Category: Uncategorized (Page 143 of 298)
The current portfolio was started on the 9/09/2022.
The minimum buying yield was 5% but as Investment Trust prices have fallen the yields have risen, so the new target is 7%.
After ten years the plan was to receive income of £13,790 pa.
IF next year’s target of 10k is met it will equal the plan’s figure for 2028.
The actual income for the plan could be around 15k pa, this is not a fcast or a target, yet.
HENDERSON FAR EAST INCOME LIMITED
4th Interim dividend for the year ending 31 August 2024
The directors have declared the fourth interim dividend of 6.20p per ordinary share in respect of the year ending 31 August 2024. The dividend will be paid on 29 November 2024 to shareholders on the register at 25 October 2024 (the record date). The shares will be quoted ex-dividend on 24 October 2024.
Thursday 17 October
BBGI Global Infrastructure SA dividend payment date
Custodian Property Income REIT PLC ex-dividend date
Invesco Bond Income Plus Ltd ex-dividend date
JPMorgan China Growth & Income PLC ex-dividend date
Livermore Investments Group Ltd ex-dividend date
TwentyFour Income Fund Ltd ex-dividend date
win88
Hey there this is somewhat of off topic but I was wondering if blogs use WYSIWYG editors or if you have
to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get guidance from someone with experience.
Any help would be enormously appreciated !
£££££££££££££
No coding, exactly the same as penning an email.
Assura plc
Trading update for the first half ended 30 September 2024
Assura plc (“Assura”), the diversified healthcare REIT, today announces its Trading Update for the six months to 30 September 2024.
Jonathan Murphy, CEO, said:
“We have made strong strategic progress in the first half of the year. The £500 million acquisition in August of a private hospital portfolio accelerates the delivery of our broader healthcare strategy while our £250 million joint venture with USS diversifies our funding. We are also very pleased to have been certified as the first FTSE 250 B Corp recognising our high standards of social and environmental performance.
“The purchase of 14 UK private hospitals materially increases our exposure to the structurally supported private healthcare market as we continue to diversify our offering to meet changing UK healthcare demands. The joint venture with USS, the UK’s leading private pension scheme, provides a new source of funding and opportunities to recycle capital into our growth pipeline.
“The need for investment in healthcare infrastructure was starkly outlined by the recent Lord Darzi report – which found the primary care estate to be plainly not fit for purpose and more than 1 million people to be waiting for community services. We are at an inflexion point in the UK, with structural changes to the delivery of healthcare services, the Government targeting preventative services in a community setting, and rising demand for private providers. Assura has firmly positioned itself to facilitate this change, being well-placed to work with all healthcare providers to deliver high-quality, sustainable facilities for the long-term..”
Delivery against our strategic objectives
• Portfolio of 14 private hospitals acquired for £500 million: day 1 rental income of £29.4 million, WAULT of 26 years, 100% subject to annual index-linked rent reviews, let to tier 1 private healthcare providers with strong rent cover of 2.3 times
• Portfolio now stands at 625 properties with an annualised rent roll of £179.1 million (March 2024: £150.6 million)
• Three developments completed with a total combined spend of £46 million; GP surgery in Shirley, ambulance hub at Bury St Edmunds and our largest in-house development project to date of the Northumbria Health & Care Academy at Cramlington
• Positive progress on rent reviews, 129 settled in the first half, covering £20.4 million of existing rent and generating an uplift of £1.7 million (8.2% uplift on previous passing rent, 3.0% on an annualised basis)
• Initial tranche of seven assets agreed for transfer to joint venture with USS
• Completed seven asset enhancement capital projects (total spend £3.0 million) and seven lease regears (existing rent £0.6 million); on site with a further four capital projects (total spend £5.6 million)
• Quarterly dividend increased by 2.4% to 0.84 pence per share, as announced at the full year results, with effect from the July 2024 payment
Pipeline of opportunities for strategic expansion and further growth
• Advanced discussions taking place for the disposal of 12 assets
• Currently on site with five developments; total cost of £44 million with £27 million remaining to be spent. On site schemes include two net zero carbon buildings in the UK (one GP medical centre, one NHS children’s therapy centre) and three developments for the HSE in Ireland.
• Pipeline of 14 capital asset enhancement projects (projected spend £8.8 million) over the next two years
• 32 lease re-gears covering £3.9 million of existing rent roll in the current pipeline
Strong and sustainable financial position
• Weighted average interest rate 3.0% (March 2024: 2.3%); all drawn debt on fixed rate basis
• Weighted average debt maturity of 5.1 years, limited refinancing on drawn debt over the next 3 years. Over 40% of drawn debt matures beyond 2030, with our longest maturity debt at our lowest rates
• A- rating reaffirmed by Fitch in August following private hospital portfolio acquisition
• Net debt of £1,575 million (March 2024: £1,217 million) on a fully unsecured basis with cash and undrawn facilities of £143 million
Full results for the six months ended 30 September 2024 will be announced on 14 November 2024.
3 super-safe dividend shares I’d buy to target a £1,380 passive income!
By Royston Wild
Provided by The Motley Fool
Dividends from UK shares are never, ever guaranteed. As we saw during the Covid-19 crisis, even the most generous and financially secure company can postpone, suspend, or axe shareholder payouts when catastrophes happen.
But as investors, we can take steps to minimise the chances of dividend disappointment. Choosing defensive companies that enjoy stable earnings (like utilities, healthcare providers, and food manufacturers) is one tactic.
So is selecting companies with strong balance sheets, market-leading positions, and diversified revenue streams. This can protect earnings when economic conditions suddenly worsen.
It’s also important to spread one’s capital across a variety of different shares. Such diversification reduces the impact of company and industry-specific factors on investors’ returns.
Three top stocks
With all this in mind, here are three super-safe dividend shares on my watchlist today.
As I say, dividends are never a sure thing, and broker projections can sometimes fall short. But if current forecast are correct, a £20,000 investment spread equally across these dividend shares would provide a passive income of £1,380 this year alone.
A top REIT
Source: TradingView
Out of this bunch, let’s take a deep dive into Assura first. As the chart above shows, this FTSE 250 company has a long history of dividend growth even during times of crisis.
City analysts expect this proud record to continue, too, even as the threat from high interest rates remains.
Retirees: Unlock the Secrets to Earning Passive Income and Secure Your Golden Years
As a result, the firm’s dividend yields lift to 8.5% for next year, and to 8.6% the year after.
Elevated interest rates depress net asset values (NAVs) for property stocks and can significantly raise their borrowing costs. But the defensive nature of Assura’s operations — it owns and lets out primary healthcare properties, like doctor surgeries — allows it to pay a large and growing dividend each year.
The real estate investment trust (REIT) is expanding rapidly, to help it grow earnings beyond the medium term. But sector rules mean that this expensive programme doesn’t have catastrophic implications for dividends.
Under REIT regulations, Assura must pay a minimum 90% of annual rental profits out in the form of dividends. Combined, these factors make the business a rock-solid income pick in my book.
Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice.
FTSE 100 dividend stars
Source: TradingView
Combined with Legal & General and Diageo in a portfolio, I think I could enjoy a truly spectacular dividend for years to come. As you can see, these two stocks also have long histories of sustained payout growth.
But the FTSE 100 firm’s balance sheet has still allowed it to regularly grow dividends over the past decade. And with a Solvency II capital ratio of 223%, it remains cash rich today.
Diageo, meanwhile, is another reliable dividend stock thanks to its strong position in the largely resilient alcoholic drinks market. While it faces extreme competitive pressures, fashionable labels like Guinness and Captain Morgan help to lessen this threat.
I also like the Footsie firm’s wide diversification across different geographies and drinks segments. This provides earnings (and thus dividends) with added stability.
The post 3 super-safe dividend shares I’d buy to target a £1,380 passive income, appeared first on The Motley Fool UK.
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The Snowball only invests in Investment Trusts as most Trusts have reserves they can use to continue to pay their dividends, as during the Covid crisis.
The number of investment companies trading at 52-week high discounts has risen to 12 but which region contributed the most names week ended Friday 4 October.
By Frank Buhagiar
We estimate there to be 12 investment companies that saw their share prices trade at 52-week high discounts over the course of the week ended Friday 04 October 2024 – three more than the previous week’s nine.
Last week, it was Japan-focused funds that contributed the most names to our list of year-high discounters. One week on, not a Japan-focused trust in sight. Instead, three funds that invest in the Asia Pacific Region – Fidelity Asian Values (FAS), JPMorgan Asia Growth & Income (JAGI) and Schroder Oriental Income (SOI). Four if you include JPMorgan Emerging Markets (JMG) – as at 31 July 2024, the fund had near enough three-quarters invested in Asia.
No results out from any of the four, but a look at the share price graphs for each trust shows that they all set new year-high discounts in the first few days of the week – hence their appearance on this week’s list. By Friday 4 October, however, all four shares had staged a recovery. Something of a mystery then. But could it be down to Chinese markets being closed for Golden Week? Fair to say, prior to the holiday, Chinese markets had been on a tear in response to a series of measures announced by the authorities to support the economy – China’s CSI 300 blue-chip index rallied more than 25% over the nine days running up to the holiday week.
With China being closed for the week, other markets such as India became the main performance drivers. Shame then that India didn’t have a good week – the BSE Sensex Index was off 5%. Elsewhere, Singapore’s STI index was basically flat (+0.44%) while South Korea’s KOSPI was down 4% or so. Without China to turbocharge performance, no surprise then that all four funds succumbed to a little profit-taking early on in the week. After all, the shares of the four were up strongly the week before – JAGI, the stand out with a +7.5% gain week ended 27 September.
But what about the recovery they all enjoyed towards the end of the week? Well, this could be down to investors positioning themselves for the big China reopening in anticipation of Chinese markets picking up where they left off. Question is, will they?
The top five
| Fund | Discount | Sector |
|---|---|---|
| Ceiba Investments CBA | -74.43% | Property |
| Schroder Capital Global Innovation INOV | -64.48% | Renewables |
| Schroder Capital Global Innovation INOV | -54.65% | Growth Capital |
| JPEL Private Equity JPEL | -50.34% | Private Equity |
| Gore Street Energy Storage GSF | -45.85% | Renewables |
The full list
| Fund | Discount | Sector |
|---|---|---|
| JPMorgan Asia Growth & Income JAGI | -11.58% | Asia Equity Income |
| Schroder Oriental Income SOI | -8.01% | Asia Equity Income |
| Fidelity Asian Values FAS | -14.52% | Asia Smallers |
| BlackRock World Mining BRWM | -10.12% | Commodities & Natural Resources |
| JPMorgan Emerging Mkts JMG | -13.27% | Emerging Markets |
| Impax Environmental IEM | -12.59% | Environmental |
| Baillie Gifford European Growth BGEU | -16.30% | Europe |
| Schroder Capital Global Innovation INOV | -54.65% | Growth Capital |
| JPEL Private Equity JPEL | -50.34% | Private Equity |
| Ceiba Investments CBA | -74.43% | Property |
| Gore Street Energy Storage GSF | -45.85% | Renewables |
| HydrogenOne Capital Growth HGEN | -64.48% | Renewables |
Four renewable energy funds that got the memo
Four funds from the renewable energy infrastructure space reporting on the same day may have just been a coincidence, but it does provide an excuse to check-in on the sector.
By Frank Buhagiar
7:00 am Monday 30 September 2024, four funds from London’s renewable energy infrastructure sector publish results/updates. Coincidence or did a memo do the rounds ? Regardless, with the four funds heralding from three different sub sectors, the flurry of announcements provides an opportunity for a quick health check for London’s renewables space. After a challenging year that saw interest rates stay higher for longer, revenues come under pressure and share prices trade at record-high discounts, any positives to take away?
The four funds: Bluefield Solar Income Fund (BSIF) and US Solar Fund (USF) from renewable energy infrastructure; Gresham House Energy Storage Fund (GRID) from battery storage; and SDCL Energy Efficiency Income (SEIT) from energy efficiency.
BSIF on the Back Foot
As broker Numis points out, BSIF was on the back foot from the off. “Following a record year for earnings in 2023, it was always going to be tough to beat.” As per the Annual Report: Net Asset Value (NAV) came in at £781.6m (2023: £854.2m), reflecting reduced long-term power price and inflation forecasts; underlying earnings (pre-amortisation of debt) stood at £94.6m (2023: £108.4m); while total return was down at -0.83% (2023: 5.45%). Operating performance was also lower year-on-year as generation fell 3%. Two reasons cited: outages and the weather – irradiation levels were around 4.3% below expectations.
Positives include underlying earnings (post debt) of 10.57p more than enough to cover the 8.8p annual dividend. Also, a large portion of group revenues have a high degree of visibility: power purchase agreements and subsidies cover 80%+ of 2025’s revenues and 63% for the next two years. There was a small increase in the dividend target to 8.9p from 8.8p too.
And post-period end, Mauxhall Farm (44.4MW) and Yelvertoft (48.4MW) were energised, bringing total operational capacity up to 883MW; while the sale of a 50% stake in a 112.2MW portfolio of UK solar assets to strategic partner GLIL Infrastructure was completed. Further disposals are being considered with the proceeds earmarked to reduce debt and fund the development of the 1.5GW pipeline. Despite the tough environment, BSIF still getting things done.
Numis: “Looking forward, we believe BSIF remains well-placed to deliver attractive returns from its asset base, which includes a significant pipeline and a long-term strategic funding partner.”
Jefferies: “On the distribution side, underlying dividend cover and dividend growth are disappointing due to multiple factors, but with upside in cover expected when looking forward.”
JPMorgan: “BSIF benefits from having what look, in the context of current forward market prices, attractive prices on its fixed PPAs over the next couple of years. This will help it in terms of dividend cover and earnings although new fixes will likely be agreed at incrementally lower levels reflecting the prevailing forward market as the old fixes roll off. We are Neutral.”
USF Looking to Maxmise Shareholder Value
USF, like BSIF, reported a reduction in NAV to US$230.4m (31 December 2023: US$258.2m) for the half year, although this was largely due to the return of US$18.6 million plus costs to shareholders via a tender offer. NAV per share was 4% lower at US$0.75 (31 December 2023: US$0.78 per share). A combination of a 40 basis point increase in the risk-free rate used for valuing the US portfolio, US$6.8 million dividends and changes to both operating and macroeconomic assumptions all to blame here.
The Q2 dividend of 0.56c is in line with the albeit reduced annual target of $0.0225 per share, which is expected to be fully covered by cash generated from operations. As with BSIF, total generation of 365GWh was 6.8% below budget due to outages and below forecast solar irradiance during Q1 2024, particularly at USF’s largest asset, the 128MW Milford site – not just the UK in need of more sunshine.
It’s no secret that USF is holding out for an exit opportunity. As Chair, Gill Nott, explains “Our focus remains on taking steps to ensure the Company’s portfolio is robust, optimised and capable of being presented to the market for a future liquidity event in order to maximise shareholder value.” Perhaps because of this (and/or the fund’s small size) not much in the way of broker commentary following the results.
GRID Looking Forward to Renewed Growth
As previously reported, GRID saw NAV fall over the half year. NAV per share came in at 109.16p, 19.91p below the 31 December 2023 figure. 19.47p of the fall was down to updated third-party revenue forecasts following the introduction of a more conservative provider.
Progress was made operationally. Capacity was up 34% year-over-year to 790MW, although portfolio revenues fell 12.8% year-over-year to £17.9m (HY 2023: £20.5m) which, in turn, drove a 23.9% decline in EBITDA to £10.4m (HY 2023: £13.8m). This was down to “especially difficult market conditions in Q1 2024” that led to the dividend being suspended. Action has been taken to remove at least some of the volatility from revenues after “a landmark tolling arrangement” was signed with Octopus Energy. GRID expects to receive annualised contracted revenues of c.£43m from the tolling arrangement which will see Octopus contract 568MW for two years from H2 2024 onwards.
Encouragingly, since period-end, average net revenues for July and August came in at the highest levels of the year so far and c.25% higher than those seen in H1 2024. Furthermore, with the current construction programme expected to conclude in H2, the operational portfolio is set to breach the 1GW barrier.
Fund manager, Ben Guest, notes “The tolling agreement and conclusion of the construction programme have stabilised the business and provided the visibility required for the Board and Manager, with our shareholders, to be able to look forward to renewed growth. It is good to be looking forward to new growth in 2025 and beyond with a large portfolio and a more stable earnings outlook, as our starting point.” Sense of “the worst is behind us” there.
Numis: “The tolling arrangement will provide a degree of revenue stability and management reaffirms its previous comments that if merchant revenues stay at recent August levels (c.£45,000/ MW/yr) this would result in annualised EBITDA of c.£45.7m.”
JPMorgan: “deeper renewable penetration and higher consumer winter demand may improve trading revenues over the next six months.”
SEIT Well Positioned for Growth
SEIT’s interim update for the six months to 30 September, a little light on numbers but did flag operational cash flows are in line with expectations. The 6.32p 2025 dividend target was also reaffirmed and is covered by net operational cash flows. The announcement did highlight that portfolio companies Onyx and EVN are growing fast and ahead of budget and so require further capital. (Onyx, a provider of distributed clean energy solutions to commercial and industrial customers in the US; EVN, an electric vehicle charging platform in the UK). Financing, co-investment and disposal opportunities are therefore being explored to support their future growth as well as reduce the debt facility.
Investment manager, Jonathan Maxwell, thinks “The portfolio is well positioned for growth” and that “Interest rate cuts in the US and UK are likely to have a positive impact on the value of SEEIT’s portfolio on a discounted cash flow basis. While this may in due course reduce SEEIT’s weighted average discount rate, we view it as prudent to materially absorb decreases in risk free rates through increases in risk premiums for the September 2024 valuation due to ongoing economic and geopolitical uncertainty.” Cautious optimism from the investment manager.
Numis: “It will be interesting to see what SEIT management can secure to enable it to fund the growth capital requirements of the business. The board and manager comment that it remains focussed on the discount to NAV, as well as keeping gearing within limits.”
Jefferies: “Looking beyond Onyx and EVN, the other portfolio companies are less capital hungry, so this disposal or co-investment activity should also increase the overall financial flexibility of the fund, with additional project-level debt clearly an option for the more cash generative investments.”
Storms Subsiding
The sector has faced a near-perfect storm of challenges: high-interest rates, falling power prices, unfavourable weather. Such has been the severity of the storm, drastic action has been taken: business models adapted, capital allocation policies adopted, strategic partners found, dividends suspended and, in the case of USF, sales sought. The sector is navigating the tough conditions. Not just a case of battening down the hatches. By securing a partner or selling assets, funds are being raised to reduce debt yes, but also to develop pipelines.
And arguably with interest rates coming down and power prices already lower, the worst of the storm could well have passed. Discounts are already narrowing, though more is required before equity markets reopen as a source of growth capital. In the meantime, based on the above updates at least, individual funds are getting their respective houses in order in anticipation of better times ahead.