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- International Public Partnership shareholders hit as moves to discount
International Public Partnerships has published results for 2022. The highlights are:
The chair Mike Gerrard said “The board notes that this is one of only a few occasions in the company’s 16-year history in which the company’s shares have traded at a discount to NAV and, whilst we will continue to monitor the share price and discount carefully, we remain confident in the robustness and reliability of the company’s future cash flows.” [But what he didn’t say is that the return to shareholders for 2022 was -6.1% or that the shares have fallen by a further 5.3% over the course of 2023.]
The weighted average discount rate used to value the company’s forecasted cash flows to calculate the NAV rose to 7.71% from 7.38%. The discount rate rose by 54 basis points (0.54%) for the company’s equity investments but about 6.8% of the portfolio is invested in senior debt and this brings the weighted average for the whole portfolio down.
INPP : International Public Partnership shareholders hit as moves to discount
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