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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Foresight Solar Fund Limited | FSFL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.30 | -0.38% | 79.50 | 16:35:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 79.60 | 79.40 | 79.70 | 79.50 | 79.80 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 14/11/2024 10:01 by cwa1 Respectfully, plenty of private investors place orders on the book too. Myself included. So a LOT of my trades go through as ATs-but not sure what, if anything, that proves. Would be interesting to know what percentage of trades are by private investors using DMA though! |
Posted at 13/11/2024 11:45 by melton john Indeed you are right, it's on the main market and very liquid but looking at trading on the LSE site it shows that the majority of large trades are off order book retail trades in spite of the large discount to NAV. What it suggests to me is that a large number of small investors are being scared into selling. If you've ever played cards and bluffed with an less than ideal hand you'll know what I mean. Mind games are part of investing. |
Posted at 16/8/2024 15:34 by orinocor 07 Aug, 2024Panmure Liberum: Five best-value renewables funds as rates fall Analyst Shonil Chande identifies a handful of cheap, high-yielding solar and wind funds in response to RM Funds’ Pietro Nicholls calling out an inflection point in renewables. Gavin Lumsden Panmure Liberum analyst Shonil Chande followed up the ‘interesting&# Chande highlighted a group of core solar funds that looked ‘particularly good value’, with 8-10% yields offering an average ‘spread’ of around 4.5% over one-year gilts, while the 7% yields on UK and Ireland wind funds provided a yield margin of around 3%. The analyst flagged Greencoat UK Wind (UKW), Octopus Renewables (ORIT), Renewables Infrastructure Group (TRIG), Bluefield Solar (BSIF) and Foresight Solar (FSFL) as good value, noting the share prices of renewable funds had followed the market lower in the past week. Octopus, which Chande highlighted along with UK Wind as having an ‘underapprecia The £424m Octopus yields 8% and at Tuesday’s close stood at a 28.7% discount to net asset value (NAV), according to Deutsche Numis data. The £3.2bn UK Wind yields 7.1% and traded on an 11.7% discount, the narrowest of listed renewables funds. The £648m Bluefield Solar yields 8.1% and was priced 17.2% below asset value. The £479m Foresight Solar yields 9% and offered a 24.8% discount to NAV. Rising interest rates in the past two years hurt renewable fund share price ratings because they put upward pressure on discount valuation rates that in turn reduced the value of their assets and depressed NAVs. However, the change in interest rate trajectory and the success of funds such as Renewables Infrastructure Group and Octopus in selling assets at or above their previous valuation had encouraged investors, Chande said. ‘We suspect that concern over discount rates has, if not abated, then moved on significantly.’ Another way of highlighting the value in renewables funds, Chande said, was looking at their net cash yields before dividends and after finance costs. ‘TRIG and UKW last annual figures reflect yields of 13.7% and 12.8% to their market cap. The yields will be lower for most of the less mature renewable funds but are still sufficiently attractive. |
Posted at 18/4/2024 16:49 by aleman Note to new investors - they've declared an intention to pay 2.0p per quarter for 2024. |
Posted at 12/3/2024 07:10 by masurenguy Foresight Solar Fund Limited Annual Results to 31 December 2023· Net Asset Value (NAV) of £697.9m (31 December 2022: £771.5m). The uplift from the sale of the Lorca portfolio stake at a 21% premium to holding value, alongside an active price hedging strategy, mitigated negative impacts from higher discount rates and softening power price forecasts. · Record electricity generation with 1,094GWh exported to the grid, enough to power over 400,000 UK households for a year - avoiding 390,000 tonnes of carbon dioxide emissions. · Record cash distribution from the underlying assets of £120 million, the highest in Foresight Solar's 10-year history. · FSFL delivered on the first phase of its divestment programme with the sale of a 50% stake in the Lorca portfolio. The proceeds from this transaction, alongside free cash, were used to pay down £40 million of variable rate debt on the RCF, bringing the drawn balance down to £75 million. · Foresight Solar grew its proprietary pipeline with the acquisition of the rights to a 467MWp portfolio of development-stage solar projects in Spain. The move exemplifies the Company's capital allocation strategy, focused on new investments with limited upfront capital requirements to drive long-term growth and total shareholder returns. · Foresight Solar returned £20 million to shareholders via share buybacks, deploying half of the £40 million allocation in the year and delivering 1.1 pence per share of NAV accretion. · Total dividend of 7.55 pence per share declared for the full year, in line with the Company's target. Dividend cover for 2023 was 1.61x. · Target dividend of 8.00 pence per share for 2024, an increase of 6% compared to the previous year. The 2024 target is expected to be 1.50x covered from cash generated in the period, with around 1.35x cover for 2025 - assuming current revenue forecasts. · The sale of several large ROC-backed solar portfolios in the UK offers reliable market benchmarks for the Company's assets. The price at which the latest deal closed indicates a value per megawatt approximately 15% above Foresight Solar's £1.17m/MW valuation of its UK portfolio. Alexander Ohlsson, Chairman of Foresight Solar, said: "Foresight Solar delivered resilient performance with record electricity production and cash distribution against a challenging market backdrop. Our operational strength, the powerhouse behind our progressive dividend, enabled us to comfortably meet our dividend target of 7.55p per share for 2023 and allows us to propose an above inflation increase of 6.0% for the 2024 target dividend of 8.0p per share. During the year, we have remained focused on initiatives to address the discount to NAV at which the Company's shares have traded and to place the fund in the best possible financial position to support shareholders' interests. We paid down £40 million of variable rate RCF debt, reducing financing costs, and returned £20 million to investors via share buybacks. The Board is adhering to its disciplined approach to capital allocation and the only new project investments currently under consideration are modest investments to expand the development stage pipeline. In the year Foresight Solar celebrated its 10th anniversary, we successfully completed the Company's first divestment. The partial sale of the Spanish Lorca portfolio at a 21% premium to holding value validates our valuation methodology and supports our investment model. Bringing projects through development to construction and then into operation offers optionality and allows the Company to capture financial upside, a strategy we intend to replicate through our development pipeline. The Lorca transaction was also a key driver of NAV uplift, and the Investment Manager continues to make progress on the next phases of the divestment programme. We look forward to providing more details to shareholders in due course. By leveraging the Investment Manager's local networks in Spain, Foresight Solar purchased the rights to six development-stage solar projects, totalling over 460MWp. Over the medium-term, we will expand this growing proprietary development pipeline and focus on the huge potential for solar and storage to be unlocked throughout Europe. As power price forecasts softened across markets during the year, Foresight Solar's active hedging strategy enabled the fund to lock in higher prices. These favourable terms will help insulate the NAV against market fluctuations in 2024 and beyond, providing greater visibility on dividend cover. After a challenging year for markets, we believe there are reasons for optimism. The energy transition is one of the biggest investment themes of our generation. The solar power opportunity alone is immense. Industry fundamentals remain attractive and solar generation continues to be one of the cheapest and most reliable sources of electricity available. This promising outlook, coupled with Foresight Solar's improved financial position and clear strategy to deliver income and growth, positions the fund well to capitalise on the opportunities ahead." |
Posted at 01/11/2023 07:57 by masurenguy Thanks jonwig - I think that the excerpt below summarizes the current investment case, which equally applies to BSIF and NESF where I'm currently invested.Foresight Solar Fund (FSFL) presents investors with an attractive dividend yield (8.6%), a 10-year track record of dividend growth (25% since IPO), strong cash dividend coverage (1.5x until at least 2025) and underlying revenue security (contracted revenue accounts for 90% of total revenue in 2023, 85% in 2024 and 75% in 2025). FSFL can fix power prices in six-month blocks, up to five years ahead via hedging. Investors have been attracted towards fixed income and money market products in a rising interest rate environment, although these present negative real investment returns. FSFL offers positive real yields, well covered by cash generation and with a proportion of revenues linked to inflation that help support a growing dividend. FSFL is also trading at a 26% discount to NAV, offering an attractive entry point to investors. |
Posted at 18/11/2022 12:03 by melton john Thanks jonwig, had to register to read it but they accept Private Investor as company. Citywire is a useful site I had forgotten my login for. Good to read that battery storage is excempt from windfall tax. |
Posted at 22/9/2022 06:43 by masurenguy "Solar funds Bluefield Solar Income (LSE: BSIF, all UK), NextEnergy Solar Fund (LSE: NESF, 90% UK) and Foresight Solar Fund (LSE: FSFL, 70% UK) have also done well. Yields in the sector range from 4.5% at UKW to 5.9% at NESF; all should grow at least in line with inflation. For the yield-seeking, risk-averse investor, the sector remains a long-term buy."Money Week 20 September 2022 |
Posted at 15/9/2022 06:17 by masurenguy Great set of interims, well summed up by Chairman's commentsAlex Ohlsson, Chairman of Foresight Solar Fund Limited, said: "Financially and operationally, Foresight Solar performed strongly during the first half of 2022. NAV per Ordinary Share increased by 14.4%, while total revenues and consolidated EBITDA were 18% and 26% ahead of budget, respectively. We remain firmly on track to deliver our 2022 target dividend of 7.12 pence per share and, based on the strength of the operational performance and the certainty provided by further price fixes this year, are expecting dividend cover for 2022 of at least 1.5 times. Projected cover is expected to remain strong for the next three years; based on current forecasts and prevailing market conditions, the dividend for 2023 is expected to be fully covered by contracted revenues alone. Our diversification strategy is progressing well. The Company's Spanish portfolio is now entering operations and, post-period close, we completed our second investment in battery storage systems. Shareholder approval to allocate up to 5% of the Company's GAV into development stage solar and battery storage assets represents another exciting channel of growth, and we are already well progressed in evaluating several development pipelines in both the UK and Europe. Solar power has an integral part to play in a well-balanced future energy mix and the reduction of wholesale energy prices. An environment that supports the development of low-cost renewable generation, as well as grid balancing technology, will provide a clear path to energy security and the Company is seeing robust demand from investors to fund the construction of these low carbon technologies. Given the strength of industry fundamentals across all our core markets and our exciting pipeline of attractive opportunities across solar and battery storage in both the UK and Europe, Foresight Solar remains well positioned for further growth as we look to the rest of 2022 and beyond." |
Posted at 25/5/2022 13:11 by catch007 II information feed:Foresight Solar Fund Ltd - Jersey-based solar-power investor - Proposes to change its investment policy. The company wants to invest up to 5% of its gross asset value in development stage assets such as solar or battery storage system opportunities that are pre-construction and may not have secured grid connection rights or planning consent. The company believes investing at an earlier stage would create access to a further pipeline of investment opportunities and provide it with an enhanced ability to secure fully consented projects. Calls annual general meeting for June 15 to approve the change. |
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