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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| John Laing Inf | JLIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 142.60 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 142.60 | 142.60 |
| Top Posts |
|---|
Posted at 12/8/2018 13:41 by skinny The last 3 paragraphs :-"The bid has sparked debate over whether JLIF and rival social infrastructure funds such as HICL (HICL) and International Public Partnership (INPP) were undervalued or had simply priced in the political risk of a possible future Labour government. Their shares have shot up and had their former premium ratings restored since the bid approach was announced. Hose said Dalmore and Equitix had taken a strong view on political risk that other investors might not share. However, Lovett-Turner believed the sector had become oversold with political concerns blinding investors to the high quality, inflation-linked cash flows the listed funds generated. ‘This was illustrated by HICL selling its interest in Highland Schools PP2 at a 21% premium to valuation, as well as by the offer for JLIF,’ he said. ‘In our view, the events surrounding JLIF are likely to have attracted interest in the listed funds from other major Infrastructure investors in the same way that HarbourVest’s bid for SVG Capital in 2016 led to a wave of interest in listed private equity funds from secondary investors.’ he added." |
Posted at 19/5/2018 12:07 by jonwig @ Spec - I sold HICL but hold JLIF. With hindsight, should have been the other way round!What all this ignores is the fact that the portfolio renews via sales and purchases. It also ignores residual values on some assets. Incidentally the latest results indicate a discount rate of 7.74% which would make a difference. Of course, the rate used by JLIF on its assets needn't be the same as the one an investor might use on the share price - personally mine would have been a lot lower until the political hand grenade. |
Posted at 19/5/2018 09:02 by jonwig @ SteMiS - looking again at the original prospectus (Oct 2010), there's a chart on p45 which shows distributions from the original seed portfolio. These show that sub-debt within each project is serviced, and there are also bullet payments of sub-debt principal along the way. There are also some complicating factors:• inflation indexing isn't complete - one reason why HICL is higher-rated is that it has better protection here. • some projects are demand-based causing income fluctuations. (M6 toll road has had a difficult history - though nothing to do with JLIF. M40 in JLIF is more stable.) • some projects have run into trouble - Roseberry Park Hospital in the past year, for example, where there was extra expense which didn't work and effective write-off. • there is residual equity in some projects, such as the M40 motorway where the remit was to design and build, not just operate. So, unless I've misunderstood your argument, I think your 'homogeneous' view of the portfolio has too many bumps along the way. Without these bumps, your model does suggest money is left for the investor. The way I thought about it is to ask a typical question, "What would you pay for an asset which gave you £50,000 pa indexed for 25 years?" Assuming 3% inflation and a 7% discount rate, I get about £800,000. Or, for a potential investor in JLIF, what would I pay to receive 7p pa for * years with *% inflation and a *% discount rate? With the figures above, it's around the current share price! [Bit of a rush, hope calcs are right.] |
Posted at 06/4/2018 08:07 by spectoacc Thanks @jonwig. Infrastructure trust investors suddenly spoiled for choice - I've rather too much in HICL already. |
Posted at 06/4/2018 07:00 by jonwig IC have a pretty strong 'buy' recommendation today. Summary:Even if the trust remains at a discount and has limited ability make new investments, 53 per cent of its assets have between 20 and 30 years left on their concession term. So, if you are an income investor who can stomach the risks, John Laing Infrastructure Fund's steady income stream, high yield and historically wide discount to NAV make it an attractive contrarian opportunity. Ex div yesterday adds to the price attractions. Dividend 6.96p means yield of 6.3%. They don't seem to have a forecast dividend for 2018. |
Posted at 29/3/2018 06:53 by jonwig Includes some broker comment: |
Posted at 13/11/2017 11:46 by speedsgh Also from today's update...RECENT POLITICAL COMMENTS AROUND PFI At the annual UK Labour Party conference in September 2017, the UK's Shadow Chancellor of the Exchequer, John McDonnell, made comments regarding his party's intentions with respect to UK PFI contracts should the Labour Party come to power. These included an intent to abandon PFI as a tool for future infrastructure investment and to bring in-house existing PFI contracts. This statement was subsequently softened by other members of the Labour Party, narrowing the range of potential PFI contracts to which the comments would apply to those not deemed value for money. In practice, bringing PFI contracts in-house would require local public sector counterparties to exercise their right to terminate voluntarily the contract (where such a right exists) and, at the same time, make alternative arrangements for running the projects for the local communities. Where this is the case, there are legal contract provisions regarding the compensation to which a project's equity investors would be entitled. As disclosed in the risk committee reports in its annual results, JLIF monitors the UK political situation carefully. In the event that all its UK projects were voluntarily terminated by each and every local public sector counterparty, JLIF would receive compensation equating to approximately 86% of its UK portfolio value (including JLIF's recent acquisitions announced in October)(2) . JLIF's UK portfolio value, including the recently announced acquisitions, represents approximately 71% by value of JLIF's entire portfolio. JLIF's UK portfolio comprises 57 projects spread across seven sectors and approximately 50 different public sector counterparties, resulting in limited exposure to any single public sector client. |
Posted at 09/11/2015 07:24 by jonwig Q3 Trading statement -NAV rising again on a LforL basis. In an expansionary mood, mostly abroad, including US potentially. (£100m extra loan facility in reserve.) Possibly too soon for them to predict next year's dividend level. Further fundraising highly likely over next year, I reckon ... but for small investors? |
Posted at 24/3/2015 07:21 by jonwig Lovely - go back to sleep for another 6 months ...Interesting bit, gives an edge over HICL I think: Our opinion is that the secondary market in the UK is showing signs of reaching a valuation peak, with evidence of some investors chasing prices in order to invest. JLIF has the benefit of the First Offer Agreements with John Laing which continue to provide a pipeline of assets for growth, whilst avoiding potential aborted bid costs. We maintain an efficient cash position by not holding shareholder funds on our balance sheet for any length of time, thereby reducing any cash drag. Dividend of 3.375p, payable in May (haven't found exact dates) and total for 2015 probably double that. Premium to NAV over 17% - heady stuff. |
Posted at 05/12/2014 16:51 by jonwig Fast FT, just now:John Laing Infrastructure Fund is clearly a bit miffed that Balfour Beatty has rebuffed a £1bn bid for some of its assets. Balfour has been buffeted by problems in recent years, and investors had reacted positively to JLIF tabling a £1bn offer for its investment portfolio. Yet the contractor decided to shun the bid, arguing that it undervalued the PPP assets. JLIF countered with a statement on Friday afternoon, saying: Without access to the project data, any discussions with Balfour Beatty or further information, it is difficult to understand the basis on which Balfour Beatty is anticipating a substantial increase in valuation. The Balfour Beatty announcement this morning appeared to use the price of the recent sale of one asset for £61.5 million as evidence to support a substantial uplift in valuation for the entire Portfolio. JLIF believes this is overly optimistic, considering the evidence from the many transactions in which JLIF has been involved over the intervening months. The FTSE 250 investor in roads, schools and hospitals said it is now awaiting "with interest" Balfour Beatty's revised valuation of its investment portfolio. |
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