Foresight Solar Share Discussion Threads

[noiseboy] 20/2/2022 08:56

What others are you in EC2 ?

[speedsgh] 10/2/2022 18:02

Foresight shines

Foresight Solar (FSFL), up 1.5p to 100.9p, basked in the glow of a strong fourth-quarter update showing a 3.9% investment return helped by higher-than-expected inflation, rising power prices and a hike in the valuation of its Australian assets.

Analyst Iain Scouller at Stifel, FSFL’s joint broker, was positive on the shares, which he said were ‘mispriced’ on an 8% discount to net asset value (NAV) given their 7% dividend yield covered 1.2 times by the cash generation from high power prices.

‘The one area of caution is leverage [borrowing], which is 78% of NAV. The managers say the pipeline is strong. However, it currently appears difficult to fund acquisitions given share issuance is not currently possible with the shares on a discount to NAV,’ said Scouller.

[ec2] 10/2/2022 08:00

Good 4pct increase in the NAV to 31Dec21 announced today. This puts the stock on an 8pct discount and on 7pct yield. Looking very undervalued. I picked up shares couple of days ago at 99.4p as a general de-risking of my portfolio. Now hold around 18pct of portfolio across a spread of five separate infrastructure assets.

[masurenguy] 10/2/2022 07:24

Q4 2021 Net Asset Value, Scrip Dividend and Operational Update, and Annual Results release date

Foresight Solar announces that as of 31 December 2021 its unaudited Net Asset Value ('NAV') was £660.0m (30 Sep 2021: £635.0m), resulting in a NAV per share of 108p (30 Sep 2021: 104.1p).

The NAV increase over the fourth quarter was driven by three main factors - an increase in power prices, above budget inflation and a discount rate reduction for the Australian asset valuations.

While electricity generated by the Company portfolio was 5.3% below base case for the twelve-month period, strong power prices in the period resulted in total revenues being 16%, or GBP15.3 million, ahead of budget. Consolidated EBITDA was 22%, or GBP16.6 million, ahead of budget.

Construction of the Spanish projects made good progress during the year, with substantial completion of the site facilities reached at all four locations. The projects have all entered the commissioning phase and all are expected to become fully operational during the first half of 2022. In December 2021, the Company signed a ten-year PPA with Statkraft for the 98.5MW Lorca project, securing a further stream of contracted revenues at an attractive price. In the UK, the Sandridge battery storage project also remains on schedule to become operational in the fourth quarter of 2022.

The total outstanding long-term debt of GBP388.6 million represents approximately 33.2% of GAV of the Company and subsidiaries as at 31 December 2021. Total outstanding debt, including revolving credit facilities of GBP512.0 million, represents approximately 43.7% of GAV of the Company and subsidiaries as at 31 December 2021. The Company is in the process of refinancing its existing revolving credit facilities into one single facility. This is expected to complete in Q1 2022.

Acquisition pipeline update

The Investment Manager is currently appraising a healthy pipeline of ready-to-build solar PV assets and battery storage projects, which it believes would be yield accretive for the Company.

Dividend

The Company remains on target to deliver an annual dividend of 6.98 pence per share for the year ending 31 December 2021. The yield on the Company's shares is 7.02% as of close of business on 9 February 2022.

2021 Annual Results release date

The Company announces it will publish its Annual Results for the year ended 31 December 2021 on Wednesday 9 March 2022. A further Notice of Results announcement will be released in due course.

[spoole5] 10/2/2022 07:24

Nice tick up in nav

[gateside] 04/1/2022 07:39

Foresight has acquired the remaining 51% interests in the Oakey 1 (30 MW) and Longreach (17 MW) solar farms in Queensland, Australia.In an uncertain year. Happy to hold this for the 7% yield and potential capital growth.