Foresight Solar Share Discussion Threads

[tuftymatt] 08/2/2024 08:15

Renewables have been hit really hard of late but I keep adding for the longer term.

Look at where this one traded a year ago and it will get back there again in my opinion plus we are paid well to wait.

Good luck all 👍🏻

[masurenguy] 08/2/2024 07:15

Discount to NAV is now 25.4% and the current yield is 8.5%

Q4 2023 Net Asset Value Update

Foresight Solar announces its unaudited NAV was £697.9m at 31 December 2023 (30 September 2023: £706.9m). This results in a NAV per share of 118.4p (30 September 2023: 118.1p per share).

Highlights:

· The uplift from the sale of the Lorca portfolio stake at a 21% premium to holding value mitigated the negative impacts from updated power price forecasts and actual inflation.

· Proceeds from the Lorca transaction, along with free cash, were used to pay down debt, reducing the balance of the RCF to the previously announced £75m target. Total gearing is now 38.8% of GAV and the Board intends to reduce leverage further through divestments.

· Foresight Solar continued its share buyback programme, providing a NAV uplift of 0.4p per share for the quarter. The Company has utilised £20m for repurchases, resulting in NAV upside of 1.1p per share for the full year.

· FSFL closed 2023 with record cash distributions from underlying assets of £120.4m

· The Company is on target to deliver an annual dividend of 7.55p per share. Dividend cover was 1.61x for FY23. Net dividend cover for FY24 remains in line with previous guidance.

[woodhawk] 30/11/2023 10:56

FWIW

RBC starts Foresight Solar Fund with 'sector perform' - price target 110 pence

[aleman] 24/11/2023 08:24

24 November 2023

Foresight Solar Fund Limited

("Foresight Solar" or "the Company")

Declaration of Dividend

Foresight Solar is pleased to announce the third interim dividend, for the period 1 July 2023 to 30 September 2023, of [1.880] pence per ordinary share. The shares will go ex-dividend on 25 January 2024 and the payment will be made on 23 February 2024 to shareholders on the register as at the close of business on 26 January 2024.

Foresight Solar confirms its dividend target of 7.550 pence per ordinary share for the 2023 financial year.

[jonwig] 16/11/2023 09:28

From Singer Capital Markets:

FSFL’s announcement of the disposal of a 50% stake in the Lorca (Spain) solar project at a 21% premium to its 30 September value is a key milestone. We estimate that this disposal adds 0.8pp to NAV, reduces the drawings on fund’s RCF by c.£24m or 22% of the drawn balance and highlights the value of its Spanish development portfolio.

In Q3’23, FSFL’s NAV declined 1.5% (to 118.1p) as a 50bps increase in UK discount rates to 8.0% and lower price forecasts took its toll on the valuation. We note that 10 year gilt yields have declined since 30th September. In our opinion, the Lorca disposal has demonstrated FSFL’s ability to execute on its asset disposal programme (and pay down the RCF), provided evidence of a conservative approach to valuation and highlighted the value embedded in the fund’s ownership of 476MW of Spanish development assets.

Trading on a c.19% discount to NAV (3 year average discount 4.3%) and yielding c.8.0%, FSFL is relatively undervalued to its history and its peers (16.5% av. discount). Our expectation is that as the management team continues to deliver on its asset recycling programme the market will respond positively.