Gore Street Energy Storage Share Discussion Threads

[scruff1] 12/1/2024 19:30

Ditto. Cant fault HL for divis. Usually in by around 10.am.
Well so far this has been a rubbish year. Was beginning to get excited but the last two months momentum has just turned to dust. Ever since covid the world has gone bloody mad it seems. My whole portfolio has taken a slap today - apart from BBOX

[waterloo01] 12/1/2024 19:07

In 1st thing with HL

[cocopah] 12/1/2024 18:17

To support a 7.5p divi (and we should be looking at 8p this year if we can get average NAV above £1.14) net income required for a divi cover of 1.0 is £37.125m.

Clarity on this and quarterly net income updates is all we need. Why it’s so difficult is beyond me.🫣🫣;🤷‍ 794;️

[scruff1] 12/1/2024 09:03

I assume FY23A = average?. Lets hope we get the right sort of re rating. Goodness knows we have had enough negative ones

[waterloo01] 12/1/2024 08:34

cocopath thanks for the effort. It's a bit like miners where they report throughput, ASIC etc but not numbers

[someuwin] 12/1/2024 08:30

Shore Capital note summary

Gore Street Energy Storage

Another strong quarter

The strong operational performance reported in H1 has continued, with GSF’s portfolio revenues averaging £15.1/MW/h (£20.5/MW/h ex GB) in the quarter ending 31 December 2023, consistent with the average achieved in H1. Ireland was a top performer, offsetting lower revenues in Texas, in line with seasonal variations. Revenues achieved by the US and Irish assets in Q1-Q3 have already exceeded their FY23A total revenue figures. Operational capacity increased by 27% to 372MW and GSF remains on track to cross 800MW of operational capacity and annualised revenues of c£100m by the end of CY24. With the prospect of rate cuts in 2024, we argue that GSF, with its rapidly growing and increasingly diverse portfolio, could be in line for a material re-rating in the year ahead, trading at a 25% discount.

[cocopah] 10/1/2024 14:47

#ALL when I spoke to the company, they confirmed that the kWh income is for 24 hours a day.

What irks me is that if that is the case, why can’t they just give us a straight £x of income … and some indication of income in the next quarter or half year (albeit based on stable revenues for the assets in production - so would include Stoney but not Ferrymuir). I could live with that and some kind of indication as to what they think the NAV will be too.

If the dividend is covered above 1.0 we also need to know that.

Although the share price discount has recovered somewhat, the gap is still huge IMHO.

It’s a real shame because I am a big believer in what they are doing and want to add in this year’s ISA but the fact that I cannot grasp what the real income is likely to be is stopping me doing so.🤷‍♂️ԅ80;

[zingaro] 10/1/2024 13:08

Yump - you may need to be crystal clear for them to understand. And, the gap of what they have left out (MWH delivered) is huge, might be falling due to equipment failures or to demand or the wrong type of demand or to supplier saturation. We could be falling off a cliff.

[tonytyke2] 10/1/2024 12:49

Yep someuwin, decent update, large discount, large dividend, looking to add more here.

[yump] 10/1/2024 11:48

I think I might email them with the following trick quiz question:

"This quarter, I have changed my hourly charge-out rate from £50/hour (previous quarter) to £60/hour. What will my revenue be for this quarter compared to last quarter, if the last quarter was £4000 ?"

and see if they get the effing point...

[wskill] 10/1/2024 10:47

We'll have emailed the company to clear this up in my head is it the average £15.1 for the whole 24hr period or just when it's used.

[yump] 10/1/2024 10:32

I wonder whether a set of investments only in companies who have a history of being crystal clear and timely in statements, would have outperformed the others.

So any businesses that bang on about revenue all the time are out. As are the headline ebitda reporters (typical for AIM stocks) and the “enterprise value” calculations.

In the end it is dividends and net earnings after everything is taken off that signal whether a business is really healthy. Nobody with their own business can survive just because their ebitda looks good, or your production line is running at 80% uptime instead of 70% (it could still be useless). You need cash to pay yourself.

[wskill] 10/1/2024 09:39

Is it £15.1 mhr for the full 24 hour periods or just when it's being used still none the wiser .

[scruff1] 10/1/2024 09:27

I dont need clues to ascertain my income.
November 2023 Ferrymuir was due to be energised. Now they are giving us a clue that it COULD be in 2024. It doesnt energise my confidence. Im like the market - I hate fudgery (if thats a word - if not it should be)

'Strong revenue stability' - if thats not fudgery I dont know what is. We have a strongly unstable share price so far this year.

[waterloo01] 10/1/2024 09:12

Indeed but not sure I agree. Achieved very similar revenue per MWH from 1st half, but with more capacity so numbers should be higher 2nd half. More than doubling MW in 24. Does give some clues as to revenues.

[scruff1] 10/1/2024 09:03

I seem to remember that Ferrymuir was due to be energised last year !

Agree with coco - would be nice to see a straight £ figure instead of a code to be deciphered.

I dont know if its just me but nothing ever seems to be designed to be easily digested for some reason. It may be part of the problem here. Fudge never goes down well with the market.

waterll
Thats what they would have you believe but the market doesnt appear to agree. Its ok but not more. It was out yesterday as well obviously

[fordtin] 10/1/2024 08:46

"Ferrymuir (49.9 MW) remains on track to meet its energisation target"

Still a bit vague given the Half Year Results for the 6-months ending 30 September 2023, released on 14 December 2023, gives a target of;

“ Ferrymuir Jan - end 2024 49.9 MW “

And the Latest Factsheet dated 30 September 2023 and released on ??/??/??, gives a target of;

“Ferrymuir Feb 2024”

[mancman1] 10/1/2024 07:57

"-- Operational Capacity: the Company reports a 27% increase in operational capacity during the quarter to 372 MW following the 79.9 MW Stony asset becoming commercially operational during the period. The Company remains on target to achieve an operational portfolio exceeding 800 MW by the end of 2024. "

That is a very big increase in operational capacity. I wonder how long before we see a commensurate increase in revenue.

[mirandaj] 10/1/2024 07:24

Restatement of NAV @ 112.9p so a big discount.

[someuwin] 10/1/2024 07:21

Excellent update. Very positive.

"Looking ahead, we anticipate the Company's most pivotal year yet with operational capacity scheduled to expand to over 800 MW, including 200 MW coming online in the Company's fifth market to date; potential capital recycling; and a strengthening dividend cover from a diverse source of revenue streams. The Company is poised for significant growth and we look forward to updating the market regularly as these plans progress."

[waterloo01] 10/1/2024 07:16

Excellent results again and significant growth in 24.

[scruff1] 09/1/2024 21:42

Tea leaves are wonderful things

[yump] 09/1/2024 18:48

I don't think its very complicated. Loads of income stocks rose to resistance and have, or are, dropping back to the last major support before they had the 'plunge' to the spikey bottom.

When they are this volatile I'm sure they get traded, despite being income attractions.

[spectoacc] 09/1/2024 14:07

"Up to 6 cuts in 2024" always a pipe dream, and can say that on 9th January!

[lord gnome] 09/1/2024 14:04

Back down to 80p? The effects of over-exuberant expectations of immediate interest rate cuts are unwinding as the new reality of higher for longer sinks in. I can wait six months. I am nothing if not patient.A last top up at 10% yield beckons.