Downing Renewables & Inf... Share Discussion Threads

[sleveen] 30/11/2024 07:45

Testing support @ 77p.

[mwj1959] 25/11/2024 18:15

Small decline in NAV from June to September. share price at 81p leaves it on a 30%+ discount. Nothing untoward in the relatively brief update.

[mwj1959] 25/10/2024 18:00

I thought the presentation was fine...but clearly nothing there to move the discount narrower, particularly after the recent share price strength.

[bathcoup] 23/10/2024 09:57

muttering wish-wash, particularly by Tom Williams - " ...why is that? the reason why it's this or that is because ...."

he talks as if he didn't really want you to hear him clearly

tom Moore isn't much better

after five minutes I stopped listening ...

[hpcg] 22/10/2024 15:57

I must admit I tried to watch it back but the whole thing just bored me to tears. I don't think there was anything to learn outside of the paper presentation and prior materials but would happily take on any suggestions as such :)

[spangle93] 22/10/2024 15:50

Latest investor meet presentation is now online for catchup

[rambutan2] 26/9/2024 22:09

Well, they invested just under £0.6m in their own portfolio today, so added approx £0.2m to the nav per share for shareholder's benefit.

[hpcg] 26/9/2024 15:41

It's not the company it's the market. At least we are paid to wait.

[gbcol] 26/9/2024 14:48

Yes rather disappointing share price reaction (or lack of it). On the positive side, should get latest divi tomorrow, which I’ll be reinvesting back. This sale of Swedish assets reinforces confidence in the robustness of NAV, and will be useful funds to reduce RCF and for buybacks.

More patience needed unfortunately until we get share price anywhere near NAV again. Hopefully a couple of interest rate cuts by year end, which would help.

[frazboy] 26/9/2024 14:14

I thought the market may have given a bit more credit for today's announcement. But alas, no

[sleveen] 26/9/2024 11:02

Taking appropriate action to resolve that.

[gbcol] 19/9/2024 08:01

Discount to NAV >30% is ridiculous for this IMO. I’m certainly in favour of them maximising the buybacks at this level.

[sleveen] 19/9/2024 07:53

Bucks the sector trend. Just.

[gbcol] 19/9/2024 07:34

Another solid update.



“NAV as at 30 June 2024 of £207.6 million, 117.9 pence per ordinary share, an increase of 0.2 pence per ordinary share compared to the NAV as at 31 December 2023.”

[sleveen] 14/9/2024 07:17

Bought a few circa 79p yesterday.

Swedish reservoir assets are attractive.

Also like the Mersey reactor asset.

[rambutan2] 09/9/2024 20:01

Yes, I've also taken a liking to the Swedish hydropower assets, and would also add that we OWN them and the land etc they are on, permanently. No long lease stylee, as is the case with most assets across the sector.

As it happens, this flowed out of my podcast library at the weekend, which was on topic albeit wide ranging:

Ep 149, Hydropower in a 24/7 Clean Energy System

[spangle93] 03/9/2024 14:39

Share price has been very tightly range-bound over the last 3 months, but on the plus side, it's not going down.

Another nibble into Swedish hydropower this morning. I like these assets, first because they aren't in the UK, second there's potential to qualify for FCR, third, they don't rely particularly on natural phenomena, and I don't believe discounts rates are too high.

[gbcol] 15/8/2024 13:58

Yes I noticed them pop up as delayed trades today. I suspect that you are right that one will get cancelled.

Hoping for another significant buyback today. In June they said that £1.9m of buybacks had added 0.4pps to NAV so to date buybacks have added 1.5 to 2pps to NAV (plus saved divis on those shares). They can buyback up to 15% of the shares so could be only about a third through.

Would be better if the market closes the gap and they can raise some more money to grow but in the meantime this buyback must help in long run.

[bareknee] 15/8/2024 12:55

Two delayed trades of 500k each came through earlier today.

Bit odd that there were two, so I wouldn't be surprised if one of them ends up showing as cancelled.

[bareknee] 14/8/2024 21:21

Re "something doesn't add up"

Maybe we'll see some delayed trades from today come through tomorrow ?

[gbcol] 14/8/2024 20:05

RNS states that they bought back 500,000 shares today, which is quite a chunk for one day. Strange that it doesn’t show on the buy/sell data where total volume for today is showing as only just over 100,000 shares in total. So something doesn’t add up.

With NAV at 119.2p they clearly think that buying back the shares at a 35% discount is a good use of the cash. If NAV is robust then a 35% return is not to be sniffed at IMO.

Will be interesting to see if today was a one off or if the buyback will continue at that high daily level.

[spangle93] 13/8/2024 16:59

Coverage of recent announcement by City Wire

[gbcol] 12/8/2024 09:15

Good, solid, well run IT that is underrated IMO. Probably needs to be larger to get more traction but that’s not viable in the current climate. I’ve got a decent holding in this which I’m happy to reinvest my divis into, particularly at current discounts to NAV.

Interim results in September. Would be good if they can edge up the divi a bit.

[spangle93] 12/8/2024 07:31

Some positive news updates from 3 of the company's assets.

The first of the hydropower plants in Sweden is now getting additional revenue from the Frequency Containment Reserve markets, the Mersey Reactive Power shunt now can earn Pathfinder funding through the year, and the enegery distribution network in Sweden can pass on more of its CAPEX interest in fees.

Next dividend declaration should be towards the end of August

[mwj1959] 11/6/2024 07:58

The update was fine and comforting. At 78p DORE trading on a 34% discount and a 7.5% dividend (on 2024 tgt). Discount at the high end of the Renewables and Infrastructure universe, but dividend in bottom half. The problem with the company is its size and lack of liquidity. At £140m mkt cap it's too small from a liquidity perspective to be of interest to the majority of Institutional / Discretionary investors. This point was emphasised to me by one of the former the other day. DORE are clearly not the only one in that bucket currently, but it does mean that, outside any major corporate action (there is no continuation vote scheduled as far as I am aware) or collapse in bond yields, there is unlikely to be any material narrowing of the discount. So this remains very much an income stock to me with the potential at some point for some capital upside.