Only Cordiant and Pantheon buck the trend... For the remaining 29 quoted Infrastructure Investment Companies (IICs) and the Renewable Energy Infrastructure Funds (REIFs), 2024 was a dire year ‒ as was 2023. NAV discounts widened appreciably, while some REIFs, in particular, really struggled. During 2024, there were several “Continuation/Discontinuation Votes”, which saw some funds enter Managed Wind Down. Furthermore, there were no major sector fund-raises during the year; instead, share buy...
A director at BBGI Global Infrastructure S.A bought 20,000 shares at 130p and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no...
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.
Feature article: Utility regulation – Changes afoot - Patching up a tainted model While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’. Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin...
In terms of environmental policy, the quest to cut carbon emissions dramatically and to achieve net zero remains high on the political agenda, although the war in Ukraine – and specifically the issue of gas supplies – may weaken these commitments. In any event, the environmental performance of China and the US – responsible, between them, for around one half of global emissions – will be key. In Asia, where ca.85% of energy consumption is currently being met by fossil fuels – there are ca.4.6b...
Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%. Re...
Hardman & Co Research 14-Apr-2022 / 11:40 GMT/BST Hardman Talks Video | BBGI Global Infrastructure Management Presentation and Q&A On 12 April 2022, we were excited to welcome BBGI, a leading member of the FTSE 250 Index, for a webinar on Hardman Talks. Watch it By way of background, BBGI is a responsible, global social infrastructure investor with a low-risk investment strategy, which is focused on delivering long-term and attractive returns: currently, it is capitalised at ca.£1.2bn. BBGI's main investment markets are North America and the UK. In the webinar, Co-Chief Executive...
Hardman & Co Research 12-Apr-2022 / 10:35 GMT/BST Hardman & Co Research on BBGI Global Infrastructure (BBGI): NAV and dividend up ‒ 10.4% TSR p.a. from 2011 BBGI is a diversified social infrastructure investment company, registered in Luxembourg, and a FTSE 250 constituent. Its portfolio consists of long-term and low-risk essential social infrastructure investments, which deliver stable, predictable cashflows, with progressive dividend growth and attractive, sustainable returns. It focuses on enhancing the value of its investments, which are globally diversified within highly rated, ...
An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2021, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2021. Comparisons are made with historical data to show how different company strategies have evolved. 2021 was characterised by a strong rebound in performance following the pandemic-aff...
‘Boring is beautiful – BBGI continues to ride the infrastructure wave’ We are delighted to announce BBGI Global Infrastructure S.A. will be presenting a live webinar on Hardman Talks at 3:00pm on Tuesday 12 April 2022. We warmly welcome you to join us for the virtual event on Zoom. Sign up now for your place. The key focus of the presentation will be the 2021 full-year results due on 31 March 2022. BBGI will also weigh in on its decade-long record since its 2011 IPO and its plans for the future...
Hardman & Co Research Hardman & Co: Hardman Talks Video Event | BBGI Global Infrastructure Management Presentation and Q&A - 'Boring is beautiful' - BBGI continues to ride the infrastructure wave 25-March-2022 / 13:50 GMT/BST Hardman Talks Video Event | BBGI Global Infrastructure Management Presentation and Q&A - 'Boring is beautiful' - BBGI continues to ride the infrastructure wave We are delighted to announce BBGI Global Infrastructure S.A. will be presenting a live webinar on Hardman Talks at 3:00pm on Tuesday 12 April 2022. We warmly welcome you to join us for the virtual ...
Feature article: Directors’ dealings - A legal way to do insider trading One of the first things that a junior analyst learns is to keep an eye on directors’ dealings, but sometimes this is more complicated than meets the eye. In this article, I look at some less obvious tricks to study directors’ dealings. It’s worth prefacing these remarks with a comment that, although investors want company CEOs and CFOs to have skin in the game, individuals shouldn’t have all their chips in one basket. It...
Feature article: Streamers vs. broadcasters - Broadcasters fight back Streaming is the most disruptive force in video media. Globally, streamed video services continue to grow, led by the US majors, apparently at the expense of non-streamed and advertising-dependent broadcasters. Recent trading announcements by leading streamers and leading UK broadcasters point in two directions: streaming growth in the North American market is slowing, according to figures from Netflix and Disney, while UK p...
Hardman & Co Research Hardman & Co Research: BBGI Global Infrastructure (BBGI): Boring is beautiful - and dividend growth continues 07-Sep-2021 / 16:15 GMT/BST Hardman & Co Research: Boring is beautiful - and dividend growth continues BBGI is a diversified social infrastructure investment company, registered in Luxembourg, and a FTSE 250 constituent. Its portfolio consists of long-term and low-risk essential social infrastructure investments, which deliver stable, predictable cashflows, with progressive dividend growth and attractive, sustainable returns. It focuses on enhanci...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Feature article: Good jobs come to those who IPO - The importance of going public We are entering a new economic era where the whole purpose of capitalism and the raison d’être of business are being debated. A lot of the recent focus has been on ESG and the part companies should play in achieving ESG aims, such as a net-zero-carbon economy. In other words, some “stakeholders” believe businesses should not exist simply to generate profits, but expect them to contribute to broader goals. One soci...
Hardman & Co Research Hardman & Co Research: Q&A with Nigel Hawkins on BBGI Global Infrastructure: Delivering stable and predictable cash flows 21-May-2021 / 08:30 GMT/BST Hardman & Video | Q&A with Nigel Hawkins on BBGI Global Infrastructure | Delivering stable and predictable cash flows BBGI Global Infrastructure (BBGI) is the topic of conversation when Hardman & Co Analyst Nigel Hawkins joins DirectorsTalk. With full year 2020 results recently published Nigel lets us know if there were any surprises, explains how it is set to grow its dividend, how shares have performed sinc...
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