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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Nextenergy Solar Fund Limited | NESF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.70 | 0.94% | 75.40 | 16:35:21 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 74.30 | 74.30 | 76.20 | 75.40 | 74.70 |
| Industry Sector |
|---|
| ALTERNATIVE ENERGY |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 19/06/2023 | Interim | GBP | 0.0209 | 23/05/2024 | 24/05/2024 | 28/06/2024 |
| 19/06/2023 | Interim | GBP | 0.0209 | 15/02/2024 | 16/02/2024 | 28/03/2024 |
| 19/06/2023 | Interim | GBP | 0.0209 | 16/11/2023 | 17/11/2023 | 29/12/2023 |
| 19/06/2023 | Interim | GBP | 0.0208 | 17/08/2023 | 18/08/2023 | 29/09/2023 |
| 27/06/2022 | Interim | GBP | 0.0188 | 18/05/2023 | 19/05/2023 | 30/06/2023 |
| 27/06/2022 | Interim | GBP | 0.0188 | 16/02/2023 | 17/02/2023 | 31/03/2023 |
| 27/06/2022 | Interim | GBP | 0.0188 | 17/11/2022 | 18/11/2022 | 30/12/2022 |
| 27/06/2022 | Interim | GBP | 0.0188 | 18/08/2022 | 19/08/2022 | 30/09/2022 |
| 17/06/2021 | Interim | GBP | 0.0179 | 19/05/2022 | 20/05/2022 | 30/06/2022 |
| 17/06/2021 | Interim | GBP | 0.0179 | 17/02/2022 | 18/02/2022 | 31/03/2022 |
| 17/06/2021 | Interim | GBP | 0.0179 | 18/11/2021 | 19/11/2021 | 31/12/2021 |
| 17/06/2021 | Interim | GBP | 0.0179 | 19/08/2021 | 20/08/2021 | 30/09/2021 |
| 30/06/2020 | Interim | GBP | 0.017625 | 20/05/2021 | 21/05/2021 | 30/06/2021 |
| 30/06/2020 | Interim | GBP | 0.017625 | 18/02/2021 | 19/02/2021 | 31/03/2021 |
| 30/06/2020 | Interim | GBP | 0.017625 | 19/11/2020 | 20/11/2020 | 31/12/2020 |
| 30/06/2020 | Interim | GBP | 0.017625 | 20/08/2020 | 21/08/2020 | 30/09/2020 |
| 18/06/2019 | Interim | GBP | 0.017175 | 21/05/2020 | 22/05/2020 | 30/06/2020 |
| 18/06/2019 | Interim | GBP | 0.017175 | 20/02/2020 | 21/02/2020 | 31/03/2020 |
| 18/06/2019 | Interim | GBP | 0.017175 | 21/11/2019 | 22/11/2019 | 31/12/2019 |
| 14/11/2019 | Interim | GBP | 0.017175 | 21/11/2019 | 22/11/2019 | 31/12/2019 |
| 18/06/2019 | Interim | GBP | 0.017175 | 22/08/2019 | 23/08/2019 | 30/09/2019 |
| 13/06/2018 | Interim | GBP | 0.016625 | 23/05/2019 | 24/05/2019 | 28/06/2019 |
| Top Posts |
|---|
Posted at 19/3/2024 11:58 by marktime1231 Assuming the continuation vote has arisen because the discount to NAV has been averaging above 10%. Actually the discount has been over 30% for a month now, and no amount of good news is moving the share price That Camilla is 6-9 months late has been pasted as good news. Not sure, only 1 hr duration is not where we need to be. The prospect of a sharp NAV correction, heavy debt and looming refinance at higher interest rates leading to dividend cut ... all very well moaning the low share price is unjustified but NESF have not come up with a convincing response. The "capital recycling" didn't attract external buyers. In which case a discontinuation is not a welcome prospect. If there is still comfortable surplus cash flow maybe they will try a buyback but they haven't because? But you shouldn't borrow to buyack your own shares should you. Finding it very hard to decide if NESF is stuck and it is time to move on or whether it is due a rebound and worth doubling down. An audited NAV and details of net debt and the dividend cover provided by current run-rate operating cash flow due early June I think. Can we rely on an unaudited NAV update, superficial operations update and final dividend announcement in early-mid May? Actually what will move things more than anything is the start of interest rate cuts to ease the pain of refinancing. |
Posted at 19/3/2024 10:18 by stagvalley (Try again...) Sales to reduce debt, etc might show the NAV to be somewhat overstated given low energy prices. But there is a view that NAVs are not straightforward to define / interpret in this sector in any case, and that the dividend and its sustainability are more important. Certainly the dividend is high and currently quite well covered. Peter Spiller on the free Money Makers podcast was negative on NESF and said that there had been little progress on sales (have a feeling he said the one sale so far was to a related party) and he seemed to doubt the sustainability of their business model. I'm still coming to my view, holding some but trying to decide whether to top up. Obviously low energy prices if they continued long term would further hit the NAV. Though my instinct is that energy demand and energy prices are going to increase in the medium term as climate pressures driving electry demand will remain whatever the short term negativity in the UK in some quarters about net zero. Interest rate declines of a couple of percent would also help highlight the attractions of the very high current dividend here. I probably need to review analysis of the NAV sensitivity to energy prices and interest rates. Is there a recent presentation with good analysis? For some of my income stocks, such as SUPR, the business model looks very robust and is basically just less attractive due to risk free returns elsewhere linked to higher interest rates. Not so sure about this sector or this company. Has anyone done a rigorous comparison with Bluefield Solar which is more expensive but perhaps for a good reason? |
Posted at 19/3/2024 08:24 by masurenguy Well £35.79 per/KW is a good fixed price that is consistent with the existing comparitively high priced forward contracts for the rest of the portfolio that the company has previously negotiated. At a shareprice of 73.5p the current yield is 11.3% and that is before any further increase in the dividend for fiscal 24/25 that should be announced when the year end results are released in June. Also, the shares are currently priced at a discount of circa 32% to NAV as at the end of last month.An update from QuotedData last week stated "NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Interest rates look to have peaked, which is improving sentiment but there is further to go. We find it hard to comprehend why any stock with a nine-year track record of growing covered dividends in line with inflation would not trade on a much lower dividend yield. NESF also has one of the largest capital recycling programmes of its peer group, which is aimed at freeing up cash to slash debt, fund share buybacks and existing and potential construction projects. Those projects should be both NAV and earnings enhancing. A re-rating of NESF's shares is overdue." |
Posted at 06/3/2024 12:19 by wassapper From 29 Feb RNS:Dividend: · Total dividends declared of 6.26p per ordinary share for the nine months ended 31 December 2023 (31 December 2022: 5.64p). · On track to achieve target dividend of 8.35p per ordinary share for the year ending 31 March 2024. · Forecasted target dividend cover remains c.1.3x for the year ending 31 March 2024. · Total dividends declared since IPO of £333m or 65.7p per share. |
Posted at 08/2/2024 07:07 by masurenguy Interim Dividend DeclarationNextEnergy Solar Fund is pleased to announce its third interim dividend of 2.09p per Ordinary Share for the quarter ended 31 December 2023, in line with its previously stated target of paying dividends of 8.35p for the year ended 31 March 2024. The interim dividend of 2.09p will be paid on 28 March 2024 to shareholders on the register as at the close of business on 16 February 2024. The ex-dividend date is 15 February 2024. |
Posted at 25/11/2023 16:44 by masurenguy NextEnergy Solar Fund Manager says share price "unjustified" after solid interimsNextEnergy Solar Fund Ltd (LSE:NESF) Manager Ross Grier visits the Proactive London studio to speak with Thomas Warner following the release of interim results for the six months ended 30 September 2023. Grier discusses the fund's performance, noting a slight decrease in net asset value, primarily due to an increased discount rate for UK assets, reflecting the current high-interest rate market. He says NESF successfully launched the Whitecross Solar Farm (36 megawatts) in the UK and is advancing the construction of the Camilla Battery Storage asset, set to be operational in the first half of 2024. A key achievement highlighted by Greer was the progress in NESF's capital recycling program, which involves selling assets to fund growth opportunities. This strategy was exemplified by the profitable sale of the Hatherden asset at a significant premium. Focusing on generating total returns for investors, NESF prioritises operational excellence and dividend growth, maintaining a strong track record as a dividend payer with a current target of 8.35 pence. Looking ahead, Grier says that NESF will continue emphasising operational efficiency across its assets, advancing the capital recycling program, and integrating the Camilla battery storage asset into its portfolio. He suggests that the current share price is "unjustified" given the performance of the fund so far this year. He projects a positive outlook for NESF, anticipating a share price increase aligned with net asset value as market sentiment improves. Disclosure: I have a holding here. |
Posted at 12/7/2023 15:37 by speedsgh New QuotedData research note...Recycling champion - From an operational standpoint, NextEnergy Solar Fund (NESF) is doing well. As we discuss on page 5 of this note, the board, encouraged by a high proportion of predictable revenue, has felt comfortable in declaring an inflation-matching 11% increase in NESF’s dividend per share, and is confident that this will be well-covered by earnings. In the face of a difficult market for fundraising (expanding the fund by issuing new shares), NESF’s managers propose recycling capital from its portfolio of subsidy-free solar assets. In the short term, the proceeds would be used to reduce borrowings (gearing) and fund a potential share buyback. Longer-term, the proceeds would be used to secure new solar and energy storage opportunities that present a suitable return profile. After a good 2022/23 financial year, new investments could boost the NAV and cashflows further. Share buybacks could turn the tide on NESF’s share price discount to net asset value (NAV) and lower debt levels could calm investors’ nerves. Combine this with a prospective dividend yield of 9.1% and NESF’s future looks bright. [continues] |
Posted at 12/5/2023 08:00 by masurenguy Unaudited Quarterly NAV and Operational UpdateNextEnergy Solar Fund announces its unaudited Net Asset Value as at 31 March 2023, and its latest operational update. Financial Highlights -- 11% dividend target increase to 8.35p per ordinary share for the financial year ending 31 March 2024. -- Forecasted target dividend cover of 1.3x-1.5x for the financial year ending 31 March 2024 based on high visibility of future cash flows. -- Total dividend of 7.52p per ordinary share declared for the financial year ended 31 March 2023. -- Total dividends declared since IPO of GBP305.8m or 55.72p per share. -- Net Asset Value ("NAV") per ordinary share of 114.3p. -- Ordinary shareholders' NAV of GBP674.4m. -- Total gearing (including preference shares) of 45 %. Portfolio & Operational Highlights -- Total installed capacity of 865MW. -- 99 operating solar assets. -- Portfolio generation outperformance of +3.8% against budget for twelve months ended 31 March 2023, translating into additional revenues of c.GBP4.8m. -- Capital Recycling Programme announced on 27 April 2023, aiming to capture significant value from the divestment of a 236MW portfolio of subsidy-free UK solar assets, the proceeds from which will be used to: o Reduce gearing; o Invest in future long-term growth opportunities; and o Buy back shares Dividend Target The Board of NESF has approved a dividend target of 8.35p per ordinary share for the financial year ending 31 March 2024, representing an 11% increase from the previous year's dividend of 7.52p per ordinary share. The dividend target is forecasted to be 1.3x-1.5x covered, supported by the high degree of visibility of the Company's revenues. The dividend target increase is not dependent on completion of the Company's recently announced Capital Recycling Programme and dividend cover forecasts do not assume revenues from, or sale proceeds connected with, the Capital Recycling Programme . NAV Correction As part of the Company's continual improvement of internal systems, the Company identified that the reporting module within its accounting software included an excess of working capital. This created an omission of certain VAT payable accounts from the report which feeds into the calculation of the Company's NAV. This resulted in an overstatement of NAV of GBP15.9m at 31 December 2022 and the Company has made a correcting adjustment of (2.7p) per share or (GBP15.9m) to the Company's 31 March 2023 unaudited NAV. This has no impact on the cash flow generated by the business or on its dividend cover. The Company continues to work closely with external advisers on its programme to strengthen controls, processes, and reporting. |
Posted at 28/4/2023 07:56 by masurenguy NextEnergy Solar puts assets up for sale to raise capital, buy back sharesRenewables fund hopes sale of five solar assets will generate enough money to cut its debts, provide funds for investment and buy back shares currently on a 12% discount. NextEnergy Solar (NESF) is selling a big slug of its portfolio in a bid to tackle its share price discount, cut debts and re-invest in battery storage. In what analysts see as a test case for renewables funds, whose share price de-ratings have prevented them from raising money through equity issues, NESF has put five unsubsidised UK solar assets up for sale. Although the investment company did not say how much it was looking to raise, it said it aimed to ‘capture significant value’ from the sale of the 236MW portfolio. This represents 28% of the 865MW total capacity NESF had last September. With a current net asset value (NAV) of £717m that could imply a price tag of up to £179m. Alternatively, excluding two assets under development, the generating capacity reduces to a sixth of the current portfolio which gives a lower sum of £119m. Underlining the size of the transaction, NESF said it would use the proceeds to ‘materially reduce’ its £166m of borrowings and provide funds for its £500m investment pipeline and launch a share buyback programme to narrow its 12% discount to NAV. Numis Securites analyst Colette Ord said the assets would have to sell for £0.7m per MW to clear NESF’s credit facilities with NatWest, AIB Group and Santander. ‘Any outcome will also be interesting for the broader renewables peer group, where shares have been trading at notable discounts to NAV. Something we feel undervalues the return potential of many of the funds in the sector, including yields of 6-7%,’ the analyst said. Ord added: ‘The market will watch the valuation multiples with interest and if they continue to support or exceed current NAV levels we would expect this to be a rerating catalyst to close many of the prevailing discounts which persist across the various infrastructure strategies.’ Winterflood’s Emma Bird said: ‘At face value, we consider today’s announcement a prudent step to strengthen NESF’s balance sheet. Asset disposals will serve as an important barometer for current valuations of solar assets in the wider sector.’ Bird said the divestment had the additional benefit of reducing NESF’s tax liability with respect to the UK’s Electricity Generator Levy, and tilted the portfolio more towards capital growth which in aggregate is NAV accretive. She described NESF’s the 12% discount as a ‘compelling entry point’. Stifel’s Iain Scouller retained his ‘positive&rsqu The shares added 1.6p to 108.4p. Over five years, including dividends, they have provided a total return of 34%, among the lowest in the sector. |
Posted at 10/2/2023 11:23 by speedsgh Yes, 5% increase on corresponding quarter in 2022 but this is not new news. Target dividend of 7.52p (1.88p per quarter) for the current FY was announced in their 2022 Full Year results released in June last year and today's announcement is for the 3rd quarterly dividend of 1.88p in the company's current FY. Only 4 months to go however to find out what their target dividend for FY24 will be.------------------- Dividend Target: NESF provides a regular attractive dividend for income seeking investors. For the financial year ended 31 March 2022, the Company declared a total dividend of 7.16p per ordinary share, with the dividend remaining covered throughout the year. The Company has a progressive annual dividend policy, and when appropriate, the Board considers increasing the target dividend paid to shareholders. To date the Board has increased the target dividend every year since the Company listed in 2014. The Board of NESF recently approved a target dividend of 7.52 pence per ordinary share for the year ending 31 March 2023, representing a 5.0% increase from the previous year. This increase is above the 4.1% calculated RPI rise forecast by HM Treasury for the 2022 calendar year. The Company has achieved all its dividend targets whilst maintaining a covered dividend throughout the eight years and continues to target a covered dividend beyond this financial year. |
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