Downing Renewables & Inf... Share Discussion Threads

[jonwig] 10/10/2021 09:06

The FT has an article on "global stilling" - wind speeds across northern Europe have been as low as 50% of average for much of this year. This explains a part of the current energy crisis, as renewables can't take up the load.

The phenomenon is thought to be caused by the poles warming by more than the equator, reducing the temperature gradient. If so, it won't be just a passing phenomenon.

The positive thing with DORE is that it's 52% hydro and 34% solar. There is no wind in the portfolio.

[jonwig] 30/9/2021 07:06

I'd have thought Swedish hydro power would be pretty problem-free, so that will be te lower end (5.5%).

All these companies watch each others' rates - it wouldn't do to get far out of line.

[bathcoup] 29/9/2021 22:43

Discount Rate
"The weighted average discount rate of the portfolio at 30 June 2021 was 7.3%."
I think that's reasonable.

[gbcol] 29/9/2021 07:18

Thought they would be going for a lot more than that. £25m ish doesn’t sound very ambitious. From memory that still doesn’t get them close to the total amount they initially wanted to raise in the IPO.

Guess this is just very short term and there will be another raising not too far down the line.

[jonwig] 29/9/2021 07:09

Money wanted! Placing 25m shares at 102.5p. PIs not invited. Won't upset the share price over-much I think.

[melloteam] 10/9/2021 10:55

DORE will be presenting at the Mello Events Trusts and Funds webinar on Tuesday 14th September at 3-7:30pm. The event is free and you can get a ticket here:

The programme is as follows:

3.00 pm Mello introduction and welcome
3.05 pm The AIC and the benefits of investing in Investment Trusts & Funds
3.30 pm Company presentation by India Capital Growth Fund
4.00 pm Reg Hoare presents an update on Investment Trusts & Funds
4.15 pm Company presentation by Sanford DeLand Free Spirit Fund
4.45 pm David Stredder interviews Alyx Wood, Fund Manager at Kernow AM
5.05 pm Introducing Edmund Shing, private investor in Investment Trusts & Funds
5.15 pm Company presentation by Next Energy Solar Fund
5.45 pm Company presentation by Downing Renewable & Infrastructure Trust (DORE)
6.15 pm Money Makers – Join Jonathan and Simon for the latest Investment Trust news
6.35 pm Investment Trusts & Funds panel session with Q&A

[gbcol] 06/9/2021 17:21

Decent results presentation today, although obviously basically just going over the half year report already issued. They seem very happy with progress to date and with the pipeline of opportunities.

Very likely to be a capital raise before the end of the year to take advantage of the pipeline opps. I expect that I would take part in it when it comes along.

As we know, next three quarterly divis will be 1p, then upped to 1.25p but they want to have a progressive divi strategy, so hopefully will grow from there.

Still early days, but I’m happy with how it’s going so far. Hopefully can eek out another penny or two onto share price before the capital raise.

Presentation was recorded so should be on the website in the coming days, not over long, so worth a watch IMO.

[gbcol] 02/9/2021 09:32

Yes, got to be happy with those results and progress to date. To be fair, I had some early doubts but was probably just being a bit impatient as I went quite big on this in the IPO. I bought primarily for divi so pleased that is ahead of target.

Good to be trading at a premium to NAV too. I assume that the BOD are hoping the share price increases a bit on the back of these results so that they can do a fund raising at over NAV in the near future.

[jonwig] 02/9/2021 09:27

Put < B > in front of the text and < / B > at the end. Or I or U in place of B.

(Close up the spaces in the above, when using.)

[bathcoup] 02/9/2021 08:49

from IPO prospectus:
"The Company will target an initial dividend yield of 3% by reference to the Issue Price in respect of the calendar year to 31 December 2021, rising to a target dividend yield of 5% by reference to the Issue Price in respect of the calendar year to 31 December 2022. Thereafter, the Company intends to adopt a progressive dividend policy. The Company is targeting a NAV total return of 6.5% to 7.5% per annum over the medium to long-term."

Now DORE is paying 3.5p, not 3p, dividend per share for the period from IPO to 31 December 2021, but a target dividend yield of 5% thereafter has not changed.

jonwig, How do I boldface, underline or italicize my text? Thanks.

[Edit: following jonwig's advice below, I've emboldened some text above.]

[jonwig] 02/9/2021 08:30

Maiden set of results:



Should banish any lingering doubts here. Performance targets beaten, NAV and dividend increases.

[jonwig] 24/6/2021 14:55

Some others such as ORIT have gone the other way. Maybe switching was the answer.

[kandiru] 24/6/2021 14:25

The discount has turned into a tiny premium now! Hopefully a sign of good things to come.

[melloteam] 12/6/2021 18:16

Just to let shareholders and prospective investors know that Downing Renewables & Infrastructure Trust plc (DORE), BB Healthcare Trust plc, Impax AM, Sterling Investments, Antler, Vietnam Holding and Golden Prospect Precious Metals will be presenting at Mello Events Trusts and Funds webinar event on Tuesday 15th June at 4pm-8pm.
There will be over 600 investors attending and these are very popular shows with the latest insights and analysis from investment managers, research professionals, analysts and experienced investors. You can get 70% off your ticket using the code TF70OFF.

[brwo349] 04/6/2021 12:25

These shares are on 4%-5% discount to the net assets value and the yield is 3% rising to 5% in future. As far as investment trusts in general this does not strike me as particularly cheap. Maybe it is cheap compared to other ITs focused on the renewable energy sector?

[varies] 03/6/2021 18:21

I have just been listening to the presentation and am inclined to recommend these shares to my wife who subscribes to the Guardian and is well disposed to Renewables.
The slides referred to a GAV of £201 million as well as a NAV of £122 million.
Can anyone here tell me that might be meant by GAV ?

[jonwig] 26/5/2021 16:05

Thanks all, for the presentation comments. I'd no chance of listening, but hope to catch up with the slides.

This one does look like an outlier. Maybe will take time to get a firmer valuation.

[gbcol] 26/5/2021 15:29

Ha!Ha! Fair play aspringo, you’re a faster typer! As you say, similar view. We both topped up today, so guess that says something.

[aspringo] 26/5/2021 15:16

Apologies gb, posted identical at the same time.Yours a much better summary.That was my 12000 + buy at 94.2999.Good luck to all long termers.

[gbcol] 26/5/2021 15:13

Interesting presentation today. My main takeaways:-

They are surprised that share price is such a discount to NAV & don’t see any reason why it should be.
Good pipeline of opportunities
Expect further fund raising later in year
Do not think it is reasonable to existing shareholders for fundraising to be at discount to NAV
Bit vague on dividend timing but it will be declared in September this year and paid shortly after (the following month??) then quarterly. On target for prospectus target of 3% first year then 5% for 2022.

Presentation should be available on website soon if you want to view it.

I’ve got a fair stack of these and I bought a few more this morning. I’ll probably buy a few more shortly on the belief that share price will get closer to NAV and for the divi which is my main driver here.

If anyone was on the presentation and thinks I’ve got anything wrong, feel free to point it out.

[aspringo] 26/5/2021 15:13

Just listened to the webinar. Management happy that they've achieved what they said they would. Obviously disappointed with the discount.Divi approx 3p paid quarterly to start with from September. Lots of diversification, territories and industries, to reduce risk.All in all a question of faith.Upped my holding to 5% of portfolio. Probably need to stick here, but no doubt will be tempted to buy more if it continues to trade lower.Sorry not more in depth but missed the first part. Hopefully they will post on their website.

[gateside] 21/5/2021 20:57

Financial Dates

Net Asset Value - May 19, 2021
2021 Half Year Results, Declaration Of Dividend - September 6, 2021
Net Asset Value, Declaration Of Dividend - November 19, 2021
2021 Annual Results, Declaration Of Dividend - March 21, 2022
AGM - April 6, 2022
Net Asset Value, Declaration Of Dividend - May 19, 2022

[gbcol] 21/5/2021 20:28

The prospectus was very clear and said “ The first interim dividend is expected to be declared in respect of the period from Admission to 30 June 2021 and paid in September 2021.”. I’ll be taking this up with investor relations.

[gateside] 21/5/2021 19:12

First dividend announcement not due till 6th September - info on their website

The revamped website is clear and information and far better than most companies of this size.

Still not bought here, but very decent update and am tempted to buy, but I have plenty of other renewables already in my portfolio.

[gbcol] 20/5/2021 10:55

Yes, we’ll that should be achievable - hopefully in the next few weeks. I believe that they are due to announce the 1st divi in June, which should help share price a bit too.