중간 업데이트 설명
월 4 2024
HICL 인프라 PLC
"HICL" 또는 "회사" 및 그 자회사와 함께 "그룹"은 InfraRed Capital Partners Limited("InfraRed" 또는 "투자 관리자")가 관리하는 런던 상장 인프라 투자 회사입니다.
중간 업데이트 설명
HICL 이사회는 1년 2023월 29일부터 2024년 XNUMX월 XNUMX일까지의 기간과 관련된 이 임시 업데이트 성명을 발표합니다.
HICL의 Mike Bane 회장은 다음과 같이 말했습니다.
"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."
주요 하이라이트
* | Solid operational performance across the portfolio in the period demonstrating the resilient nature of the underlying assets. The Company is on track to deliver its target dividend of 8.25p per share for the financial year to 31 March 2024, with cash generation in line with expectations.
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* | Sale of entire stake of Northwest Parkway ("NWP") for a net consideration of US$232m at a c. 30%1 premium to the most recent valuation. Up to £50m of the sale proceeds reserved for a share buyback programme.
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* | 획득 한 additional 3.1% interest in A63 Motorway in France for £ 20m at highly accretive terms.
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* | £200m of disposal proceeds received and used to reduce fund-level gearing. The RCF is expected to be fully repaid with the proceeds of the Northwest Parkway disposal.
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* | Focus remains on responsible capital allocation, with future disposal proceeds to support the evaluation of selective investment opportunities where they enhance the portfolio's key financial metrics.
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포트폴리오 성과
* | Overall, the portfolio performed in line with expectations in the period, underpinned by its high-quality, inflation linked cashflows and limited variable interest rate exposure.
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* | In December 2023 HICL acquired a further 3.1% interest in the A63 Motorway concession in 프랑스 for c. £ 20m. The acquisition was carefully evaluated against alternative uses of capital, including the repurchase of the Company's shares, with the expected return and yield from the asset significantly higher than the relevant hurdle rates.
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* | The levy on revenues earned by companies operating long-distance transport infrastructure in France has now been enacted as part of the 2024 Finance Law. Once the payment terms are published, it is expected that the law will be challenged in the constitutional court, and it remains HICL's expectation that compensation would be due through higher tolls. However, even if the levy were to be imposed in full, the impact on HICL's valuation of the A63 Motorway is not expected to be material.
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* | The Company's new modern economy assets (Fortysouth, Texas Nevada Transmission ("TNT") and Altitude Infra), are now well integrated into the portfolio and continue to perform in line with expectations. |
재무 성과
* | The Company is on track to deliver its target dividend of 8.25p per share for the financial year to 31 March 2024, with cash generation in the period in line with expectations.
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* | Proceeds from the announced disposals of Bradford Schools PPPs, the four PPP assets sold to John Laing and the University of Sheffield Accommodation Project have been received. The proceeds from the Hornsea II OFTO and the Northwest Parkway disposals expected by Q3 2024.
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* | The Company announced in February 2024 the intention to allocate up to £50m of the NWP disposal proceeds towards a share buyback programme in due course which will run for a period of up to twelve months. |
평가
* | The Company's NAV and valuation approach continues to be well-informed by transaction data points, including the Company's own disposal activity which now spans over £500m of assets, across sectors and geographies, all realised at or above their carrying values.
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* | From September 2022 to September 2023, HICL increased its weighted average portfolio discount rate by 140bps. Current long-term UK government bond yields imply that HICL benefits from a c. 3.7% equity risk premium which has widened by 30bps since the Company's results at 30 September 2023. The Investment Manager believes the risk premium is appropriate for HICL's core infrastructure portfolio.
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* | While noting increased market confidence that interest rates have peaked across HICL's key jurisdictions, the Investment Manager does not anticipate a change in the portfolio weighted average discount rate in the 30 March 2024 Valuation as it currently aligns with transactional evidence in the sector. The Company believes the strong valuation achieved for its sale of NWP reflects the unique opportunity for the bidder to acquire 100% of the equity as well as the asset's strong inflation correlation, particularly over the past two years.
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* | Alongside the expected NAV uplift of c. 2p, the NWP sale is expected to be materially accretive to portfolio yield, while modestly reducing the portfolio's weighted average asset life to 29.5 years and inflation correlation from 0.8x에 0.7x2.
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* | Inflation for the year to 31 March 2024 is currently slightly below the assumptions used in the 30 September 2023 valuation (at 4% relative to an assumption of 6.5% for UK RPI). If it remains at these levels, the negative effect on the portfolio's 31 March 2024 valuation is expected to be c. 1.5p. |
시장 및 전망
* | The market for high quality core infrastructure assets remains in good health with increasing transaction volumes noted in the period3. This data, supported by the Company's own disposals, continues to reaffirm market liquidity and the observed disconnect between public market and private investor valuations for inflation correlated core infrastructure.
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* | The Board and Investment Manager remain focused on responsible capital allocation, with disposal activity used to support the selective review of investment opportunities to enhance the portfolio's key financial metrics, in line with HICL's long-term track record of accretive asset rotation.
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1. US$ proceeds translated to £184m using an exchange rate of 1.26. The uplift versus the US$ valuation at 30 September 2023 is 34%
2. Based on portfolio valuation as at 30 September 2023
3. 577 infrastructure deals completed globally in Q4 2023 vs 553 in Q3 2023, with 83 core infrastructure deals in Q4 2023 vs 62 in Q3 2023. Infrastructure deals source: Preqin data. Core infrastructure deals source: Combination of Infralogic and InfraRed internally reviewed deal universe
-Ends-
문의
인프라레드 캐피털 파트너스 리미티드 | +44 (0) 20 7484 1800 / [이메일 보호] |
에드워드 헌트 | |
헬렌 프라이스 | |
모하메드 자히르 | |
브런 즈윅 | + 44 (0) 20 7404 5959 / [이메일 보호] |
소피 브루이스 | |
Investec 은행 PLC | + 44 (0) 20 7597 4952 |
데이비드 요비치 | |
RBC 자본 시장 | + 44 (0) 20 7653 4000 |
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Aztec 금융 서비스(영국) 제한 | + 44 (0) 203 818 0246 |
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사라 펠밍햄 |
HICL 인프라 PLC
HICL 인프라 PLC("HICL")는 주로 운영되고 꾸준한 수익을 창출하는 인프라 자산에 대한 장기 투자자입니다. 런던 증권 거래소에 상장된 최초의 인프라 투자 회사였습니다.
현재 100개 이상의 인프라 투자로 구성된 포트폴리오를 통해 HICL은 본질적으로 위험 스펙트럼의 하단에 위치하는 핵심 인프라에서 더욱 적합한 기회를 찾고 있습니다.
자세한 내용은 HICL 홈페이지에서 확인할 수 있다. www.hicl.com.
자산운용사 (인프라레드캐피털파트너스)
HICL의 투자 관리자는 1997년부터 인프라 프로젝트에 성공적으로 투자해 온 InfraRed Capital Partners Limited("InfraRed")입니다. InfraRed는 런던, 뉴욕, 서울, 마드리드 및 시드니에 지사를 두고 전 세계적으로 사업을 운영하고 관리하는 선도적인 국제 투자 관리자입니다. 주로 전 세계 기관 투자자를 대상으로 하는 여러 사모 및 상장 펀드의 자기자본입니다. InfraRed는 Financial Conduct Authority의 승인 및 규제를 받습니다.
InfraRed의 인프라 투자 팀은 인프라 투자 배경과 사모펀드, 구조화 금융, 건설, 재생 에너지 및 시설 관리를 포함한 광범위한 관련 기술을 갖춘 100명 이상의 투자 전문가로 구성됩니다.
InfraRed는 자산 관리 및 투자 결정을 뒷받침하기 위해 동급 최고의 관행을 구현하고 윤리적 행동을 장려하며 더 넓은 지역 사회에서 선의의 원인을 지원하기 위해 지역 사회 참여 이니셔티브를 수립했습니다. InfraRed는 책임 투자 원칙에 서명했습니다.
자세한 내용은 인프라레드 홈페이지에서 확인할 수 있다. www.ircp.com.
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