International Public Partnerships Share Price (INPP)

Https://www.londonstockexchange.com/news-article/INPP/portfolio-update/16526038

Looks decent.

I think you are correct oldbut - its almost a deliberate play by Amber to use current market price conditions (bonds, gilts etc) as a reason to lower infra sector valuations - in the hope that once the sentiment improves later this year (or possibly 2025) then through their stewardship INPP will rise again! If I was being further cynical I might add that certain performance linked fund manager bonuses are linked to % fund NAV increases.....all the best with your alternative plays. SB

Silverblade, glad we agree but my view is that the manager is trying not to show exuberance in what is clearly not a time when infrastructure is in fashion. They can see clearly that we will be bought for yield as interest rates fall and, if anything, are being a trifle too downbeat! Not selling but my new tax year's ISA will be heading for more safe and boring relatively high yielders, like insurance cos and I may well trust Alliance T with more. All the best -Oldbut

Not exactly the upbeat set of results I was expecting (although I do recognise the current macro environment stills weighs heavily) . Biggest negative for me was the significant 4.1% NAV reduction (c.£120m) - despite being advised we were due a modest increase. The two reasons given don't add up imo - dividends are covered by 1.1x earnings and why if we have inflation linked higher cash flows is the investment adviser increasing discount rates? Positives are the debt free position, further 3% increase to the dividend next year, plenty cash still earmarked for a share buyback and strong cash realised from existing investments (OFTO). However, imo INPP need to start navigating the path from being valued on discounted cash flows into asset valuations - cadent, angel trains, thames tideway. Despite repaying the CDF we have lost value and trade at a 20% discount to NAV - that's £500m, without the large unrealised value on the balance sheet from cadent etc. SB

Very strong balance sheet having paid off the RCF, just like BBGI who also reported today. But yes their commentary focused massively on the dividends!!! I guess they know their audience!!