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HICL Infrastructure PLC (HICL)
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- The full Lemon
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HICL Infrastructure PLC (HICL)
I've started this new board, as this company is being discussed as part of thread over on HYPP, and there wasn't a board for HICL chat here already. I'm toying with buying into the outfit on 22 Jul 21.
Ian.
Ian.
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Re: HICL Infrastructure PLC (HICL)
idpickering wrote:I've started this new board, as this company is being discussed as part of thread over on HYPP, and there wasn't a board for HICL chat here already. I'm toying with buying into the outfit on 22 Jul 21.
Ian.
Do you really need another holding Ian? Doubling up on a sector is all very well, but if you want more exposure to infrastructure it might just be better to add to TRIG. Not a sector I monitor but historically, it seems to be a far better performer than HICL, which to my eyes is much the same as CTY.
I comment on this because over the past year I have been reducing the number of my holdings. Making things easier to manage has real rewards.
If I ever feel the need to add a holding in the future, TRIG would be on my short list, so thanks for stimulating a little bit of research!
Personally, looking at your HYP, I would add to DGE - but then, I no longer come from an HYP perspective.
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Re: HICL Infrastructure PLC (HICL)
77ss wrote:idpickering wrote:I've started this new board, as this company is being discussed as part of thread over on HYPP, and there wasn't a board for HICL chat here already. I'm toying with buying into the outfit on 22 Jul 21.
Ian.
Do you really need another holding Ian? Doubling up on a sector is all very well, but if you want more exposure to infrastructure it might just be better to add to TRIG. Not a sector I monitor but historically, it seems to be a far better performer than HICL, which to my eyes is much the same as CTY.
I comment on this because over the past year I have been reducing the number of my holdings. Making things easier to manage has real rewards.
If I ever feel the need to add a holding in the future, TRIG would be on my short list, so thanks for stimulating a little bit of research!
Personally, looking at your HYP, I would add to DGE - but then, I no longer come from an HYP perspective.
Thanks very much for your input. Your comment regarding as to whether I really need another holding/sector ties in with one of Arb’s comments yesterday. At 26 holdings in my HYP already, I might be in danger of entering the realms of diworsification? As for DGE, I bought them many years ago when the yield was a lot higher. Hmm....something to ponder methinks?
Ian.
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Re: HICL Infrastructure PLC (HICL)
idpickering wrote:At 26 holdings in my HYP already, I might be in danger of entering the realms of diworsification?
Ian.
In my view, you are a long way from diworsification.
The whole point of REITs in your case is to contribute dividend resilience, in the form of dividend streams from distinctive assets that you don't already hold.
I can't see that it is remotely wrong to invest in diverse assets.
MDW1954
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Re: HICL Infrastructure PLC (HICL)
I have looked at HICL before, but just can't bring myself to overlook the premium.
yet... it's currently at 9.3% premium and 1.05 ongoing charges... with zero reserve.
yet... it's currently at 9.3% premium and 1.05 ongoing charges... with zero reserve.
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Re: HICL Infrastructure PLC (HICL)
MDW1954 wrote:idpickering wrote:At 26 holdings in my HYP already, I might be in danger of entering the realms of diworsification?
Ian.
In my view, you are a long way from diworsification.
The whole point of REITs in your case is to contribute dividend resilience, in the form of dividend streams from distinctive assets that you don't already hold.
I can't see that it is remotely wrong to invest in diverse assets.
MDW1954
Thanks for your input Malcom. I appreciate it. I do get where you’re coming from, and have given HICL a good looking at. I like the fact that they’re a long way from being a UKW, or a TRIG. HICL have come a long way from their initial 15 projects/investments to the 111 now, and lots of variety amongst those. I like that. I am concerned about what Darka has mentioned above though? Having said that, all investments have some form of risk and nothing’s a given. As it stands right now, I will be a HICL investor next Thursday. That’d be followed up with more buys of the stock to bring it up to the average capital value weighting of the shares in my HYP.
Ian.
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Re: HICL Infrastructure PLC (HICL)
Further to my last, the order to buy some HICL next Thursday in my account held with Halifax, has been placed.
Ian.
Ian.
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Re: HICL Infrastructure PLC (HICL)
Ian,
Only you can decide. I talked about HICL's premium yesterday, and I'm not going to repeat myself. And I'm not sure what is meant by "reserve".
MDW1954
Only you can decide. I talked about HICL's premium yesterday, and I'm not going to repeat myself. And I'm not sure what is meant by "reserve".
MDW1954
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Re: HICL Infrastructure PLC (HICL)
MDW1954 wrote:Ian,
Only you can decide. I talked about HICL's premium yesterday, and I'm not going to repeat myself. And I'm not sure what is meant by "reserve".
MDW1954
This information is shown for all IT's on the AIC website.
For HICL the "revenue reserve" is shown as "N/A" and the number of years of dividend cover is 0.00 - but I assume is related to the fact it's a REIT?
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Re: HICL Infrastructure PLC (HICL)
Darka wrote:For HICL the "revenue reserve" is shown as "N/A" and the number of years of dividend cover is 0.00 - but I assume is related to the fact it's a REIT?
HICL isn't a REIT. It is, however, now UK-domiciled.
MDW1954
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Re: HICL Infrastructure PLC (HICL)
I have read this thread and am now somewhat bemused. The yield on the current price is about 5.0% which is attractive but the other metrics leave something to be desired. From the latest Annual Report we have
TSR 2020 1.9%
2021 5.5%
Dividend Guidance 2022 8.25p
2023 8.25p
Dividend Paid for 2021 8.25p
Dividend Cash Cover 2020 1.14 times
2021 0.9 times
Dividend to be held for at least three years and not covered by cash flow for 2021. The TSR is not much more than the dividend for 2021.
You can have all that for a mere 8.9% premium to NAV. No thanks.
Dod
TSR 2020 1.9%
2021 5.5%
Dividend Guidance 2022 8.25p
2023 8.25p
Dividend Paid for 2021 8.25p
Dividend Cash Cover 2020 1.14 times
2021 0.9 times
Dividend to be held for at least three years and not covered by cash flow for 2021. The TSR is not much more than the dividend for 2021.
You can have all that for a mere 8.9% premium to NAV. No thanks.
Dod
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Re: HICL Infrastructure PLC (HICL)
Dod101 wrote:TSR 2020 1.9%
2021 5.5%
Dod
You're a big fan of HSBC, I recall. What was its TSR in 2020? Minus 45% or so?
At least HICL's TSR was positive.
MDW1954
Moderator Message:
Another poster has reminded me that none of the above is really "company news". We should perhaps desist, or if people really want to continue the discussion, move it elsewhere. I am happy to undertake the latter, if that is what people want. --MDW1954
Another poster has reminded me that none of the above is really "company news". We should perhaps desist, or if people really want to continue the discussion, move it elsewhere. I am happy to undertake the latter, if that is what people want. --MDW1954
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Re: HICL Infrastructure PLC (HICL)
MDW1954 wrote:Dod101 wrote:TSR 2020 1.9%
2021 5.5%
Dod
You're a big fan of HSBC, I recall. What was its TSR in 2020? Minus 45% or so?
At least HICL's TSR was positive.
MDW1954Moderator Message:
Another poster has reminded me that none of the above is really "company news". We should perhaps desist, or if people really want to continue the discussion, move it elsewhere. I am happy to undertake the latter, if that is what people want. --MDW1954
Speaking only for myself, I do not care where the discussion is held.
I have not checked on HSBC but obviously thanks to the regulators the return was no doubt negative but that does not make HICL any more attractive as a buy at the moment, and that is what the discussion has been about.
Dod
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Re: HICL Infrastructure PLC (HICL)
MDW1954 wrote:Dod101 wrote:TSR 2020 1.9%
2021 5.5%
Dod
You're a big fan of HSBC, I recall. What was its TSR in 2020? Minus 45% or so?
At least HICL's TSR was positive.
MDW1954Moderator Message:
Another poster has reminded me that none of the above is really "company news". We should perhaps desist, or if people really want to continue the discussion, move it elsewhere. I am happy to undertake the latter, if that is what people want. --MDW1954
Personally, I like this sort of discussion right here. I see little point in divorcing 'Company News' from 'Stocks and Share Dealing Discussions'.
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Re: HICL Infrastructure PLC (HICL)
77ss wrote:MDW1954 wrote:Dod101 wrote:TSR 2020 1.9%
2021 5.5%
Dod
You're a big fan of HSBC, I recall. What was its TSR in 2020? Minus 45% or so?
At least HICL's TSR was positive.
MDW1954Moderator Message:
Another poster has reminded me that none of the above is really "company news". We should perhaps desist, or if people really want to continue the discussion, move it elsewhere. I am happy to undertake the latter, if that is what people want. --MDW1954
Personally, I like this sort of discussion right here. I see little point in divorcing 'Company News' from 'Stocks and Share Dealing Discussions'.
The point being "here" you can find a timeline of company news divorced from such discussions. Often useful many months after these type of discussions have fizzled out. No problem with a discussion about a particular share, but as you point out there is at least one other board for that very kind of thing. It should be done there, in my opinion.
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HICL Infrastructure PLC (HICL)
https://www.investegate.co.uk/hicl-infr ... 51200012G/
"HICL Infrastructure PLC (the "Company") is pleased to announce the first interim dividend for the financial year ending 31 March 2022 of 2.06 pence per ordinary share (the " Q1 Dividend" ).
The shares will go ex-dividend on 26 August 2021 and the Q1 Dividend will be paid on 30 September 2021 to shareholders on the register as at the close of business on 27 August 2021.
As outlined in the Company's prospectus dated 4 March 2019, a portion of the Company's dividends will be designated as an interest distribution for UK tax purposes. The interest streaming percentage for the Q1 Dividend is 49%."
"HICL Infrastructure PLC (the "Company") is pleased to announce the first interim dividend for the financial year ending 31 March 2022 of 2.06 pence per ordinary share (the " Q1 Dividend" ).
The shares will go ex-dividend on 26 August 2021 and the Q1 Dividend will be paid on 30 September 2021 to shareholders on the register as at the close of business on 27 August 2021.
As outlined in the Company's prospectus dated 4 March 2019, a portion of the Company's dividends will be designated as an interest distribution for UK tax purposes. The interest streaming percentage for the Q1 Dividend is 49%."
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Re: HICL Infrastructure PLC (HICL)
Interim Update Statement
https://www.investegate.co.uk/hicl-infr ... 00055248G/
Ian Russell, Chairman of HICL Infrastructure PLC, said:
"HICL invests in core infrastructure that is central to the sustainable development of modern societies. The stakeholder-driven approach that the Board and InfraRed collectively take to managing HICL's portfolio of essential community assets for the long-term underpins the Company's resilience and has supported steady and sustainable performance over the period.
"Within our PPP investments, the focus is on actively supporting public sector clients as they adjust to post-pandemic requirements. Traffic on the Company's toll roads is recovering in line with forecast; and, with the ongoing success of vaccination campaigns, we see a path to improved international travel for High Speed 1, albeit recent events have justified our caution in assessing the timing of this.
"As economies begin to emerge from the pandemic, the current backdrop is highly supportive for infrastructure investment. At the same time, institutional investor appetite for core infrastructure continues to be elevated, and thus a structured, disciplined approach to risk and reward remains fundamentally important for HICL. The pipeline is healthy, with InfraRed focused on the successful execution of attractive opportunities for the Company."
Portfolio Performance
· PPP projects represented 71% of portfolio value at 31 March 2021. The PPP portfolio continues to perform in line with expectations, with the Investment Manager's activity during the period focused on the continued and active support of public sector clients and portfolio companies as they adjust to post Covid-19 operational requirements.
· The Group's demand-based investments represented 19% of portfolio value at 31 March 2021. The easing of restrictions on movement in the UK, Europe and the US has been positive for traffic performance on the Company's GDP-correlated demand-based assets. Traffic performance on the A63 Motorway (France) has been in line with expectations, with revenues over the last four weeks at 96% of pre-Covid levels. The Northwest Parkway (USA) has continued its recovery, with traffic volumes slightly ahead of the forecast assumptions built into the March 2021 valuation and equivalent to 77% of pre-Covid levels over the last four weeks.
Dividends and Financing
· The Company announced a final quarterly interim dividend for the financial year ended 31 March 2021 of 2.07 pence per Ordinary Share (the "Q4 Dividend") on 19 May 2021. The shares went ex-dividend on 27 May 2021 and the Q4 Dividend was paid on 30 June 2021. The interest streaming percentage for the Q4 Dividend was 98%, bringing the total streaming percentage for the financial year ended 31 March 2021 to 76%.
· The Company announced a first quarterly interim dividend for the financial year ending 31 March 2022 of 2.06 pence per Ordinary Share (the "Q1 Dividend") on 21 July 2021. The interest streaming percentage for the Q1 Dividend will be 49%.
· The Board remains comfortable that cash generation from the portfolio remains in line with forecast and re-affirms the target dividend guidance of 8.25 pence per Ordinary Share for the financial year to 31 March 20221. The Board expects this to be fully cash covered.
https://www.investegate.co.uk/hicl-infr ... 00055248G/
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Re: HICL Infrastructure PLC (HICL)
Transaction Activity
https://www.investegate.co.uk/hicl-infr ... 00078632O/
The Board of HICL is pleased to announce the following:
1) HICL has acquired incremental stakes in the Bradford Schools Phase I and Phase II PPP projects (the "Bradford Schools" projects). The Bradford Schools projects are both 27 year contracts to finance, construct, operate, and maintain secondary schools for the City of Bradford Metropolitan District Council, as part of Bradford's Building Schools for the Future (BSF) programme. Both projects are fully operational, having completed construction in 2008 and 2011 respectively. The combined consideration of £16m takes the Company's stakes in Phase I and Phase II to 48% and 62%, respectively, and is accretive to key portfolio metrics. The transaction will be financed from the below disposal and HICL's available funding surplus. These acquisitions evidence the continued execution of HICL's stated strategy of portfolio optimisation, with off-market, incremental acquisitions in well-known and high performing assets. In aggregate, the Company has now made over £200m of incremental acquisitions in the last 3 years.
2) The Company has sold its 50% interest in the Health & Safety Executive Headquarters PPP project for £11m. The price achieved represented a small premium to the asset's March 2021 valuation, and is in line with HICL's strategy of delivering shareholder value through opportunistic disposals that improve key portfolio metrics. This reallocation of capital from Health & Safety Executive Headquarters PPP to Bradford Schools is accretive to returns and yield whilst delivering an improved risk profile and a longer asset life for the portfolio.
https://www.investegate.co.uk/hicl-infr ... 00078632O/
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Re: HICL Infrastructure PLC (HICL)
Notice of Interim Results
https://www.investegate.co.uk/hicl-infr ... 00033387Q/
HICL advises that it plans to announce its Interim Results for the six months ended 30 September 2021 on Wednesday 24 November 2021.
There will be a results presentation for analysts at 9.30am on the day at the offices of Investec Bank plc, 30 Gresham St, London EC2V 7QN. Institutional investors are invited to dial into a live webcast of the presentation, which will be uploaded to the HICL website shortly thereafter.
To register for the event, please notify Teneo by email at HICLrsvp@teneo.com .
https://www.investegate.co.uk/hicl-infr ... 00033387Q/
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Re: HICL Infrastructure PLC (HICL)
Acquisition Activity
https://www.investegate.co.uk/hicl-infr ... 00075458R/
disc; I hold and intend topping up my holdings this week, thereby making them account for about 2.7% in capital value terms, of my 28 share HYP.
Ian.
HICL is pleased to announce that it has acquired, indirectly, a 33.3% interest in Road Management Group (RMG), a holding company which comprises two UK shadow toll roads (the "Projects"): the A417/A419 Swindon-Gloucester and the A1(M) Alconbury-Peterborough. The interest was acquired from Abertis Infraestructuras, S.A. for a combined consideration of up to £34.4m. This investment will be funded by HICL's Revolving Credit Facility.
The Projects are both 30-year shadow toll PFI concessions for the design, construction, financing, operation, and maintenance of the roads, which reached Financial Close in March 1996 and construction completion in 1998. The client is National Highways and operation and maintenance of both roads is undertaken by Ringway Limited, a subsidiary of Vinci Group. These roads are strategically located and benefit from extensive traffic history which significantly de-risks the variable component of revenue. Both roads have performed resiliently through the Covid-19 pandemic and are well positioned for further recovery. Following this acquisition, the proportion of demand-based assets in the portfolio with correlation to GDP remains below 20%.
https://www.investegate.co.uk/hicl-infr ... 00075458R/
disc; I hold and intend topping up my holdings this week, thereby making them account for about 2.7% in capital value terms, of my 28 share HYP.
Ian.
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