International Public Partnerships (LON:INPP) Releases Quarterly Earnings Results

International Public Partnerships (LON:INPP) issued its quarterly earnings results on Thursday. The company reported GBX 5.92 earnings per share (EPS) for the quarter, Digital Look Earnings reports. International Public Partnerships had a return on equity of 9.61% and a net margin of 97.32%.

Here are the key takeaways from International Public Partnerships’ conference call:

• NAV per share rose 1.3% to 153.4 pence in the first half, producing an annualized total NAV return of 8.2%. The company reaffirmed its 2026 dividend target of 8.79 pence per share, with interim dividends covered 1.3 times by operating cash flow.
• INPP has realized more than £440 million of assets, generally at or above published valuations, and reinvested or committed over £480 million into opportunities targeting returns above 11%, compared with the portfolio’s 9.1% discount rate. Management said this capital recycling has improved portfolio duration, inflation protection and revenue security.
• Core assets continued to perform broadly in line with expectations, including 99.4% availability across the OFTO portfolio and 99.8% availability across PPP assets. Management also highlighted progress at Sizewell C, Tideway and BeNEX, alongside a potential pipeline of roughly £1 billion in regulated, PPP and operating assets.
• INPP wrote its equity investment in broadband provider toob down to nil and will not commit further capital because of structural headwinds in the U.K. alternative-fibre market, although the exposure was less than 1% of NAV. Management also cautioned that dividend cover is likely to normalize from the unusually strong 1.3 times first-half level.
• The company maintained its 9.1% portfolio discount rate despite recent bond-yield volatility, citing transaction evidence and inflation protection, but acknowledged that sustained higher yields could eventually affect infrastructure valuations. INPP may use its £350 million revolving corporate debt facility as a bridge when new investments precede asset disposals.

International Public Partnerships Stock Performance

Shares of INPP traded down GBX 0.40 during mid-day trading on Thursday, hitting GBX 138. 2,648,695 shares of the company were exchanged, compared to its average volume of 4,486,600. The stock has a market cap of £2.47 billion, a price-to-earnings ratio of 9.66 and a beta of 0.53. The company has a 50 day moving average of GBX 140.60 and a 200-day moving average of GBX 135.32. International Public Partnerships has a 1-year low of GBX 115.83 and a 1-year high of GBX 145.80.

About International Public Partnerships

INPP is a global infrastructure fund that invests in high-quality infrastructure projects and businesses that are sustainable over the long-term. INPP aims to provide our investors with stable, long-term, inflation-linked returns, based on growing dividends and the potential for capital appreciation.