

Dividend declaration

Posted at 15/9/2022 09:42 by jong
XD today. 3.87p per share payable on Friday 18th November.
Posted at 08/9/2022 07:35 by rik shaw
Interim results.
NAV per share increased 6.1% to 157.3 pence
overall inflation-linkage maintained at 0.7%

Dividend declaration

Posted at 27/6/2022 14:17 by riverman77
Has to be a risk that Labour gets back into power in a couple of years. Then all the talk about these contracts getting ripped up could start again (as happened in 2019 when a Corbyn government looked an outside possibility). For that reason alone I have avoided this share - perhaps being too cautious.
Posted at 29/4/2022 07:27 by rik shaw

The Initial Issue was oversubscribed several times over, with support from both new and existing investors. In light of this significant demand the Board has elected to increase the size of the Initial Issue from the initial target amount of GBP250 million to the maximum New Shares available under the Initial Issue, raising gross proceeds of GBP325 million. Notwithstanding this the demand was such that investors not benefiting from pre-emptive rights have been scaled back

Posted at 28/4/2022 17:13 by bountyhunter
Positive price action this afternoon, possibly the offer has been oversubscribed in a similar way to the recent SUPR placing where the price action just before the outcome was announced was similar.
... especially as Hicl has remained pretty flat all day.

Posted at 28/4/2022 13:20 by williamcooper104
Also mature, close to end of life PFI projects have large debt amortisation payments that reduce the dividend cash cover but don't effect real dividend coverage So HICLs divi coverage is (from memory/last I looked at) not much different from INPP Main difference with HICL is that they have moved into more demand type assets - eg toll roads - which are about 20 percent of their assets - these have more sensitivity to the economic cycle, but benefit from higher returns
Posted at 28/4/2022 11:47 by pyufak
This is a repost of my comments / thinking on another site. I decided to buy this week just above 160 as I didn’t want to take allocation risk. Hoping for a strong result announced tomorrow.

Previous post:

INPP is raising funds at 159.5p - closes EoD 27th April; results 29th April. After watching HICL and this name for a while I decided to take the plunge today and bought as part of my income holdings. Here’s a few points why; I would be interested if others have any views on this name they wished to share.

hxxps://www.internationalpublicpartners ... aft_vf.pdf

1. Slide 5 & 7: Dividend is x1.1 covered; expected to grow at ~2.5% for both ‘22 and ‘23. This is better than HICL which is uncovered and static projection at the moment.

2. Slide 30 - discount trends - while discount rates have dropped by ~1% over the past decade, 30y interest rates (which I think is the appropriate metric given the asset base and matched fixed rate financing) have dropped substantially more. As such the relative constitution of the discount rate is a higher credit proportion vs. interest rate throughout the past decade. Therefore arguably as interest rates rise the existing discount rate has room to rebalance to a more historical mix of interest rate + credit proportions rather than head materially higher outright.

3. Slide 31, 32 & 33 - the key slides which got me across the line to buy the dip caused by this fund raising. This looks at the impact of inflation on their portfolio. Frankly their assumptions are way off what we look set to experience in ‘22 and ‘23. They assume central banks hit their long run inflation targets (2.5% in U.K. - their most important geography. That’s a fair enough assumption but what interests me is the portfolio impact of higher inflation when inflation overshoots - +1.8p if 200bp above (so 4.5%). Given it looks like the U.K. may have ‘22 inflation closer to 8 or 9% this could add almost 5.4p to the NAV; and more the longer inflation persists.

Putting this together I like the balance the investment brings - in that the portfolio appears to have a degree of inflation protection should higher inflation become entrenched or persistent. Conversely, if central banks react significantly on short term interest rates to bring inflation back to target I would argue 30y discount rates will be unchanged as if anything this would strengthen their inflation taming credibility.

Posted at 27/4/2022 12:39 by ec2
I will leave this right down to the wire before I make my final decision. Following the HICL price very closely as IMO this gives a cleaner indication of how INPP would be performing if there was no offer taking place.
Posted at 24/3/2022 07:44 by rik shaw
Annual results and dividend declaration;



2023 target dividend of 7.93p

International Public Par... share price data is direct from the London Stock Exchange
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