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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Downing Renewables & Infrastructure Trust Plc | DORE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.70 | -0.91% | 76.50 | 16:35:03 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 76.50 | 77.20 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 13/4/2024 09:07 by spangle93 Citywire commentconcludes... Given the shares are trading well below par, the fund cannot raise cash through the public market, so Downing is considering finding a co-investor for the Swedish hydro portfolio, which totals 20 assets, validating the NAV and helping also to drive a rerating in the shares. Williams said they could sell other assets to generate more cash, but solar in the UK is pretty well marked to market already. Debt stands at 40% of gross asset value, costing 5%-6%, Williams said, pointing out that they could use excess cash to pay it off within two years, but the cash was better used investing in hydropower. Deutsche Numis analyst Colette Ord said the addition of the non-generating assets was a point of difference versus peers and highlighted both the breadth of DORE’s mandate and focus on diversification of both technology and revenue stream. She added that the 36% discount was 16% below its sector peers, ‘which in-part reflects the fund being viewed as sub-scale’. |
Posted at 12/4/2024 18:40 by mwj1959 There is clearly a sector wide issue in terms of share price performance and the scale of some of the discounts. There are clearly more buyers than sellers, even with a (modest) buyback in place. The relatively low dividend has clearly not helped and even at the current high 30s discount the yield is "only" 7.7%. This is a 300bp+ pick-up relative to a 10yr Gilt, which I think is now reasonable in a vehicle that is geared and has NAV sensitivity to a number of factors. I'm happy to buy for the yield and wait and hope that there will be some discount narrowing on the back of future rate cuts / lower government bond yields. Even a share price recovery to 85p (where it was under a month ago), still a high 20s discount, gives you a 20%+ TR. Risk / Reward looks tilted in investors' favour at current levels, but there is definitely a need to be patient. An add for me. |
Posted at 12/4/2024 16:55 by spangle93 Recording and Q&A from yesterday's presentation is available hereAbout half the asset value is UK solar, but the other half is European, primarily Swedish hydropower, where the NAV actually increases with time. While I'm certainly not an expert, this does seem to be a well run company, with inflation-linked revenue for years to come, and a long time before debt needs renewing. Perhaps this is a real bargain because it's in an unloved sector? Otherwise, I'm not sure why the discount is widening so much |
Posted at 30/1/2024 18:19 by spangle93 I watched the investor meet presentation yesterday - it probably didn't add much if you already know company, but I was cheered by the diversification of exposure, by renewable type, and geographical region.Slides are here Presentation is here |
Posted at 20/9/2023 09:46 by the deacon Recording of the Investor Meet Company presentation. A lot to like..https://youtu. |
Posted at 13/6/2022 07:07 by jonwig Presentation 16 June at 9:30am. Register here:Have applied for some of the offer for self and wife, though below the maximum. |
Posted at 15/5/2022 22:21 by melloteam Mello2022, the popular three-day Investor event takes place on 24TH-26TH MAY at the Clayton Hotel & Conference Centre, Chiswick, W4. The breakdown of the three days is as follows:Tuesday 24th May, 9am - 6pm - Mello Investment Trusts and Funds (WE ARE GIVING AWAY 20 FREE TICKETS TO THE TRUST AND FUNDS EVENT - THE FREE CODE IS FIRST20TF) Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies (Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50). Just to let shareholders and prospective investors know that DOWNING LISTED INFRASTRUCTURE INCOME FUND will be among the Trusts and Funds attending. There will also be keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams. For more information, please visit the event webpage: |
Posted at 15/10/2021 09:59 by gbcol I emailed Downing about my frustrations on the PrimaryBid approach. Fair play, the director responsible for fundraising phoned me and explained the reasoning. It seems that they didn’t have many options with the constraints they were working to.Also, apparently is not a cheap option as I had thought but actually quite expensive. They are committed to individual shareholders that make up a good proportion of investors in the fund. They were clearly disappointed with the result of the offer but it shouldn’t affect their immediate plans, proposed acquisitions. From the presentation I think they needed about £25m to complete the next ones lined up, which they can do from this raise plus balance of IPO. The market is not great for fundraisings at the moment with instis not wanting to invest. I’ve personally seen IPOs in the sector pulled due to lack of interest. He reiterated that in future fundraisings, private investors will definitely be included. In this sector fundraising’s are going to be fairly regular IMO. I was impressed that he took the time to call me and I was able to have a good chat about things. I like being able to talk to the guys at the sharp end so feeing positive about their approach. |
Posted at 14/10/2021 08:01 by gbcol Yes tbh I don’t fully understand Primary Bid as I know it doesn’t work with my SIPP (not without added hassle anyway). I know it’s cheap & efficient for the company but undoubtedly puts off investors like me. This is probably part of why they have fallen so far short, albeit not a big factor.I like this fund and may add in the market if it dips. |
Posted at 12/6/2021 18:16 by melloteam Just to let shareholders and prospective investors know that Downing Renewables & Infrastructure Trust plc (DORE), BB Healthcare Trust plc, Impax AM, Sterling Investments, Antler, Vietnam Holding and Golden Prospect Precious Metals will be presenting at Mello Events Trusts and Funds webinar event on Tuesday 15th June at 4pm-8pm.There will be over 600 investors attending and these are very popular shows with the latest insights and analysis from investment managers, research professionals, analysts and experienced investors. You can get 70% off your ticket using the code TF70OFF. |
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