Lowland Investment Co PLC Edison reviews Lowland Investment Company (LWI)
29 January 2019 - 10:26PM
RNS Non-Regulatory
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Lowland Investment Co PLC
29 January 2019
London, UK, 29 January 2019
Edison issues review on Lowland Investment Company (LWI)
Lowland Investment Company (LWI) invests mainly in UK companies
that the managers, James Henderson and Laura Foll at Janus
Henderson Investors, believe are undervalued in relation to their
long-term growth prospects. The recent stock market volatility has
seen P/E valuations fall across the board, and the current
portfolio forward P/E multiple of c 11.5x represents a c 6%
discount to the benchmark FTSE All-Share index. While LWI remains
biased to the smaller end of the market cap spectrum (c 60% of the
portfolio is outside the FTSE 100 index), the managers have
recently been finding opportunities in some out-of-favour larger
companies with attractive yields. LWI has a total return focus,
currently yields 4.0% and has grown its total annual dividend at a
compound rate of c 10% over the past five years, well ahead of the
rate of inflation.
At 28 January 2019, LWI's shares traded at a 3.1% discount to
cum-income NAV. This was towards the narrower end of the 12-month
range (from a 1.5% to a 9.6% discount), and was also narrower than
the average discounts over one, three, five and 10 years, which
range from 3.8% to 6.1%. The current level of discount is broadly
in line with the peer group average. LWI has a dividend yield of
4.0%.
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