Pantheon Infrastructure
- Update
from
QuotedData
11th November 2024
Powering up
Over the
past year, as its portfolio continues to mature, Pantheon
Infrastructure (PINT) has risen towards the top-end of peer
group performance tables as Figure 11 on page 12 shows. Over
the first six months of 2024, PINT reported a NAV return
of 8.5%, running well ahead of its target of 8%-10% per
annum.
In PINT's
recent results, the stand-out winner within the portfolio was the
US power generation business Calpine. This note delves into the
Calpine story in more detail and sets out why we feel it could
still have much further to go.
The discount has
started to narrow, suggesting that investors are finally waking up
to PINT's potential, but it remains much wider than those of
worse-performing peers. In addition to
decent NAV returns, shareholders should be
encouraged by PINT's income growth (it is targeting a
full-year dividend of
4.2p, up 5% on the previous year).
Given the
success that it has had to date, we share the manager's frustration
that it is having to pass on attractive opportunities for the
portfolio. The sooner the discount is eliminated, the
better.
Full Research:
https://quoteddata.com/research/pantheon-infrastructure-powering-up-qd/
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NB: Marten
& Co was paid to produce this note on Pantheon Infrastructure
Plc, and it is for information purposes only. It is not intended to
encourage the reader to deal in the security or securities
mentioned in this report. Please read the important information at
the back of this note. QuotedData is a trading name of Marten &
Co Limited which is authorised and regulated by the Financial
Conduct Authority. Marten & Co is not permitted to provide
investment advice to individual investors categorised as Retail
Clients under the rules of the Financial Conduct
Authority.
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