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ROOF

Atrato Onsite Energy Plc

83.20
-1.00 (-1.19%)
Share Name Share Symbol Market Type Share ISIN Share Description
Atrato Onsite Energy Plc LSE:ROOF London Ordinary Share GB00BN497V39 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00 -1.19% 83.20 136,549 16:35:01
Bid Price Offer Price High Price Low Price Open Price
83.40 84.40 84.40 83.40 84.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trust,ex Ed,religious,charty -1.07 -3.44 - - 124.80
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:01 UT 31,754 83.20 GBX

Atrato Onsite Energy (ROOF) Latest News

Atrato Onsite Energy (ROOF) Discussions and Chat

Atrato Onsite Energy Forums and Chat

Date Time Title Posts
26/4/202312:48::: Atrato Onsite Energy plc :::58
19/11/202107:15Atrato Onsite Energy IPO 2
09/2/200413:28BUY the Housebuilders-

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Atrato Onsite Energy (ROOF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:35:0183.2031,75426,419.33UT
15:10:0083.40523436.18AT
15:08:2083.5986.69O
15:07:1984.40873736.81AT
15:00:3283.6332.51O

Atrato Onsite Energy (ROOF) Top Chat Posts

Top Posts
Posted at 16/2/2023 17:27 by edwardt
this is more than every little helps. roof will be raising cash at a premium for this for many years...
Posted at 16/2/2023 08:01 by jonwig
This could be large:

When Atrato Onsite Energy (ROOF) was floated, it was billed as a spin-off from SUPR. It's now made its first joint agreement with Tesco stores rented from SUPR:

https://www.investegate.co.uk/atrato-onsite-energy--roof-/rns/investment-update-and-new-framework-agreement/202302160700050780Q/

Although described as a deal between ROOF and Tesco, the deal also involves agreements between ROOF and SUPR.

Posted at 24/1/2023 07:31 by jonwig
PDMR buys 143,204 shares:

https://www.investegate.co.uk/atrato-onsite-energy--roof-/rns/director-pdmr-shareholding/202301240700056063N/

Posted at 22/11/2022 08:13 by jonwig
Confirms what we knew, no impact from the levy:

https://www.investegate.co.uk/atrato-onsite-energy/roof/no-impact-from-electricity-generator-levy/202211220700081341H/

Posted at 31/10/2022 11:49 by cc2014
Thanks for that Jon. I can see why the discount rate would be low given the long term revenues. I'll run with that but I remain unexcited about their comment about it being appropriate compared with transactions as things will have moved on with that recently.

I see regrettably the share price has now gapped open to the downside on very low volume. I guess I will just watch. I'm going to need a discount to buy in here.

Posted at 31/10/2022 08:54 by jonwig
CC2014 - I'd guess the discount rate is relatively low because the revenues are long-term contractual, and it's not exposed to merchant (ie. market) pricing.

We don't yet know in detail how the CT will impact renewables, but I would expect an investment deduction to be included, which would benefit ROOF which is still in the build-up stage.

Agree about paying an uncovered dividend out of capital.

Posted at 31/10/2022 08:34 by cc2014
The Company's NAV as at 30 September 2022 was GBP139 million (92.8 pence per Ordinary Share).

The NAV reflects the valuation of the Company's portfolio and incorporates the costs associated with the Company's Initial Public Offering ("IPO"), ongoing running costs and dividend distributions.

The Company has invested one-third of its IPO proceeds to date. These assets are performing in line with expectations and together with higher realised inflation, made a positive contribution to NAV. This has been offset by the first year's dividend, fund management fees and a prudent increase to the valuation discount rate.

Elevated macro-economic volatility, higher inflation expectations and UK political uncertainty over recent weeks has led to an increase in long-term UK government bond yields. Given the scale of the movements, Atrato Partners Limited (the "Investment Adviser") and the Board have conservatively valued the portfolio based on a weighted average unlevered discount rate of 6.6%. This discount rate is materially higher than the average unlevered discount rates observed in the UK renewables market. The increase in the discount rate equated to a reduction in the NAV of 6.5 pence per share.


I am wondering how a change in the discount rate to 6.6% when only a third of the assets were invested could have caused a 6.5p drop in the NAV. Or rather I understand the maths but I remain puzzled becuase my gut feel is that ROOF were paying dividends out of uncovered income so the NAV should have been falling to start with and adding a 6.5p hit would I think have taken it even lower. Unless of course this was the usual "buy an asset, use the DCF to immediately unlift it's value and off we go". I presume that's the explanation so I'm answering my own question really.

I am wondering what's to come on the NAV's of the others in this sector, especially since a discount rate of 6.6% is not high at least by comparison with the peer group. Indeed given the recent interest rate rises I would have expected higher.

The make no mention of the proposed change to corporation tax rates. I assume this is post end September as we still had Truss then so that will be some more to come off the NAV I guess. My broad guess would be 3p if the cash was fully invested. I'm not sure whether it will therefore be around a third of that.

I now have this whole sector on "avoid" until I better understand what's going on with the discount rates.

Posted at 13/10/2022 09:06 by jonwig
Interview with investment manager:

https://citywire.com/investment-trust-insider/news/roof-races-to-complete-solar-deals-hit-deployment-target/a2399604

Immune from windfall tax as not grid-connected.

Posted at 13/7/2022 15:20 by jonwig
From the Telegraph, an article on booming solar (reasons obvious!):

Businesses have also been installing solar systems on their roofs. “Possibly more roof-top will be built this year than utility-scale,” says Chris Hewett, chief executive of trade group Solar Energy UK.

“For companies, particularly, the payback for large rooftops is very short now. It’s up to three years in some cases.”

https://www.telegraph.co.uk/business/2022/07/13/soaring-temperatures-fuel-british-demand-solar-panels/

Was hoping to buy lower than this, after IPO scale-back, but maybe this will do.

Posted at 01/6/2022 10:41 by cc2014
Thanks Jonwig. I too was hoping for a pullback to the IPO price and I was shocked how much this gapped up on the IPO in which I didn't take part.

I am uninterested in the current share price of 108p against a NAV of around 98p, but I'm trying to get straight in my head what I am prepared to pay, which I'm struggling with as I need to understand the investments, the discount rate, where interest and inflation rates are going.

Possibly there is little point in my musings. I guess I see 100p as a good entry point but the share price sure doesn't look like it's going there and I have no doublt the NAV soon won't be 98p as the fund manager will find a way to magically increase the value of the assets they've only owned for just a few months.

Atrato Onsite Energy share price data is direct from the London Stock Exchange
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