Last checked at 30 May 2022 07:00
London, UK, 30 May 2022
Edison issues update on UIL (UTL)
UIL Limited (UIL) is managed by Charles Jillings at deep-value investor ICM. He and his team employ a leveraged strategy, seeking undervalued specialist assets across the globe that can be held for the long term. The manager highlights what he considers to be the most important current macroeconomic headwinds: China's zero-COVID-19 policy and the war in Ukraine. However, he is confident that the management teams of UIL's investee businesses will be able to navigate these challenges and Jillings is bullish about UIL's longer-term prospects.
UIL trades on a wide discount (currently 29.7% based on its last published cum-income NAV); however, this is understated given that some of its platforms are also trading at a discount to the value of their underlying investments thus affording UIL's shareholders a 'double discount'. As an example, Utilico Emerging Markets (c 15% of the portfolio) is currently trading at a c 13.5% discount to its cum-income NAV. UIL pays regular quarterly dividends and the total annual distribution is fully covered by income. Based on its current share price, the company offers an attractive 3.7% dividend yield.
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