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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Harmony Energy Income Trust Plc | HEIT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.05 | -0.10% | 49.95 | 14:39:52 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 49.50 | 49.50 | 49.95 | 49.95 | 50.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 30/11/2023 | Interim | GBP | 0.02 | 07/12/2023 | 08/12/2023 | 22/12/2023 |
| 01/09/2023 | Interim | GBP | 0.02 | 14/09/2023 | 15/09/2023 | 29/09/2023 |
| 23/05/2023 | Interim | GBP | 0.02 | 01/06/2023 | 02/06/2023 | 16/06/2023 |
| 26/01/2023 | Interim | GBP | 0.02 | 02/03/2023 | 03/03/2023 | 17/03/2023 |
| 04/07/2022 | Interim | GBP | 0.01 | 01/12/2022 | 02/12/2022 | 16/12/2022 |
| 04/07/2022 | Interim | GBP | 0.01 | 14/07/2022 | 15/07/2022 | 29/07/2022 |
| Top Posts |
|---|
Posted at 29/4/2024 19:48 by cruelladeville Not understanding why GRID and HEIT share prices have moved in opposite directions? |
Posted at 29/4/2024 11:39 by cruelladeville All things considered, not a bad set of results by GRID. Hoping for at least as good to come from HEIT given their higher duration portfolio. |
Posted at 20/4/2024 17:37 by llef @nickrl, ok thanks.Just made a back of teh envelope calc, if you have a 2 hour battery, and charge o/n and release in morning peak, charge in pm and release in evening peak, and you make 30 quid margin each time, and you do that 365 days a year, then you generate 2*30*2*365=120*365 = £43,800 a year. That would seem to me, to be as good as it could get for battery trading? Would that on its own, be sufficient for HEIT to build out its pipeline, pay interest and pay a dividend? |
Posted at 15/4/2024 21:17 by nickrl Thing with HEIT is every BESS is registered in the balancing mechanism unlike GRID where less than half are so you get a pretty good view from bessanalytics of likely revenue generation albeit that isn't the exact revenue as they have to make a lot of assumptions.The last few weeks has been above average wind production which brings the volatility into the market that provides optimum conditions for HEIT to exploit but will likely drop off as summer proceeds so wouldn't take it as the new normal but balancing reserve is certainly providing an additional boost. So using the 90 day average (40k/MW/yr) gives c10m trading income + capacity mkt payments of c3.4m ie 13.4. Expenditure we know on the loan is going to absorb 8.9m then looking at AR23 they provide an unaudited consolidated account of the subsidiaries which has the following costs Investment Adviser 2.1m (will drop as NAV falls) SPV costs 2.5m (presumably the running costs of the BESS sites) Holdco costs 2m (no idea what they could be) So no way dividend is being restored anytime soon based on 90 day average but at current 30 day rate there is a possibility of surplus cash to fund c1-1.3p dividend so at best barely 3% yield. I'll keep it on watch for the time being but don't see divi restoration anytime soon. |
Posted at 26/3/2024 20:22 by nickrl According to bessnalytics HEITs assets have shown some improvement over last month and now running at 38k/MW/yr but that still well down on what it was. They also have the CM payments kicking in on various assets later this year to help further. Should at least keep them solvent but resumption of the dividend payment not yet locked in imv. |
Posted at 21/3/2024 09:25 by nickrl HEL needed HEIT to keep taking their developments to keep the bandwagon rolling thats now shuddered to a halt with the collapse in BESS revenue streams crashing HEIT. HELs funder must clearly sees there must be some value there to accept as collateral and actually energy commodities have been on an uptrend over last few weeks could give more volatility and improve revenues. Oh and an uptick in inflation! |
Posted at 19/3/2024 12:37 by igoe104 Heit and Grid will be in limbo until they gets some clarity on the dividend. The situation with the National grid has improved from January but I guess the directors of both companies are seeing if the improvement will continue and continue for the medium or long-term before making any market announcements, of restalling any type of dividend...I'd imagine these reits and investment trusts like Seit will improve in H2 when hopefully interest rates start coming down.. |
Posted at 06/3/2024 14:21 by cc2014 @nickrl.FWIW I think the balancing mechanism will get sorted over the next 3-6 months and revenues will begin to flow to the battery providers. There appears to be a huge lump of batteries coming on line over the next few quarters which will keep prices depressed but my guess is that it will start sorting itself out towards the end of the year. Not to the long run prices in HEITs NAV model but to something measurably higher. Regrettably I expect HEIT will have to bin the next dividend as well and then cut it to a lower level. I'm sort of open to persuasion that this could be the bottom and might not be a bad entry point but on the other hand I worry about one more step down in the share price first as the dividend gets binned next quarter. I also worry that HEIT is at the top of tables in terms of it's revenue even when compared with other new two hour batteries and that either means they have better optimisation (I'm very doubtful on that) or they are thrashing (cycling) the batteries more often which will impact on battery life but no doubt will not show up for a while. |
Posted at 06/3/2024 07:42 by cc2014 Cruella,I doubt that a presentation aimed primarily at PI's is going to have any significant impact on the share price on the day it's done. Most of the money will be fund managers/institution The NAV isn't realistic though is it? They've knocked down the short term price forecasts (to levels which still look way too high imho) and left the long term ones as they are. If you believe the long term numbers then fair enough, HEIT is a bargain, but clearly the city boys and girls do not. As for selling the assets off which HEIT have committed to considering as have all the other battery, solar and wind providers we discovered they've more or less done nothing about it. Has any battery provider managed to sell an asset at any price yet to anyone except through an in-house related party transaction? No. It's not going to happen despite all the bluster because the NAV's are all wrong. Amd if they do start selling them off at say a 25% discount which would still be NAV enhancing that's going to cause deep questions. HEIT is and always has been covered in red flags. When within the first 5 minutes of the presentation they are talking about the value of their 500Mw pipeline, through their related parent company, I have to think they are barking mad? The City is screaming at them to de-lever and cut the debt, yet with a discount to NAV of 65% even mentioning the idea of more than doubling the size of the fund is misplaced. Overall I was left with a view that the forecast revenue curve is wrong and more and more batteries coming on line at a far higher percentage rate than renewables is going to put even more pressure on the revenue curve. HEIT may or may not be a good price here but I'm waiting for lower. There are plenty of other places I can put my money which offer a 10% return where I have good visibility of what's going on, so 37p to buy doesn't float my boat at this time. |
Posted at 29/1/2024 14:05 by nickrl @CWA1 one thing that is fact is income generation from batteries has significantly dropped. This is due to a number of things firstly the ancillary services mkt is now on an auction basis (its started as fixed high price so was easy money for early doors BESS) and prices have been driven down very low due to a lot of participants. GRID and HEIT saw this coming and re-orientated to chasing income from the Balancing & Wholesale Mkt. The former had issues over BESS units being skipped (too small compared to big old fossil fuelled power station) but ESO have changed the algorithms and now BESS being instructed considerably more but still penalised by it being in 15min lumps where as HEIT are all 2hr batteries. ESO has another change coming soon to alleviate this restriction. So that leaves Wholesale but even here with the price of gas having dropped back considerably you don't get a huge spread in prices everyday between low overnight and daytime peak to cover the costs. Round trip efficiency of batteries is 75-90% at best then you have all the other on costs so probably need 20-30% spread to make it worthwhile.So all in all the environment has fundamentally shifted and the BESS kinda rode a wave last year with Ukraine crisis along with supply chain shortages post covid delaying commissioning kept the mkt short but last six months capacity is up 35% and its saturated and the pipeline is enormous. So this market is commoditised and i guess this what Jefferies are saying. Then with the generous dividends they pitched IPO's with are unsupportable especially as they both have debt as well now. So dividends certainly under threat but everything has its price but personally I want to hear from either of them now before picking any up. |
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