HICL Infrastructure plc - HICL - ISIN GB00BJLP1Y77

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Re: HICL Infrastructure plc - HICL - ISIN GB00BJLP1Y77

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HICL INFRASTRUCTURE KEEPS DIVIDEND TARGET AMID WEAKER PERFORMANCE

(Sharecast News) - HICL Infrastructure reported a first-half income of £10.9m on Wednesday, a substantial decrease from the £125.8m recorded in the first six months of 2022.

The FTSE 250 company said the decrease in income resulted in a total return of -£27.6m, swinging from the positive £102.6m total return reported in the prior year period.

Losses per share stood at 1.4p for the six months ended 30 September, contrasting with earnings per share of 5.2p in the first half of 2022.

Despite the challenges, HICL's target dividend per share for the year remained stable at 8.25p, consistent with the prior year, while the interim dividend was lowered slightly to 2.06p from 2.07p.

However, its net asset value per share decreased to 159.4p from 164.9p year-on-year, and after deducting the interim dividend, the net asset value per share further dropped to 157.3p.

"The board and I are pleased with the active management of HICL's portfolio and the solid operating result against a difficult market backdrop," said chair Mike Bane.

"Continued progress on strategic asset rotation has served to improve portfolio composition while supporting the company's net asset value.

"This transaction activity, which has been across geographies, sectors and counterparties, gives the board a high level of confidence in HICL's NAV and reinforces the belief that the company's shares have been materially oversold by public markets."

HICL said its portfolio performance during the period met expectations, delivering an underlying return of 8.2%, although it was lower than the 13% recorded in the same period a year earlier.

The decrease in the net asset value per share was attributed to an increase in the portfolio's weighted average discount rate from 7.2% to 8.0%.

That change reflected higher long-term government bond yields and recent transactions, all valued at or above their respective 31 March valuations.

HICL said it remained active in asset management, with transaction activity totalling £532m during the period.

That included acquisitions worth £208m in the Altitude Infra fibre network in France and the UK's Hornsea II OFTO electricity transmission assets.

Additionally, divestments totalling £324m occurred, encompassing projects across different sectors and geographies, all selling at or above their respective 31 March valuations.

The company said it intended to use the proceeds from the divestments to reduce its floating rate debt exposure, aligning with its disciplined capital allocation strategy.

After the divestments were completed, the revolving credit facility was expected to have about £115m drawn, resulting in a fund gearing of around 10%.

HICL said its assets benefitted from contractual inflation linkage, leading to increased cash generation.

The dividend cash cover improved to 1.05x, excluding profits on disposals, compared to 1.03x in September last year.

Including profits on disposals, the cash cover stood at 1.35x, a slight decrease from 1.58x in September 2022.

The board reaffirmed its commitment to delivering a target dividend of 8.25p per share for the financial year ending 31 March 2024, as it maintained a focus on disciplined capital management, particularly reducing short-term floating debt.

New investments were being evaluated cautiously, considering the cost of debt and the attractiveness of buying back shares in the current market conditions.

"HICL continues to withstand the volatile macro environment, with solid underlying asset performance and resilient asset valuations as demonstrated by our asset disposals during the period which have sold at a premium," commented Edward Hunt, head of core income funds at HICL's investment manager InfraRed Capital Partners.

"The focus on strong balance sheet management informs HICL's proactive capital allocation strategy, with disposal proceeds used to materially reduce the revolving credit facility.

"The company's strong track-record of accretive asset rotation stands it in good stead to self-fund its future investment activities, as required, and continue to enhance HICL's investment proposition for shareholders."

At 0947 GMT, shares in HICL Infrastructure were up 0.29% at 137p.

Reporting by Josh White for Sharecast.com.

https://sharecast.com/
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Re: HICL Infrastructure plc - HICL - ISIN GB00BJLP1Y77

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HICL ups stake in French toll motorway

HICL Infrastructure announced the increase of its stake in the A63 Motorway concession in France on Thursday, by acquiring an additional 3.1% interest for £20m.

This FTSE 250 company said the move would bring its total interest in the toll road to 24%, with the purchase expected to be completed early next year, pending consents.

It said the A63 Motorway concession was a 40-year commitment to design, upgrade, finance, operate, and maintain a 104-kilometre section of the A63 highway between Salles and Saint-Geours-de-Maremne in southwest France.

The asset's strategic location along a crucial trans-European transport corridor helped to ensure resilient traffic performance.

HICL initially invested in the A63 in 2017, with InfraRed managing the asset since 2011.

The acquisition would be funded using the proceeds from recently announced disposals, and it is projected that HICL's revolving credit facility will be £135m drawn once the disposals were finalised.

“This attractive incremental investment for HICL aligns with the board's strict capital allocation framework,” said chair Mike Bane.

“It provides greater accretion than alternative uses of capital and the investment has a well-understood risk profile.

“Highly disciplined balance sheet management remains a priority for the board, including the reduction of revolving credit facility drawings over time.”

At 0919 GMT, shares in HICL Infrastructure were up 0.73% at 138p.

Reporting by Josh White for Sharecast.com.

https://www.sharecast.com/news/news-and ... 68436.html
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HICL sells stake in US toll-road project for $232m, unveils £50m buyback

HICL said it had was selling its entire stake in the US Northwest Parkway toll-road project (NWP) to VINCI Highways for $232m and starting a £50m share buyback with the proceeds.

The sale proceeds represent a 30% premium to the company's September 30, 2023 valuation. Completion is expected in the second quarter of this year, the company said on Wednesday.

https://www.sharecast.com/news/news-and ... 42166.html
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Re: HICL Infrastructure plc - HICL - ISIN GB00BJLP1Y77

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HICL.L announced a cash dividend of 2.06 with an ex-date of Feb. 29, 2024
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HICL Infrastructure delivers 'solid operational performance'

Investment company HICL Infrastructure said on Monday that it had delivered a "solid operational performance" over the five months ended 29 February.

HICL said its performance had demonstrated "the resilient nature" of its underlying assets and had put it on track to deliver its target dividend of 8.25p per share for the financial year to 31 March, with cash generation in line with expectations.

The London-listed company noted that its net asset value and valuation approach continues to be well-informed by transaction data points, including its own disposal activity which now spans over £500.0m of assets, across sectors and geographies, all realised at or above their carrying values.

HICL added that the market for high-quality core infrastructure assets remained "in good health", with increasing transaction volumes noted in the period, which continues to "reaffirm market liquidity and the observed disconnect" between public market and private investor valuations for inflation-correlated core infrastructure.

Chairman Mike Bane said: "HICL's high quality portfolio continues to demonstrate its resilience amidst broader macro volatility, supported by significantly accretive asset rotation announced in the period.

Effective capital allocation remains crucial, and the board has deployed disposal proceeds to reduce the balance on the company's revolving credit facility, make a highly accretive incremental investment and launch a share buyback programme."

As of 1000 GMT, HICL shares were up 1.02% at 125.06p.

Reporting by Iain Gilbert at Sharecast.com

https://www.sharecast.com/news/news-and ... 69912.html
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HICL Infrastructure (LON:HICL) Stock Price Crosses Below 200-Day Moving Average of $128.09

Shares of HICL Infrastructure PLC crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 128.09 ($1.64) and traded as low as GBX 122.38 ($1.57). HICL Infrastructure shares last traded at GBX 124 ($1.59), with a volume of 4,342,439 shares trading hands.

HICL Infrastructure Price Performance

The stock has a 50-day moving average price of GBX 126.36 and a 200 day moving average price of GBX 128.08. The company has a market cap of £2.52 billion, a price-to-earnings ratio of 1,240.00 and a beta of 0.28.

HICL Infrastructure Announces Dividend

The company also recently declared a dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be given a dividend of GBX 2.06 ($0.03) per share. This represents a yield of 1.69%. The ex-dividend date of this dividend is Thursday, February 29th. HICL Infrastructure's dividend payout ratio (DPR) is currently 8,000.00%.
Insiders Place Their Bets

In other HICL Infrastructure news, insider Michael Bane acquired 32,608 shares of the company's stock in a transaction on Friday, December 22nd. The stock was acquired at an average price of GBX 139 ($1.78) per share, for a total transaction of £45,325.12 ($58,071.90). Company insiders own 0.22% of the company's stock.

HICL Infrastructure Company Profile

HICL Infrastructure PLC specializes in direct and fund of funds investments. For direct investments, it seeks to invest in infrastructure projects. It invests in project companies which have not yet completed the construction phases of their concessions including project companies which are in the process of bidding for project concessions.

https://www.marketbeat.com/instant-aler ... 024-03-16/
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