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FSFL Foresight Solar Fund Limited

89.40
0.20 (0.22%)
27 Feb 2024 - Closed
Delayed by 15 minutes
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
  0.20 0.22% 89.40 701,932 16:35:28
Bid Price Offer Price High Price Low Price Open Price
89.30 89.60 89.80 89.10 89.10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 162.99M 154.47M 0.2610 3.42 528.43M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:35:47 O 2,000 89.272 GBX

Foresight Solar (FSFL) Latest News

Foresight Solar (FSFL) Discussions and Chat

Foresight Solar Forums and Chat

Date Time Title Posts
26/2/202413:55Foresight Solar Fund makes its London debut336
26/2/202412:46Investment Trusts as an Annuity182
30/7/202115:21Solar Solar-

Add a New Thread

Foresight Solar (FSFL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-02-27 17:36:0989.272,0001,785.44O
2024-02-27 16:36:3089.4012,28910,986.37AT
2024-02-27 16:35:2889.4058,83352,596.70UT
2024-02-27 16:26:5989.511,6751,499.33O
2024-02-27 16:25:5589.3087.14AT

Foresight Solar (FSFL) Top Chat Posts

Top Posts
Posted at 27/2/2024 08:20 by Foresight Solar Daily Update
Foresight Solar Fund Limited is listed in the Finance Services sector of the London Stock Exchange with ticker FSFL. The last closing price for Foresight Solar was 89.20p.
Foresight Solar currently has 591,742,879 shares in issue. The market capitalisation of Foresight Solar is £528,426,391.
Foresight Solar has a price to earnings ratio (PE ratio) of 3.42.
This morning FSFL shares opened at 89.10p
Posted at 15/2/2024 09:52 by jonwig
A CV appears to be a formality arising from the average discount over a period. The discount isn't specific to the company, all the sector experiences it.

There is absolutely nothing wrong with the management, and the high dividend is well-covered. I don't see any reason to vote in favour of a winding up, but if it happened, the share price would no doubt rise to narrow the discount!
Posted at 15/2/2024 09:03 by ammons
Same article?

h..ps://www.theaic.co.uk/aic/news/industry-news/continuation-vote-casts-shadow-over-foresight-solars-pale-share-price

========================

Continuation vote casts shadow over Foresight Solar’s pale share price
Foresight Solar likely to face a continuation vote at its annual general meeting in June after the shares traded at an average 16% below asset value last year, a discount that has now widened to 27%.

14 February 2024

Foresight Solar (FSFL ) faces a continuation vote at its annual general meeting (AGM) in June after the shares traded well below the investment company’s minimum average discount target of 10% below net asset value (NAV) last year.

Reviewing the fund’s fourth quarter update, Peel Hunt analyst Markuz Jaffe said, ‘we calculate Foresight’s average discount during full-year 2023 to have been 16%.

‘This is despite the company having been active with share buybacks on a near-daily basis since May 2023, and leaves us wondering if we should expect to see further proposals from the board that might appease shareholders in the run-up to the continuation vote,’ he said.

At 86.7p this afternoon, the £519m renewable infrastructure fund, which invests in solar farms and battery storage in the UK, Spain and Australia, has seen the discount widen to 27%. This is in line with its rivals, Bluefield Solar (BSIF ) and NextEnergy Solar (NESF ), stand on discounts of around 24% and 30%.

In the three months to 31 December, NAV per share rose just 3p, or 0.3%, to 118.4p as the good price the fund received in November selling half its stake in its Luca portfolio in Spain was offset by declines in power prices and inflation.

With the dividend included, the total return in the quarter was 1.9%.

The 8.6%-yielder said it was on target to deliver an annual dividend of 7.55p per share comfortably covered 1.6 times by earnings.

Although the shares rallied 12.5% in the fourth quarter, they are still down 25% over the past year.

While Foresight has yet to confirm whether a continuation vote will take place, its prospectus outlines that if the shares trade at more than a 10% discount for the financial year the board will propose a special resolution on continuation at the next AGM.

In the update, the fund said the sale of the Lorca assets to pay down borrowing was a ‘clear example’ of its ‘approach to capital recycling and its commitment to reduce variable interest rate debt’.

The fund, which is managed by Ricardo Pineiro and Ross Driver, is aware that near term power prices continued to trend downwards but there has been a ‘slight increase in medium to long-term estimates’ across all geographics.

‘When considered against the company’s well-hedged near-term position and reduced electricity generator levy payments, the overall impact was negligible,’ said the board of the trust.
Posted at 15/2/2024 07:01 by jonwig
Continuation vote at the AGM?
Posted at 08/2/2024 11:26 by woodhawk
Just another ludicrously low valuation - great for those reinvesting above average dividends in below average share prices.
Posted at 08/2/2024 07:15 by masurenguy
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.
Posted at 24/11/2023 08:24 by aleman
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.
Posted at 16/11/2023 09:28 by jonwig
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.
Posted at 16/11/2023 07:51 by melton john
FSFL sells Spanish investment at a premium to lower debt and recycle capital.https://uk.advfn.com/stock-market/london/foresight-solar-FSFL/share-news/Foresight-Solar-Fund-Limited-Q3-2023-Net-Asset-Val/92574534
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 28/9/2022 15:20 by ec2
BofE seems to be holding 10Y gilts at 4%. This makes renewable infrastructure funds between 5 and 10 pct undervalued at this level. FSFL that I sold out of yesterday at 110p, I have bought back in today at 104p. 4pct gilt yield would equate to FSFL share price of 114p.
Foresight Solar share price data is direct from the London Stock Exchange

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