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BSIF Bluefield Solar Income Fund Limited

100.20
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bluefield Solar Income Fund Limited LSE:BSIF London Ordinary Share GG00BB0RDB98 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 100.20 100.60 101.00 102.40 100.20 100.20 1,548,656 16:35:13
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 49.07M 46.79M 0.0767 13.12 614.06M
Bluefield Solar Income Fund Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker BSIF. The last closing price for Bluefield Solar Income was 100.20p. Over the last year, Bluefield Solar Income shares have traded in a share price range of 98.90p to 139.80p.

Bluefield Solar Income currently has 610,402,217 shares in issue. The market capitalisation of Bluefield Solar Income is £614.06 million. Bluefield Solar Income has a price to earnings ratio (PE ratio) of 13.12.

Bluefield Solar Income Share Discussion Threads

Showing 101 to 123 of 725 messages
Chat Pages: Latest  5  4  3  2  1
DateSubjectAuthorDiscuss
27/2/2018
07:22
Seems as solid as ever. Trading close to NAV, so not much downside unless interest rates really spike
18bt
27/2/2018
07:09
Solid results, consistent dividend, yield of 6.4% at the current shareprice - strong income hold for me!

Bluefield Solar Income Fund Limited
27 February 2018

Unaudited Condensed Interim Financial Statements for the Six Months Ended 31 December 2017

Bluefield Solar (LON:BSIF), a sterling income fund that invests in UK-based solar assets, is pleased to announce its Interim Results for the Six Months Ended 31 December 2017.

Operational Highlights

§ The Company delivered underlying earnings1 of £13.0m in the period (31 December 2016: £11.7m).

§ NAV has increased to 112.40pps (30 June 2017: 110.49pps).

§ There has been a 0.25% reduction to the Company's WACC, reflecting continued pricing pressure within the UK solar market, from 6.15% as at 30 June 2017 to 5.90% as at 31 December 2017

§ The equity cash flows upon which the NAV is calculated imply a return on equity over the 25 year life of the cash flows of 7.02% (30 June 2017: 7.43%), with zero terminal value.

§ The Company completed one acquisition amounting to 5.0MWp, taking the Company's total capacity to 446.5MWp.

§ Portfolio outperformed operational expectations by 2.7%, delivering an aggregate PR of 82.4% versus budget of 80.3%.

§ As at 31 December 2017 the Company has now paid dividends of 25.75pps since listing in July 2013; 4.00pps in the period to June 14 and then above target dividends of 7.25pps for the full year periods ended June 2015, 2016 and 2017. A further 1.80pps has been paid in January 2018; this declaration and payment of the first interim dividend in respect of the year ending 30 June 2018 reflects the Company's commitment to smoothing distributions.

§ The Company, through its holding company BSIFIL, has made debt repayments of principal of £7.3m in the period (31 December 2016: £2.7m).

1. Underlying earnings is an alternative performance measure employed by the Company to provide insight to the Shareholders by definitively linking the underlying financial performance of the operational projects to the dividends declared and paid by the Company. Further detail is provided below.

Financial Highlights

Six months ended :31 December 2017

Total operating income: £18,747,444

Total comprehensive income before tax: £18,137,352

Underlying earnings: £12,989,966

Earnings per share: 4.90p

Underlying EPS available for distribution2: 1.54p

Underlying EPS brought forward3: 0.73p

Total underlying EPS available for distribution: 2.27p

Total dividend for the six months ended 31 December 2017: 1.80p

NAV per share: 112.40p

2. Underlying EPS available for distribution is calculated using underlying earnings available for distribution (eg post debt repayments) divided by the number of shares in issue at the end of the period.

3. Underlying earnings brought forward is a combination of 0.30p brought forward from 30 June 2017 and additional ROC recycle relating to the year ended 30 June 2017 of 0.43p.

4. Dividends declared in January 2018 relating to the period 31 December 2017.

5. Total Return is based on NAV per share movement and dividends paid in the period.

6. Total Return to shareholders is based on share price movement and dividends paid in the period.

Chairman John Rennocks said: "It has been another robust six months for the Company in which, although a period in which irradiation levels were significantly below our expectations, the portfolio has continued to perform well and remains on track to meet its full year target dividend of 7.43 pence per share. Our priority still lies in maximising revenues and income efficiency from our existing portfolio. This has been possible through strong operational management from Bluefield Services, the Company's technical asset manager, who spent approximately 2,700 hours analysing plant performance during the period. Against a backdrop of soft power prices, we continue to seek to further enhance revenues from the portfolio to deliver reliable sterling income for our shareholders."

masurenguy
09/1/2018
07:34
Nice work if you can get it! 72,249 new shares not exactly busting the bank
zero the hero
08/1/2018
07:57
Dividend increased by 3.1%. Current projected yield is 6.3%.

RNS Number : 1548B
Bluefield Solar Income Fund Limited
08 January 2018

First Interim Dividend Announcement for the financial year ending 30 June 2018

The First Interim Dividend of 1.80 pence per Ordinary Share will be payable to Shareholders on the register as at 19 January 2018 with an associated ex-dividend date of 18 January 2018 and a payment date of 9 February 2018. In the absence of further share issuances, the Company aims to pay broadly equal dividends on a quarterly basis. Hitherto, the Company's pattern of dividend payments has tended to reflect the seasonality of solar power generation.

Bluefield Solar and its Board of Directors set dividend targets which are intended to grow in line with the RPI using the 2014/15 financial year dividends of 7p per share as a base. The target dividends arising out of the financial year ending 30 June 2017 were 7.18p per Ordinary Share, and this target will rise to 7.4p per Ordinary Share for the financial year ending 30 June 2018. In respect of the past 3 financial years, the Company has paid dividends which have exceeded the target levels.

masurenguy
16/11/2017
10:16
My understanding of yesterdays RNS concerning BlackRock's holding is that they are stock lending 651,084 shares to another financial institution that will then sell them short in the belief the price is going to fall. BlackRock still hold 18,353,283 shares so this action does not denominate a loss of confidence in BSIF but simply a opportunity to make some money through stock lending. Is my understanding correct?
macc2
15/11/2017
09:59
Current premium over NAV is therefore 4.8% at todays shareprice.

15 November 2017
Bluefield Solar Income Fund Limited
Unaudited NAV 30 September 2017

The Company's NAV at 30 September 2017 was £398.9m, or 107.85 pence per Ordinary Share, compared to the NAV at 30 June 2017 of £409m, or 110.49 pence per Ordinary Share. The change in NAV is due to the adoption of the most recent power curves, released between July and September, from the Company's two independent power forecasters, which have been blended on a 50/50 basis. All other core assumptions remain consistent with those supporting the NAV issued in the Company's audited financial statements for the period ending 30 June 2017.

masurenguy
05/10/2017
11:26
Disappointing director sale .
hazl
05/10/2017
07:09
Thanks gateside was in them some years back.......
hazl
05/10/2017
07:08
A good day yesterday,let's hope for the momentum to continue.
hazl
03/10/2017
21:11
If your looking for quarterly high yield shares, Blackrock have some good Investment Trusts.BRCI pays a nice dividend, but has been limited in capital growth this year. Looking undervalued and with a nice dividend.
gateside
03/10/2017
21:05
Lemon fool looks like an interesting site. But they seem a bit overly fussy and up-tight about rules and regulations.I'll stick with ADVFN. :-)
gateside
03/10/2017
15:30
Hi Hazl - again

I have voted your last message down cos it doesn't really tell me (or any one else for that matter) anything, just leaving me :-$

Over on the Lemon fool you can use proper Emojis but the use of more than one in a message is frowned upon and a bare Emoji post will be pulled.

kind regards - A00

a0002577
03/10/2017
11:25
Hi, Hazl - if you are looking at income stocks you you coold do worse than look at IHR and RMDL. ESP could be interesting if they drop much more - below 100.

It is worth having a look at the Lemon fool which has a more active investor community. It is free to join and there are a lot of very knowledgeable folk over there. I am known as BusyBumbleBee over there

Take time to read a lot before you make your first post and get the flavour

Kind regards & good luck

a0002577
03/10/2017
08:34
OT

Again,I am collecting a few diamond stocks.
They have gone to rock-bottom and I sense it will soon be time for a recovery.
De Beers have committed a large amount of cash to some marketing coming out soon,so I understand, and will hopefully lift the whole sector.
Speculative,but different!
I have BRD and RLD so far.
One lot of Bluerock diamonds are already in profit,but not the second.
Richland doing even better but see how it goes.

hazl
03/10/2017
08:26
Interesting.
Thank you, will take a look.
I never usually get the Investors Chronicle,so it was a real surprise.
Perhaps I ought to get it more often!


I have had some good stocks this year and am trusting this will be the same.
I was lacking a good dividend player, so it fits the bill, though I can understand your rotation idea, I am a bit fed up with going in and out of stocks.

H

hazl
03/10/2017
07:49
Good morning, Hazl - I too subscribe to IC so had seen that article. You might like to look at the TRIG thread where I have posted a link to a very good presentation they did yesterday which contains a lot of background info. The link is worth a read.

For info, I hold (at the moment) BSIF, NESF, FSFL, JLEN and TRIG. I tend to trade between them as well as they go in and out of favour - usually when they announce a new tranche of equity which UKW have just done so am keeping a careful watch on the price

a0002577
02/10/2017
18:16
Thank you A000257.
That was actually a quote from the Investor's Chronicle.

I am aware of the interest-rate vulnerability but the managers so far have been very canny and so according to the article I have made a reasonable choice.
We will see.

hazl
02/10/2017
13:27
Hi Hazl, You say 'The fact that they are trading at a premium shows the market thinks they are still sound investments.

Be aware that they work their NAV using slightly different values to other Green infrastructure funds. See their annual report which says

"Activity in the acquisition market place between willing buyers and willing sellers has seen higher transaction valuations than in the previous years, and this reflects lower discount rates on the cost of capital, whether equity, or weighted between equity and debt. This reduction has been further emphasised by historically low long term Sterling interest rates, and we were pleased to take advantage of that opportunity with our facility with Aviva Investors. To reflect these market changes we have decided to adopt discount rates at lower levels than for the previous year with equity now discounted at 7.43% and a weighted average cost of capital of 6.15%."

I also tend to trade these as buy/sell costs are low and there is often some seasonality in their price.

a0002577
02/10/2017
13:09
Had a bit more time to read through the previous posts over the weekend and there are some extremely well-informed observations on the industry.
Thanks.
I didn't get much time before.

hazl
30/9/2017
12:44
I am just so pleased
BSIF that as you know I bought last week is mentioned in the Investor's Chronicle.
There is a whole section on Funds and renewable energy.
The adaption to lower subsidies and where the growth opportunities are coming from is discussed.


They is a nice little piece on
BSIF Bluefields Solar Income fund explaining that they can wring out further income from the projects they do own rather than acquisition.
BSIF is the highest - yielding trust in the sector at 6.4 per cent and is taking this approach.
Again later in the piece 'The fact that they are trading at a premium shows the market thinks they are still sound investments and they continue to pay nice attractive dividends' said Mr de Bunsen from a different company.

hazl
28/9/2017
11:31
How the £583m Bluefield Solar Income fund is benefitting from a 'transformative market'
330% increase in AUM since launch

The outlook for the renewables fund sector is looking more positive than ever as demand continues to grow from investors searching for yield and renewable energy becomes part of the "mainstream" according to James Armstrong, managing partner at Bluefield Partners.

Earnings and dividends (pps)

In its annual results released last week for the 12 months to 30 June, the £583m Bluefield Solar Income fund revealed a NAV total return of 18.5%, a share price total return of 23% and a third consecutive year of dividend outperformance against its targets (see table, right).

It is also the top performing fund in its AIC Infrastructure - Renewable Energy sector over one and three years.
Popularity

Armstrong, who founded and manages Bluefield alongside Mike Rand and Giovanni Terranova, attributes its success to being in a sector that is becoming increasingly popular, while using a focused and simple strategy.
'Traditional asset classes cannot be relied upon to provide enough diversification in multi-asset portfolios'

He said: "Solar assets are the most predictable and simplest area within renewables. There are no moving parts, gear boxes or wind turbines and its energy source comes in the morning and goes at night.

"Solar power is also becoming more mainstream. Some of the UK's biggest companies are committing to becoming 100% renewable, which is something that will not turn back now.

"We entered the space in 2006 when renewables were esoteric but now new government policies and concepts such as electric vehicles show we are in the middle of a transformative market. There is now a level playing field, which is more attractive to us."
Stability

As a result, the team believes renewable energy is a stable asset class and the low interest rate environment means the space is particularly attractive to investors hunting for yield.

The trust is currently yielding 6.4%, which is 0.8 percentage points above the sector weighted average, according to Canaccord Genuity.

Since its launch in 2013, the trust has followed a full pay-out model, whereby all income is paid to shareholders and not held back. For a third year running, it has exceeded its dividend per share target and declared a fully-covered DPS of 7.25p.

The alternatives sector has become more popular in recent years, particularly within the investment trust space as the closed-ended structure means investors do not need to worry so much about liquidity issues.

Armstrong added: "Trusts are also cost-effective and more transparent. It is a structure which enables assets to grow in a sensible way."
Growth

A study released earlier this year by the Association of Investment Companies (AIC) revealed the top 20 fastest growing trusts by AUM were all within the alternatives sector, with renewable energy and social housing funds being the most popular.

Bluefield Solar Income came in eighth place, having seen a 332.5% increase in AUM as at July 2017, since it launched with just £130m in July 2013.

But despite this success, Armstrong said the team never sets itself a false target.

He added: "We do not need to reinvest earnings to make returns. We just buy at the right price and pay out all the earnings. We are pleased to say we could make no investment today, yet we could still deliver returns to our shareholders."

Over three years to 18 September, the trust has returned 32.5% in share price terms, outperforming its sector average return of 27.9%, according to FE Trustnet.

It is currently trading on a 4.4% premium, in line with its 12-month average.

douglas fir
28/9/2017
11:29
How the £583m Bluefield Solar Income fund is benefitting from a 'transformative market'
The outlook for the renewables fund sector is looking more positive than ever as demand continues to grow from investors searching for yield and renewable energy becomes part of the "mainstream" according to James Armstrong, managing partner at Bluefield Partners.

hxxps://www.investmentweek.co.uk/investment-week/news/3017753/how-the-gbp583m-bluefield-solar-income-fund-is-benefitting-from-a-transformative-market?utm_medium=email&utm_term=&utm_content=&utm_campaign=IW.SP_01.Daily_RL.EU.A.U&utm_source=IW.DCM.Editors_Updates&im_edp=aol.com&;im_company=DE%20EENDRAGT%20PENSIOENFONDS&utm_medium=email

douglas fir
28/9/2017
11:12
This is a slightly older article from i i i


'Renewables
Bluefield Solar Income

Investors who want a higher yield and a lower discount than currently available via infrastructure investment companies might prefer one of the growing range of renewable energy trusts. We prefer solar energy specialists to wind, as solar is less politically contentious and less damaging to the landscape.

As none of the companies concerned has a long track record, we are opting for Bluefield Solar Income (BSIF), as it has the highest yield and has achieved the highest NAV total return over the past year, but trades on the lowest premium in its sub-sector.

Its portfolio is well-diversified by geography (stretching from Cornwall to Norfolk), asset type (including agricultural and industrial) and subsidy.'

hazl
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