Share Name Share Symbol Market Type Share ISIN Share Description
Utilico Emerging Markets Trust Plc LSE:UEM London Ordinary Share GB00BD45S967 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  1.00 0.47% 214.00 224,396 16:35:15
Bid Price Offer Price High Price Low Price Open Price
214.00 217.00 216.00 216.00 216.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 22.77 19.80 8.13 26.3 471
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:15 O 107,433 216.50 GBX

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Utilico Emerging Markets Daily Update: Utilico Emerging Markets Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker UEM. The last closing price for Utilico Emerging Markets was 213p.
Utilico Emerging Markets Trust Plc has a 4 week average price of 211p and a 12 week average price of 202p.
The 1 year high share price is 229p while the 1 year low share price is currently 168p.
There are currently 220,235,102 shares in issue and the average daily traded volume is 190,447 shares. The market capitalisation of Utilico Emerging Markets Trust Plc is £471,303,118.28.
speedsgh: Annual Financial Report - HTTPS:// Highlights of results · Dividends per share totalled 7.775p for the year, an increase of 2.6%. Dividends were fully covered by earnings · Revenue earnings per share ("EPS") of 8.13p, an increase of 3.2% from the prior year · Total revenue income of £22.8m, a decrease of 5.1% from the prior year · Net asset value ("NAV") total return per share of 30.2%* (2020: -24.9%*) · NAV per share of 228.54p* per share, up 25.7% · Gross assets of £556.1m, an increase of 20.5% John Rennocks, Chairman of UEM said: "We are pleased to announce UEM turned in a strong performance and importantly delivered a NAV total return of 30.2% for the year to 31 March 2021, outperforming the MSCI Emerging Markets Utilities Index which was only up by 17.2% during the twelve months. It is also pleasing to report UEM's revenue earnings per share increased by 3.2%, given the challenges faced by investee businesses and their need to preserve cash flow, especially in the first six months to 30 September 2020. UEM has now declared four quarterly dividends totalling 7.775p per share, a 2.6% increase over the previous year and the fourth quarterly dividend of 2.00p represents an uplift of 3.9% on the prior quarterly dividend. Dividend income recovered strongly in the second half of the year and dividends remain fully covered by income. The Board remains confident this quarterly rate will be maintained for the next financial year. "Responsible investing has long been a core component to UEM's investment process and continues to be a focus for UEM. UEM's Investment Managers continue to strengthen their ESG approach to investing and ICM has recently become a signatory to the United Nations Principles for Responsible Investment. "Despite the impact of COVID-19 on UEM's portfolio, it is worth noting that no UEM investee company has needed or is expected to require significant restructuring or refinancing. The strategic nature and business model strength of UEM's portfolio has been excellent, with most of the businesses having proved resilient. Coupled with strong government and central bank support the Board does not today see a significant risk from COVID-19 outside of market volatility in valuations." Charles Jillings, Investment Manager of UEM added: "COVID-19 has caused unprecedented challenges for investors. ICM is strongly of the view that due to COVID-19, the shift to working from home and eCommerce has accelerated the digitalisation of governments, businesses and individuals, and this shift will offer new investment opportunities. "UEM's gross assets (less liabilities excluding loans) increased sharply to £556.1m as at 31 March 2021 from £461.4m as at 31 March 2020. There have been eight new entries into the top twenty holdings of the portfolio over the year, as well as small sector shifts. On a geographic basis, South Korea has increased through investment and performance rising from 1.7% to 6.5% and Brazil saw the biggest reduction from 29.1% to 18.0%. "UEM's portfolio consists of a diverse range of companies that are often under-represented in the MSCI. The strength of our sector and country knowledge built up over decades has given us an ability to continue to identify these investments, in spite of COVID-19 and global lockdowns. Despite unprecedented challenges due to COVID-19, UEM's investment objective to provide positive long-term absolute returns has not changed, and we remain optimistic to uncover compelling investments that offer excellent returns."
speedsgh: Changes to Investment Management Fee Arrangements - HTTPS:// The Board of Utilico Emerging Markets Trust plc ("UEM" or the "Company") announces that, following a review, the Company has agreed with ICM Investment Management Limited and ICM Limited (together the "Joint Portfolio Managers") that, with effect from the start of UEM's new financial year on 1 April 2021, the performance fee will be discontinued and the investment management fee payable to the Joint Portfolio Managers will be amended from 0.65% per annum of the Company's net asset value ("NAV") to a tiered structure as follows: 1.0% of NAV up to and including £500m; · 0.9% of NAV exceeding £500m up to and including £750m; · 0.85% of NAV exceeding £750m up to and including £1,000m; and · 0.75% of NAV exceeding £1,000m The Board believes that the removal of the performance fee will result in a simpler and more transparent cost structure which will contribute to a stable ongoing charge. Furthermore, the tiered investment management fee has the benefit of reducing rates at increasing NAV levels, allowing shareholders to benefit from the increasing economies of scale that a larger portfolio provides. The existing fee arrangements (including any performance fee payable) will continue until the end of UEM's current financial year ending on 31 March 2021. The Board is confident that the new structure will maintain a competitive ongoing charge and thereby help in attracting private wealth managers and retail investors. The changes to the investment management fee arrangements constitute a smaller related party transaction under the Listing Rules issued by the Financial Conduct Authority. The Company has obtained written confirmation from its Sponsor that the terms of such changes are fair and reasonable as far as the Company's shareholders are concerned.
davebowler: Stifel comments- Utilico Emerging Markets – Interims to 30/09/20 – underperforms as growth remains in vogue Performance: Despite difficult markets the fund’s NAV recovered +10.3% and reports a NAV total return of +12.3%. This return lagged the MSCI Emerging Markets total return index which was up +24.2%, as investors globally have driven digital investments higher, while generally ignoring infrastructure and utility investments, and the Brazilian Real weakening by 11.7% which in itself reduced UEM's GBP NAV by an estimated -3.5%. Despite UEM's portfolio being largely value-based utilities and infrastructure assets, UEM has outperformed the MSCI Emerging Markets Utilities total return index which was up +1.5%. Earnings: Revenue income decreased to £14.7m, an 18.7% decline and EPS decreased 12.5% to 5.59p (2019: 6.39p). The board expects to maintain the third and fourth quarter dividends at 1.925p which would result in dividends for the full year to 31 March 2021 of 7.70p – an uplift of +1.7% over the year to 31 March 2020 (2020: 7.575p). Dividends remain fully covered by income at the half-year and if needed the board will use its revenue reserves or substantial capital reserves to maintain the dividend payments. As at 30 September 2020, UEM has revenue reserves of £9.8m, some 4.38p per share. Outlook: The chairman says, “It is pleasing to see most of UEM's portfolio companies performing well in the circumstances. It is worth re-emphasising that UEM's performance continues to be driven by bottom-up stock selection. The portfolio is predominantly invested in relatively liquid, cash-generative companies with long-duration assets that the Investment Managers believe are structurally undervalued and offer excellent total returns. Since inception over 15 years ago, UEM's track record of performance has been reassuring and the Board has every confidence that the Investment Managers will continue to identify investments offering attractive, long-term returns for UEM.” (
speedsgh: Dividend Declaration Q2 2020-21 - HTTPS:// The Board of Utilico Emerging Markets Trust plc has declared a second quarterly interim dividend of 1.925p per ordinary share in respect of the year ending 31 March 2021, which will be paid on 18 December 2020 to shareholders on the register on 4 December 2020. The ex-dividend date will be 3 December 2020.
vacendak: Yes, the half-year report reads well. The dividend is covered and they would also have some extra money for it if needed from capital reserves due to the court ruling about not being able to transfer the revenue reserves from UEM Bermuda to EUM UK back when they re-domiciled. Some tax shenanigans I assume. A lot of movement in the portfolio due to exiting Argentina. They have also lightened a lot on the airport sector, which is a good conservative choice considering the current climate.
riverman77: Good to see the UEM share price finally start to rise after a weak few months as the UEMS expiry date draws near. Should be worth 48p now based on latest UEM price of 231.
vacendak: August factsheet. Http:// NAV progression a bit meh, but upbeat commentary on the holdings. The UEM share price got hit on Friday due to the current excitement about Sterling I suppose.
riverman77: I guess it depends on what you think will happen to uem share price. If it goes below 183 then sub shares will be worthless. If the price stays at 222 then the sub shares would be worth around 39, so a decent profit from today's price of 35p Ultimately I would say if you want exposure to uem, then the sub shares seem a very cheap way of getting this exposure, but remember to divide the exposure you want by around 6 (since 35p uems shares gives exposure to 223p uem share). When I put this through the black Scholes option calculator using a conservative volatility of 15%, I think it said uems was worth around 41p so clearly very cheap at 35p.
kenmitch: Posted this on UEMS thread earlier today, but as even fewer posts there (just 12 since August!) it might get seen by and be of interest to a couple of people here. UEM again at 218p to sell and worth 35p but can be bought for just 28.25p. The only trades so far today are one tiny sell and another 4000 or so at 25.5p. Why sell when such incredible value unless thinking the share is heading down. UEMS is likely to continue to trade at a discount, and it could even widen a bit too. But it's amazing so few investors are aware of this bargain. Target just 5% more on the share price to 230p and UEMS will be worth 48p. OK the discount could get even wider, at share 230p UEMS should be at least 40p to sell. i.e not far off 50% gain compared with 5% for the share. As long as this isn't the peak for UEM, UEMS looks a no brainer. EDIT. £1000 UEMS stake - profit around £500 for 5% share price rise any time between now and next Feb. £10000 share stake. - profit around £500 for 5% share price rise. Same profit. £9500 less staked. Share goes down 5%.... loss on UEMS ( if not selling out long before share falls that much) would be around half the stake, i.,e £500., Loss on £10000 share stake would also be £500. If wanting to hold the share long term, then just exercise UEMS at expiry for no dealing or other costs. i.e if holding, say 3500 UEMS, then exercise by using UEMS to buy 3500 UEM at 183p a share.
kenmitch: The subscription shares (UEMS) are now very good value AND (some probably don't realise this) sub shares can go in to ISAs. For any not familiar with sub shares and warrants,they are traded the same way as shares though you may have to sign a risk form first if never having traded them before. As with shares they can be bought and sold at any time up to expiry date of Feb 28th next year. Exercise price is 183p. So with the share at 205p to sell, UEMS are currently worth 22p. Current buy quote is 24.5p but they can be bought inside the spread at 23.25p. Yesterday they could be bought for just 21.3p. Target a 5% gain for the share price to 215p and UEMS would be worth 32p, and around 35% more than the buy price today. Target a 10% share price gain to 225p to sell and UEMS would then be worth 42p and not far off double the current price. Downside. If the share price falls then UEMS will fall faster too. e.g 190p share price would mean UEMS only worth 7p. And if the share is 183p or lower at expiry then UEMS would expire worthless. A very good tactic if currently in profit on the share would be to take just that profit and reinvest it in UEMS. Then EITHER exercise at expiry by converting UEMS in to shares at just 183p a share OR sell ahead of expiry date or let them lapse and let the trustee appointed exercise for you. That trustee route is a last resort and better one of the first two options. Not always easy to trade sub shares in size as there are so few trades. BUT a very good way of maximising profits IF the share price can keep rising. e.g to give another example. While Polar Capital Finance Investment Trust shares have risen from around 115p late last year to 135p to sell now, their sub share PCFS has risen from 4p to buy to 13p to sell.
Utilico Emerging Markets share price data is direct from the London Stock Exchange
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