Atrato Onsite Energy Share Discussion Threads

[makinbuks] 23/2/2024 14:00

bathcoup, appreciate your investigatory work here and cannot understand why the company would not engage, assuming you are a holder. The rules on what is included in the OCR equation are quite prescriptive so isn't the most likely explanation that £100k of "other expenses" does not qualify? That would be odd as you would supaect the other way but its a possibility

[bathcoup] 21/2/2024 08:59

I emailed their IR about the accounting anomaly (to me, it is) but I've not, unsurprisingly, received a reply. This shows how much they care about us private investors.

chucko1 - I understand you have a sizable position here. Is my calculation wrong. The reason that prompted to check the numbers is that I notice their auditor is BDO, the same firm that audits HOME REIT.

[bathcoup] 26/1/2024 22:34

It's a case that those highly-paid professional accountants can't do even the simplest arithmetic. I figure you guys don't really care!

[bathcoup] 13/1/2024 15:03

I'm reading Full year report and accounts 2023 ...

Investment advisory fees: £1,444k
Other expenses: £1,115k

Average NAV: £138,591k
Ongoing fees: £2,459k, which is used to calculate OCR = 2,459/138,591 = 1.77%

BUT 1,444 + 1,115 = 2,559 (not 2,459), where has the £100k gone?

Is it called overcharging or under-reporting?

[chucko1] 12/1/2024 15:35

What is surprising is the sensitivity of NAV to change in discount rate, given the degree of inflation linkage, half of which is uncapped. In any event, whatever the reason for this, the now 5.5p dps with likely more to come, and it being 1.4x covered on a pro forma basis, is compelling, absent of any regulatory risks. they have long term contracts with what appears to be strong counterparts.

Furthermore, it seems clear that they have in mind the sale of some assets when lower rates sees buyers rushing for such things. They will recycle and that may yield significant additions to NAV, and barely at the expense of income earned.

Bought back in today in some size, having jettisoned at 107p prior to the clear interest rate risk of a couple of years back. Thought about it yesterday, and ended up paying 2.4p more! Oh well.

Will likely buy more and hold for the long term.

[edwardt] 12/1/2024 12:19

Despite low discount rate - this looks like it should be trading at 80p+ given the high fcf yield

[edwardt] 12/1/2024 11:18

Good presentation

[ramellous] 11/1/2024 11:55

Clickable link

[the deacon] 11/1/2024 11:41

Recording of the results presentationhttps://stream.brrmedia.co.uk/broadcast/6548ceb16eba922222a2ea9e/659fd34af12eec005cc0b48d

[ntv] 11/1/2024 07:55

Results seem ok and the prospect of a 10% increase in the dividend is nice

[the deacon] 06/12/2023 08:22

https://theenergyst.com/every-photon-helps-tesco-to-install-solar-on-100-more-stores-before-2027/.....Advised by Good Energy founder Juliet Davenport, Atrato Onsite says it is Britain's biggest provider of behind-the-meter solar PV. Its fully funded business model offers clients better asset exploitation for no capex outlay.Its managing director Gurpreet Gujral said: "Tesco has made impressive progress in its ambitious journey towards Net Zero. We are proud to be working together to deliver the next phase of a solar rollout across their portfolio".

[makinbuks] 30/10/2023 11:03

That does imply quite a lot of work "with plans to deliver solar PV projects at up to 20 sites as the first step under the new framework. With this framework agreement, Atrato now has a total pipeline of 69 Tesco solar development projects."

[jonwig] 28/10/2023 08:07

This is from February, so it might be out of date:

[makinbuks] 28/10/2023 07:52

Excellent point, hunker down. However, I think they are committed to more work with Tesco under the frame agreement

[makinbuks] 27/10/2023 09:29

The RCF has a £20m accordion so they have that at least

[bathcoup] 26/10/2023 21:38

I suppose they still have some spare cash as yesterday's update says "The Company's £30.0 million Revolving Credit Facility ("RCF") with NatWest Bank is now substantially committed."

[jonwig] 26/10/2023 05:47

Their new RCF is only £30m, so it's a wish list I guess!

[bathcoup] 25/10/2023 19:37

COMPANY UPDATE:

Seems positive. Lost of pipeline projects. I wonder how they're going to be funded

The current pipeline comprises:
· £410 million across 80 projects
· Average unexpired PPA term of 15-20 years
· 87% installation assets and 13% operational

[cc2014] 20/10/2023 12:11

And again to 13.1%

They seem to like ROOF. As do I.

[jonwig] 06/10/2023 12:40

Schroders up from 11.2% to 12.1%.

[edwardt] 16/9/2023 06:54

If market cap doesn't get to £250m by 2025 there is a continuation vote. Decent irr to winding this up with a secured divi while we wait... I hope it can grow but will be unlikely unless they pull something out the bag

[cc2014] 13/9/2023 10:26

I'm not really in favour of buying back shares.

Either:

a)the assets are decent and over time the share price will drift up closer to NAV or

b)the assets aren't decent, the share price will fall with the NAV closing to the downside and they will have been buying back at what looked like value which wasn't really.


As for the investment itself I don't really know what I think. I like alot the lack of construction risk and certainty of revenues. It's hard to say whether they've paid a great price or not.

[jonwig] 13/9/2023 09:39

They have the authority, but (on my estimate) not the cash.