Foresight Solar Share Discussion Threads

[wassapper] 08/5/2024 10:07

The sun is shining now!

[masurenguy] 08/5/2024 07:08

Q1 2024 Net Asset Value and Trading Update

Foresight Solar, a sustainability-focused fund investing in solar and battery storage assets in the UK and internationally, announces that its unaudited net asset value (NAV) was £665.0 million at 31 March 2024 (31 December 2023: £697.9 million). This results in a NAV per Ordinary Share of 114.7 pence (31 December 2023: 118.4 pence per share).

Trading update

The first quarter of the year was among the wettest on record in the UK. Lower-than-expected irradiation in the country culminated in production 13% below forecast to 31 March 2024, with Australia and Spain similarly impacted by poor weather. Notwithstanding this period of lower generation, the Company continues to be highly cash generative and remains confident of meeting its target dividend cover for the year.

Gearing

The Gross Asset Value (GAV) on 31 March 2024 was £1,094.5 million (31 December 2023: £1,140.5 million). The Company's total outstanding debt was £429.5 million, representing 39.2% of GAV (31 December 2023: £442.6 million and 38.8%), comfortably within the 50% limit. The RCF balance remains £75 million drawn (31 December 2023: £75 million).

[wassapper] 07/5/2024 09:46

SEIT sales of a solar farm for 4.5% above Sep 23 valuation supports the NAV case there and for FSFL:

SDCL Energy Efficiency Income Trust plc is pleased to announce that it has sold its UK onsite solar portfolio, UU Solar, to UK Power Networks Services Holdings Limited, the private networks business of UK Power Networks Group, for a consideration of £90.8 million. The agreed price represents a 4.5% premium to the Company's 30 September 2023 valuation.

[llef] 20/4/2024 12:02

So a 6% rise in dividend for 2024 relative to 2023.

Given that FSFL will have bought back around 6% of shares in last year, that means that the annual net cost of the dividend to the company will be same.

At an almost 10% dividend yield, it makes sense for the company to keep on buying back more shares rather than paying down the floating debt.

[gateside] 18/4/2024 22:06

smidge21 - thanks

[orinocor] 18/4/2024 21:00

Good that makes the yield 9.6%. I looked at others in this sector but settled on FSFL because its gearing of 38% is lower than BSIF or NESF. Also the ex-dividend date next week was a factor.

[smidge21] 18/4/2024 20:13

Look at RNS on March 12th; 8p div target for 24

[gateside] 18/4/2024 19:25

Aleman, when did they announce the 2p quarterly dividend?

[aleman] 18/4/2024 17:49

Note to new investors - they've declared an intention to pay 2.0p per quarter for 2024.

[orinocor] 18/4/2024 15:32

Foresight Solar is pleased to announce the fourth interim dividend, for the period 1 September 2023 to 31 December 2023, of 1.895 pence per ordinary share. The shares will go ex-dividend on 25 April 2024 and the payment will be made on 24 May 2024 to shareholders on the register as at the close of business on 25 April 2024.

[fordtin] 26/3/2024 16:25

spoole5 - "All the renewables seem to fall after 2pm every day!"

Dog bless America!

[spoole5] 26/3/2024 15:26

All the renewables seem to fall after 2pm every day!