NAV of 55p per share at 31 March 2015 was better than expected. This was driven mainly by movements in the Indian risk-free rate and INR exchange rate and means that despite some recent movement in the share price, it remains at a 71% discount to NAV. This looks too high as the key DLI subsidiary increasingly transitions from regulatory/bureaucratic/financial risk to operational risk. Operationally, all assets have performed broadly in line with expectations during the second half of the year.
10 Jul 2015
NAV progress – discount looks too high
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NAV progress – discount looks too high
Infrastructure India plc (IIP:LON) | 0 0 0.0% | Mkt Cap: 6.82m
- Published:
10 Jul 2015 -
Author:
Trevor Griffiths -
Pages:
6
NAV of 55p per share at 31 March 2015 was better than expected. This was driven mainly by movements in the Indian risk-free rate and INR exchange rate and means that despite some recent movement in the share price, it remains at a 71% discount to NAV. This looks too high as the key DLI subsidiary increasingly transitions from regulatory/bureaucratic/financial risk to operational risk. Operationally, all assets have performed broadly in line with expectations during the second half of the year.