Share Name Share Symbol Market Type Share ISIN Share Description
Foresight Solar Fund Limited LSE:FSFL London Ordinary Share JE00BD3QJR55 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 104.50 6,769,313 15:29:55
Bid Price Offer Price High Price Low Price Open Price
104.00 105.00 105.00 104.50 105.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 62.13 56.01 11.60 9.0 632
Last Trade Time Trade Type Trade Size Trade Price Currency
16:06:57 O 200,000 104.50 GBX

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Date Time Title Posts
16/10/202019:49Foresight Solar Fund makes its London debut80

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Foresight Solar Daily Update: Foresight Solar Fund Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker FSFL. The last closing price for Foresight Solar was 104.50p.
Foresight Solar Fund Limited has a 4 week average price of 103p and a 12 week average price of 102.50p.
The 1 year high share price is 127p while the 1 year low share price is currently 88.60p.
There are currently 605,196,526 shares in issue and the average daily traded volume is 633,158 shares. The market capitalisation of Foresight Solar Fund Limited is £632,430,369.67.
gateside: Thanks nerja.After I saw the placing was oversubscribed this afternoon, I bought a few SEIT - will look to build up a bigger holding.Also bought a few FSFL as they look undervalued compared to their peers at present.
nerja: Gate side another one is SEIT energy efficiency, it’s doing a placing now price has dropped so maybe a good time to enter
gateside: I agree that TRIG are expensive at the moment, I would not buy them at current price, but happy to keep my holding there and reinvest dividends.
ec2: Thanks not aware of the article. Weather obviously averages out over the longer term. Interestingly GCP Infrastructure reduced their NAV today due to lower power prices but they are using trailing averages over the last four quarters in their calculations. I'm taking a more forward looking approach in that prices have turned higher than last year in Sept and Oct and see a positive trend forming. GCP which is a completely different beast to FSFL is the only other renewables holding I currently have.
ec2: I'm not entirely sure. The electricity price increase is 17-20% compared to natural gas (which impacts elec. prices) over the same corresponding months of about 10%. The move away from fossil fuels to greener energy may play a part but this is just a guess. What's important for me is the continued security of the current 6.5+% div. Over the 12 month period to 30 June which included the time of lowest electricity prices the div was covered 1.1times. Therefore with electricity prices now higher the div will be better covered all other things being equal. Today's day ahead ave auction price came in even higher at 56.02 GBP/MWh. Obviously if we go back into a full COVID lockdown electricity prices could again drop back as they are purely demand driven but it didn't overly impact div cover last time round. You could actually argue that with many working from home during the winter months electricity demand could go higher.
ec2: Wholesale electricity price data comes from Nord Pool which is the main European electricity trading venue. Note in the case of FSFL most recently they had forward fixed price contracts for 30% of their output so they are not entirely dependant on variable prices but as they are to a large extent I keep tabs on day ahead auction prices. Also note the fixed price agreements were recently quoted in the half year update at around 45.71 GBP/MWh. Today's average day ahead auction price was at 46.73 GBP/MWh so it's actually better than the fixed price arrangement. Also for data source completeness my share-price premium calculations mentioned in my earlier post are from Sharescope and cross checked with RNS data. Latest price to NAVs from Sharescope COB tonight are FSFL 9.25% premium and TRIG 20.38% premium.
ec2: Topped up with more of these today following further analysis on the direction of wholesale electricity prices. Ave Day Ahead auction prices in Sept 2019 was 36.20 GBP/MWh compared to the higher 43.78 GBP/MWh in Sep 2020. October 2019 was 36.87 GBP/MWh compared to October 2020 so far of 43.26 GBP/MWh. Prices are well up from the lows of 24.18 and 22.27 GBP/MWh last Apr and May. Gives confidence in continued div payment level. FSFL looks cheaper than other Renewable Energy Infra. Funds. TRIG for example premium to NAV approx 20% compared to FSFL approx 10% so hopefully also room for a little cap appreciation too.
rustle2: Well, maybe today's RNS helps explain the depressed price - Newton have sold done 3% of shares in issue.
gateside: Hold 3 other renewable trusts. Not holding here, but this does seem unloved at present. Looks like a good price to buy at though.
masurenguy: A 5% decline in NAV offset by a 9% increase in electricity generation over budget. They have reconfirmed that there is no evidence to suggest that Covid-19 will materially affect the Company's operational performance and therefore the dividend target of 6.91p for this year is reaffirmed. Q1 2020 Net Asset Value ("NAV") and Operational Update 04 May 2020 Foresight Solar Fund Limited, a fund investing in a diversified portfolio of ground-based solar PV assets in the UK and internationally, announces that as at 31 March 2020 its unaudited Net Asset Value was £597.2m (31 December 2019: £628.0m), resulting in a NAV per Ordinary Share of 98.6p (31 December 2019: 103.8p). The decrease in NAV over the first quarter is largely attributable to a downward revision in power price forecasts as a result of the economic impact of the Covid-19 pandemic. Power prices are currently forecast to be negatively impacted for the remainder of 2020 and in the medium term as a result of a reduction in demand for electricity and a decrease in energy-related commodity prices. The downward shift in power price curves, based upon independent forecasts available as at 31 March 2020, resulted in a negative impact on NAV of approximately 4.6p per share. Among other valuation movements during the period the Company highlights the recognition of the reversal of the proposed decrease in the rate of Corporation Tax, resulting in a negative impact to NAV of 0.5p per share. The Gross Asset Value ("GAV"), including Company and subsidiaries, as at 31 March 2020, was £1,026.2m (31 December 2019: £1,071.5m). The Company's next scheduled formal valuation will be undertaken for the 30 June 2020 interim results which are expected to be published in August. This valuation will take into account the latest available power price forecast assumptions, as well as the operational performance of the Company and other variables applied in valuing the portfolio. Operational Update The Company's 723 MW UK portfolio has continued to deliver strong operational performance during the first quarter of 2020. Electricity generation from the UK portfolio was 9% above budget, driven by strong irradiation in March and high asset availability during the period. Positive progress continues to be made across the Company's 146 MW Australian portfolio. A temporary export restriction at the site at Bannerton was removed on 23 April 2020 and it is again exporting at full capacity. The health and safety of all Company stakeholders and their staff remains of primary importance and the Board of Foresight Solar continues to work closely with its Investment Manager, Foresight Group and all key service providers, to monitor the impact of Covid-19 on the Company portfolio. As previously announced on 27 March 2020, there is currently no evidence to suggest that Covid-19 will materially affect the Company's operational performance. Dividend The Company maintains high cashflow predictability with 67% of expected revenues fixed in 2020 which supports its FY 2020 dividend target. As a result, the Board of Foresight Solar re-affirms the Company's FY 2020 dividend target of 6.91p per share.
Foresight Solar share price data is direct from the London Stock Exchange
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