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Invesco High Income Trust II

NYSE:VLT
Snowflake Description

Excellent balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VLT
NYSE
$116M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Invesco High Income Trust II is a closed ended fixed income mutual fund launched by Invesco Ltd. The last earnings update was 132 days ago. More info.


Add to Portfolio Compare Print
  • Invesco High Income Trust II is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
VLT Share Price and Events
7 Day Returns
0%
NYSE:VLT
2.4%
US Capital Markets
1.2%
US Market
1 Year Returns
4%
NYSE:VLT
-11.9%
US Capital Markets
3%
US Market
VLT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Invesco High Income Trust II (VLT) 0% 2.9% 17.1% 4% 6.8% -13.2%
US Capital Markets 2.4% 0.6% 12.7% -11.9% 57% 59.3%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • VLT outperformed the Capital Markets industry which returned -11.9% over the past year.
  • VLT outperformed the Market in United States of America which returned 3% over the past year.

Value

 Is Invesco High Income Trust II undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Invesco High Income Trust II to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Invesco High Income Trust II.

NYSE:VLT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $16.06 * 3.8%
$0.61
Book Value of Equity per Share Median Book Value from the past 5 years. $16.06
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:VLT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 21%) (40.9%))
0.975
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.975 * 5.96%)
8.54%

Discounted Cash Flow Calculation for NYSE:VLT using Excess Returns Model Model

The calculations below outline how an intrinsic value for Invesco High Income Trust II is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:VLT Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (3.8% – 8.54%) * $16.06)
$-0.76
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.76 / (8.54% - 2.73%)
$-13.08
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $16.06 + $-13.08
$2.98
NYSE:VLT Discount to Share Price
Calculation Result
Value per share (USD) From above. $2.98
Current discount Discount to share price of $14.32
= -1 x ($14.32 - $2.98) / $2.98
-380.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Invesco High Income Trust II is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Invesco High Income Trust II's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Invesco High Income Trust II's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:VLT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-08-31) in USD $0.33
NYSE:VLT Share Price ** NYSE (2019-03-20) in USD $14.32
United States of America Capital Markets Industry PE Ratio Median Figure of 76 Publicly-Listed Capital Markets Companies 25.13x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Invesco High Income Trust II.

NYSE:VLT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:VLT Share Price ÷ EPS (both in USD)

= 14.32 ÷ 0.33

43.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Invesco High Income Trust II is overvalued based on earnings compared to the US Capital Markets industry average.
  • Invesco High Income Trust II is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Invesco High Income Trust II's expected growth come at a high price?
Raw Data
NYSE:VLT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 43.63x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United States of America Capital Markets Industry PEG Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 2.17x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Invesco High Income Trust II, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Invesco High Income Trust II's assets?
Raw Data
NYSE:VLT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-08-31) in USD $15.71
NYSE:VLT Share Price * NYSE (2019-03-20) in USD $14.32
United States of America Capital Markets Industry PB Ratio Median Figure of 149 Publicly-Listed Capital Markets Companies 4.83x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
NYSE:VLT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:VLT Share Price ÷ Book Value per Share (both in USD)

= 14.32 ÷ 15.71

0.91x

* Primary Listing of Invesco High Income Trust II.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Invesco High Income Trust II is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Invesco High Income Trust II's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Invesco High Income Trust II has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Invesco High Income Trust II expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Invesco High Income Trust II has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.4%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Invesco High Income Trust II expected to grow at an attractive rate?
  • Unable to compare Invesco High Income Trust II's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Invesco High Income Trust II's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Invesco High Income Trust II's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NYSE:VLT Future Growth Rates Data Sources
Data Point Source Value (per year)
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.4%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:VLT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:VLT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-08-31 10 10 3
2018-05-31 10 6 4
2018-02-28 10 1 5
2017-11-30 10 3 8
2017-08-31 10 5 11
2017-05-31 11 8 18
2017-02-28 11 12 25
2016-11-30 11 13 18
2016-08-31 11 15 10
2016-05-31 11 16 -1
2016-02-29 11 18 -12
2015-11-30 11 14 -8

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Invesco High Income Trust II is high growth as no earnings estimate data is available.
  • Unable to determine if Invesco High Income Trust II is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:VLT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Invesco High Income Trust II Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:VLT Past Financials Data
Date (Data in USD Millions) EPS *
2018-08-31 0.33
2018-05-31 0.47
2018-02-28 0.61
2017-11-30 0.98
2017-08-31 1.36
2017-05-31 2.24
2017-02-28 3.12
2016-11-30 2.18
2016-08-31 1.23
2016-05-31 -0.14
2016-02-29 -1.51
2015-11-30 -1.00

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Invesco High Income Trust II will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Invesco High Income Trust II's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Invesco High Income Trust II has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Invesco High Income Trust II performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Invesco High Income Trust II's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Invesco High Income Trust II's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Invesco High Income Trust II's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Invesco High Income Trust II's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
Invesco High Income Trust II's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Invesco High Income Trust II Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:VLT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-08-31 10.29 2.66 1.54
2018-05-31 10.23 3.81 1.52
2018-02-28 10.16 4.97 1.50
2017-11-30 10.22 7.99 1.49
2017-08-31 10.28 11.01 1.48
2017-05-31 10.61 18.17 1.47
2017-02-28 10.94 25.32 1.46
2016-11-30 11.13 17.66 1.47
2016-08-31 11.32 9.99 1.47
2016-05-31 11.36 -1.12 1.52
2016-02-29 11.39 -12.23 1.57
2015-11-30 11.47 -8.14 1.58
2015-08-31 11.56 -4.04 1.59
2015-05-31 11.64 0.10 1.58
2015-02-28 11.72 4.24 1.56
2014-11-30 11.97 11.45 1.57
2014-08-31 12.21 18.66 1.58
2014-05-31 12.38 16.43 1.59
2014-02-28 12.56 14.19 1.59
2013-11-30 12.71 12.93 1.59
2013-08-31 12.87 11.68 1.58
2013-05-31 11.32 13.75 1.40
2013-02-28 9.78 15.83 1.22
2012-11-30 8.12 13.70 1.09
2012-08-31 6.47 11.57 0.95
2012-05-31 6.52 7.93 1.05

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Invesco High Income Trust II has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Invesco High Income Trust II used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Invesco High Income Trust II's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Invesco High Income Trust II's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Invesco High Income Trust II has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Invesco High Income Trust II's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Invesco High Income Trust II's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Invesco High Income Trust II's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Invesco High Income Trust II's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Invesco High Income Trust II's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Invesco High Income Trust II Company Filings, last reported 6 months ago.

NYSE:VLT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-08-31 127.54 47.55 0.19
2018-05-31 127.54 47.55 0.19
2018-02-28 129.52 47.55 0.00
2017-11-30 129.52 47.55 0.00
2017-08-31 133.06 47.55 0.45
2017-05-31 133.06 47.55 0.45
2017-02-28 132.78 47.55 0.01
2016-11-30 132.78 47.55 0.01
2016-08-31 130.70 47.55 0.26
2016-05-31 130.70 47.55 0.26
2016-02-29 116.64 47.55 0.30
2015-11-30 116.64 47.55 0.30
2015-08-31 130.37 50.55 0.11
2015-05-31 130.37 50.55 0.11
2015-02-28 138.94 50.55 0.14
2014-11-30 138.94 50.55 0.14
2014-08-31 144.63 50.55
2014-05-31 144.63 50.55
2014-02-28 145.20 50.57
2013-11-30 145.20 50.57
2013-08-31 136.82 51.14
2013-05-31 136.82 51.14
2013-02-28 142.16 50.55 0.02
2012-11-30 142.16 50.55 0.02
2012-08-31 136.19 50.55 0.01
2012-05-31 136.19 50.55 0.01
  • Invesco High Income Trust II's level of debt (37.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (37.3% vs 37.3% today).
  • Debt is well covered by operating cash flow (21.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.2x coverage).
X
Financial health checks
We assess Invesco High Income Trust II's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Invesco High Income Trust II has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Invesco High Income Trust II's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.08%
Current annual income from Invesco High Income Trust II dividends.
If you bought $2,000 of Invesco High Income Trust II shares you are expected to receive $162 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Invesco High Income Trust II's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Invesco High Income Trust II's dividend is above the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:VLT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:VLT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-01 1.157 8.097
2019-02-01 1.157 8.240
2019-01-02 1.157 8.608
2018-12-03 1.157 9.069
2018-11-01 1.157 8.716
2018-10-01 1.157 8.595
2018-09-04 1.157 8.463
2018-08-01 1.008 7.399
2018-07-02 1.008 7.485
2018-06-01 1.008 7.427
2018-05-01 1.008 7.380
2018-04-02 1.008 7.293
2018-03-01 1.008 7.247
2018-02-01 1.008 7.178
2018-01-02 1.008 6.891
2017-12-01 1.008 6.899
2017-11-01 1.008 6.854
2017-10-02 1.008 6.704
2017-09-01 1.008 6.706
2017-08-01 1.008 6.754
2017-07-03 1.008 6.724
2017-06-01 1.008 6.759
2017-05-01 1.008 6.849
2017-04-03 1.008 6.933
2017-02-01 1.080 7.464
2017-01-03 1.116 7.742
2016-12-01 1.116 7.884
2016-11-01 1.116 8.093
2016-10-03 1.116 7.699
2016-09-01 1.116 7.746
2016-08-01 1.116 7.765
2016-06-01 1.170 8.379
2016-05-02 1.170 8.507
2016-04-01 1.170 8.688
2016-03-01 1.170 8.855
2016-02-01 1.170 9.539
2016-01-04 1.242 9.934
2015-12-01 1.242 9.707
2015-11-02 1.242 9.323
2015-10-01 1.242 9.270
2015-09-01 1.242 9.269
2015-08-03 1.242 9.126
2015-07-01 1.242 8.772
2015-06-01 1.254 8.574
2015-05-01 1.254 8.388
2015-04-01 1.254 8.278
2015-03-02 1.254 8.298
2015-02-02 1.254 8.278
2015-01-02 1.254 8.385
2014-12-01 1.254 8.446
2014-11-03 1.254 8.120
2014-10-01 1.254 8.084
2014-09-02 1.320 8.257
2014-08-01 1.320 8.078
2014-07-01 1.320 7.824
2014-06-02 1.320 7.773
2014-05-01 1.320 7.843
2014-04-01 1.320 7.868
2014-03-03 1.320 7.949
2014-02-03 1.320 7.962
2014-01-02 1.320 8.148
2013-12-02 1.320 8.293
2013-11-01 1.392 8.722
2013-10-01 1.392 8.701
2013-09-03 1.392 8.814
2013-08-01 1.392 8.797
2013-07-01 1.392 8.743
2013-06-03 1.392 8.650
2013-05-01 1.392 7.755
2013-04-01 1.392 7.663
2013-03-01 1.392 7.643
2013-02-01 1.392 7.795
2013-01-02 1.392 7.775
2012-12-03 1.392 7.927
2012-11-01 1.392 7.688
2012-10-01 1.392 7.852
2012-09-04 1.392 8.117
2012-08-01 1.392 8.026
2012-07-02 1.392 8.021
2012-06-01 1.392 8.215
2012-05-01 1.392 8.236
2012-04-02 1.392 8.203
2012-02-01 1.392 8.264
2012-01-03 1.392 8.583
2011-12-01 1.392 9.102
2011-11-01 1.392 8.804
2011-09-30 1.392 8.716
2011-09-01 1.392 8.676
2011-08-01 1.392 8.931
2011-07-01 1.392 8.354
2011-06-01 1.392 8.290
2011-05-02 1.392 8.213
2011-04-01 1.392 8.323
2011-03-01 1.392 8.387
2011-02-01 1.392 8.474
2011-01-03 1.392 8.663
2010-12-01 1.392 8.736
2010-11-01 1.392 8.290
2010-10-01 1.392 8.066
2010-09-01 1.392 8.595
2010-08-02 1.392 8.609
2010-07-01 1.740 10.275
2010-06-01 1.740 10.585
2010-05-03 1.740 10.724
2010-04-01 1.740 10.240
2010-03-01 1.620 10.390
2010-01-04 1.470 9.899
2009-12-01 1.470 10.406
2009-11-02 1.350 9.963
2009-10-01 1.350 9.779
2009-09-01 1.410 10.433
2009-07-27 1.410 10.775
2009-07-01 1.410 11.765
2009-06-01 1.410 12.049
2009-05-01 1.410 12.893
2009-04-01 1.410 14.344
2009-03-23 1.410 15.808

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Invesco High Income Trust II's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Invesco High Income Trust II's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Invesco High Income Trust II afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Invesco High Income Trust II has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Invesco High Income Trust II's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Colin Meadows
COMPENSATION $0
AGE 47
CEO Bio

Mr. Colin D. Meadows, J.D. has been Senior Managing Director of Invesco Ltd. since 2006 and serves as its Head of Private Markets and Global Institutional. He was Chief Administrative Officer of Invesco Ltd. since May 2006 until November 20, 2018. Mr. Meadows is responsible for business strategy, human resources, communications, facilities and internal audit. He serves as Chief Executive Officer and President at Invesco Trust for Investment Grade Municipals He serves as Principal Executive Officer and President at Invesco Senior Loan Fund, Invesco California Value Municipal Income Trust, Invesco Advantage Municipal Income Trust II, Invesco High Income Trust II, Invesco Dynamic Credit Opportunities Fund, Invesco Municipal Trust, Invesco Bond Fund, Invesco Van Kampen Trust for Value Municipals, Invesco Municipal Opportunity Trust, Invesco Pennsylvania Value Municipal Income Trust and Invesco Senior Income Trust. He served as Principal Executive Officer and President at Invesco Exchange Fund, Invesco Van Kampen Trust and Invesco Van Kampen Select Sector Municipal Trust for Investment Grade New Jersey Municipals. He served as Chief Executive Officer and President at Invesco Van Kampen Ohio Quality Municipal Trust. He served as Chief Administrative Officer at Invesco Bond Fund. He served as Manaing General Partner at Invesco Exchange Fund from 2010 to August 29, 2014. Previously, he joined Invesco from GE Consumer Finance where Mr. Meadows served as a Senior Vice President of business development and mergers & acquisitions. Mr. Meadows also served as Senior Vice President of Strategic Planning and Technology at Wells Fargo Bank. He served as an Associate Principal at McKinsey & Company from 1996 to 2003, focusing on the financial services and venture capital industries, with an emphasis in the banking and asset management sectors. He served as Chief Executive Officer, President of Invesco Funds in the Funds Complex. Mr. Meadows was the Chairman of the Board of CIBC National Trust Company and is its Director. He has been Director at Invesco Mortgage Capital Inc. since August 18, 2017. He serves as a Director of Invesco Advisers, Inc. Mr. Meadows also serves as a Director of Boys & Girls Clubs of Metro Atlanta, Inc. He has been Interested Trustee at Invesco High Income Trust II since June 01, 2010. He served as Interested Trustee of Invesco Dynamic Credit Opportunities Fund, Invesco Municipal Trust, Invesco Municipal Opportunity Trust, Invesco Van Kampen Trust for Value Municipals, Invesco Pennsylvania Value Municipal Income Trust, Invesco Advantage Municipal Income Trust II, Invesco Bond Fund and Invesco Senior Income Trust from June 01, 2010 to August 29, 2014. He served as Trustee of Invesco Trust for Investment Grade Municipals from 2010 to August 29, 2014. He served as Interested Trustee at Invesco Trust for Investment Grade New York Municipals from 2010 to September 2014. He served as Trustee of Invesco Van Kampen Trust for Investment Grade New Jersey Municipals, Invesco Van Kampen Ohio Quality Municipal Trust and Invesco Van Kampen Select Sector Municipal Trust since June 01, 2010. He served as Trustee of Invesco California Value Municipal Income Trust until August 29, 2014. He served as Independent Trustee at Invesco Senior Loan Fund from 2010 to August 29, 2014. He served as Trustee of Invesco Funds in the Funds Complex. He received B.A., Cum Laude, in Economics and English literature from Andrews University and a J.D. from Harvard Law School.

CEO Compensation
  • Insufficient data for Colin to compare compensation growth.
  • Insufficient data for Colin to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team

Colin Meadows

TITLE
Principal Executive Officer
AGE
47

Sheri Morris

TITLE
Principal Financial Officer
AGE
54

Valinda Arnett-Patton

TITLE
Chief Compliance Officer
AGE
59

Jeffrey Kupor

TITLE
Senior Vice President
AGE
50

John Zerr

TITLE
Senior Vice President
AGE
56

Crissie Wisdom

TITLE
Anti-Money Laundering Compliance Officer
AGE
49

Darren Hughes

TITLE
Portfolio Manager
TENURE
9.2 yrs

Scott Roberts

TITLE
Portfolio Manager
TENURE
7.2 yrs

Andrew Geryol

TITLE
Portfolio Manager

Jennifer Hartviksen

TITLE
Senior Portfolio Manager
Board of Directors Tenure

Average tenure and age of the Invesco High Income Trust II board of directors in years:

16.2
Average Tenure
75
Average Age
  • The average tenure for the Invesco High Income Trust II board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Colin Meadows

TITLE
Principal Executive Officer
AGE
47
TENURE
8.8 yrs

R. Kennedy

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
66
TENURE
16.2 yrs

Sue Woolsey

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
77
TENURE
16.2 yrs

Hugo Sonnenschein

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
78
TENURE
25.2 yrs

Linda Heagy

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
70
TENURE
16.2 yrs

Jerry Choate

TITLE
Independent Trustee
COMPENSATION
$1K
AGE
80
TENURE
16.2 yrs

David Arch

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
73
TENURE
30.2 yrs

Rod Dammeyer

TITLE
COMPENSATION
$130
AGE
78

Jim Bunch

TITLE
Trustee Nominee
AGE
76

Bruce Crockett

TITLE
Trustee Nominee
AGE
74
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
15. Jan 19 Buy Saba Capital Management, L.P. Company 14. Jan 19 14. Jan 19 4,150 $13.48 $55,942
11. Jan 19 Buy Saba Capital Management, L.P. Company 10. Jan 19 10. Jan 19 85,142 $13.40 $1,140,903
09. Jan 19 Buy Saba Capital Management, L.P. Company 07. Jan 19 07. Jan 19 300 $13.08 $3,924
04. Jan 19 Buy Saba Capital Management, L.P. Company 31. Dec 18 02. Jan 19 5,100 $12.53 $63,803
31. Dec 18 Buy Saba Capital Management, L.P. Company 27. Dec 18 28. Dec 18 4,016 $12.40 $49,540
27. Dec 18 Buy Saba Capital Management, L.P. Company 24. Dec 18 26. Dec 18 9,151 $12.25 $111,971
17. Dec 18 Sell Saba Capital Management, L.P. Company 14. Nov 18 16. Nov 18 -35,943 $13.46 $-483,398
17. Dec 18 Buy Saba Capital Management, L.P. Company 22. Oct 18 13. Dec 18 342,282 $13.35 $4,468,666
19. Dec 18 Buy Saba Capital Management, L.P. Company 17. Dec 18 17. Dec 18 1,090 $12.88 $14,039
22. Oct 18 Buy Saba Capital Management, L.P. Company 11. Oct 18 19. Oct 18 93,365 $13.44 $1,245,558
11. Oct 18 Sell Saba Capital Management, L.P. Company 09. Oct 18 09. Oct 18 -180,000 $13.45 $-2,421,000
11. Oct 18 Buy Saba Capital Management, L.P. Company 10. Oct 18 10. Oct 18 41,932 $13.26 $556,018
X
Management checks
We assess Invesco High Income Trust II's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Invesco High Income Trust II has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Invesco High Income Trust II is a closed ended fixed income mutual fund launched by Invesco Ltd. The fund is co-managed by Invesco Advisers, Inc, INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Hong Kong Limited, INVESCO Senior Secured Management, Inc., and Invesco Canada Ltd. It invests in the fixed income markets. The fund seeks to invest in securities rated between BB and C by Standard and Poor’s. It seeks to maintain an average duration of around three to four years for its portfolio. The fund benchmarks the performance of its portfolio against the Barclays U.S. Corporate High Yield 2% Issuer Cap Inde. It was formerly known as Invesco Van Kampen High Income Trust II. Invesco High Income Trust II was formed on April 28, 1989 and is domiciled in the United States.

Details
Name: Invesco High Income Trust II
VLT
Exchange: NYSE
Founded: 1989
$116,255,903
8,118,429
Website: http://www.invesco.com/portal/site/us/investors/closed-end/product-detail?productId=30541
Address: Invesco High Income Trust II
Two Peachtree Pointe,
1555 Peachtree Street North East,
Atlanta,
Georgia, 30309,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE VLT Common Shares New York Stock Exchange US USD 21. Apr 1989
Number of employees
Current staff
Staff numbers
0
Invesco High Income Trust II employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 23:53
End of day share price update: 2019/03/20 00:00
Last earnings filing: 2018/11/08
Last earnings reported: 2018/08/31
Last annual earnings reported: 2018/02/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.