Quoted data updated summary of DORE |
Indeed, as such I have traded out for those sitting at their "base" discount. |
Nice rise over the last month - DORE must be the only renewables company in which I'm in profit. |
Presumably supply is coming from other asset managers whom have absolutely no qualms about burning their customers' money. As good here as anywhere, but Triple Point, whose recent track record is just terrible, managed to complete the liquidation of TENT at minimal discount. The sellers of generalist renewableish trusts at 30-40% or more have either badly misjudged or just don't care. |
Ah, just found the prospectus. It's hoping to raise £850m... |
Bagnall is scooping up the shares at the moment and now up to 22%. It is another arm of Downing, its Estate Planning Service. I notice that it's currently raising a few £100m via a rights issue, so plenty of firepower for it to carry on buying up the shares to 29.9%. Or perhaps they have eyes on a greater prize?
"Bagnall currently has a strong pipeline of energy opportunities, totalling c. £1bn predominately across
solar, hydro and wind assets. The RI proceeds would be used to acquire assets that would allow for
further diversification of Bagnall’s revenue composition. The team have identified several attractive
opportunities, where the assets benefit from fixed revenues (either via subsidy or contracts for
difference), which would support Bagnall in its objective of delivering consistent returns to its
shareholders." |
Its interesting that this was sold to a Downing managed private fund(their estate planning vehicle). I am sure they have their ducks in line to argue its a fair market price (for both buyer and seller). |
Crickets share price wise on the completion of the wind farm sale. Long may the buyback continue as at the 35% discount to NAV it is printing money for shareholders. With the RCF fully paid there is no short term interest rate variability within the portfolio; swaps at the portfolio level go into the 2030s. It comes down to what spread investors want over the 5 or 10 year, whichever their benchmark should be. |
Testing support @ 77p. |
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. |
I thought the presentation was fine...but clearly nothing there to move the discount narrower, particularly after the recent share price strength. |
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 ... |
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 :) |
Latest investor meet presentation is now online for catchup |
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. |
It's not the company it's the market. At least we are paid to wait. |
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. |
I thought the market may have given a bit more credit for today's announcement. But alas, no |
Taking appropriate action to resolve that. |
Discount to NAV >30% is ridiculous for this IMO. I’m certainly in favour of them maximising the buybacks at this level. |
Bucks the sector trend. Just. |
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.” |
Bought a few circa 79p yesterday.
Swedish reservoir assets are attractive.
Also like the Mersey reactor asset. |
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 |
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. |
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