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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Gore Street Energy Storage Fund Plc | GSF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 51.00 | 08:20:38 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 51.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 11/09/2024 | Interim | GBP | 0.01 | 26/09/2024 | 27/09/2024 | 18/10/2024 |
| 20/06/2024 | Interim | GBP | 0.015 | 27/06/2024 | 28/06/2024 | 15/07/2024 |
| 12/03/2024 | Interim | GBP | 0.02 | 21/03/2024 | 22/03/2024 | 12/04/2024 |
| 14/12/2023 | Interim | GBP | 0.02 | 28/12/2023 | 29/12/2023 | 12/01/2024 |
| 06/09/2023 | Interim | GBP | 0.02 | 28/09/2023 | 29/09/2023 | 20/10/2023 |
| 15/06/2023 | Interim | GBP | 0.015 | 29/06/2023 | 30/06/2023 | 17/07/2023 |
| 09/03/2023 | Interim | GBP | 0.02 | 16/03/2023 | 17/03/2023 | 11/04/2023 |
| 16/12/2022 | Interim | GBP | 0.02 | 29/12/2022 | 30/12/2022 | 13/01/2023 |
| 21/09/2022 | Interim | GBP | 0.02 | 29/09/2022 | 30/09/2022 | 21/10/2022 |
| 26/07/2022 | Interim | GBP | 0.01 | 04/08/2022 | 05/08/2022 | 26/08/2022 |
| 07/03/2022 | Interim | GBP | 0.02 | 17/03/2022 | 18/03/2022 | 08/04/2022 |
| 20/12/2021 | Interim | GBP | 0.02 | 30/12/2021 | 31/12/2021 | 14/01/2022 |
| 07/09/2021 | Interim | GBP | 0.02 | 16/09/2021 | 17/09/2021 | 08/10/2021 |
| 15/07/2021 | Interim | GBP | 0.01 | 22/07/2021 | 23/07/2021 | 13/08/2021 |
| 08/03/2021 | Interim | GBP | 0.02 | 18/03/2021 | 19/03/2021 | 09/04/2021 |
| 18/12/2020 | Interim | GBP | 0.02 | 31/12/2020 | 04/01/2021 | 15/01/2021 |
| 24/09/2020 | Interim | GBP | 0.02 | 08/10/2020 | 09/10/2020 | 30/10/2020 |
| 19/06/2020 | Interim | GBP | 0.01 | 09/07/2020 | 10/07/2020 | 23/07/2020 |
| 28/02/2020 | Interim | GBP | 0.02 | 12/03/2020 | 13/03/2020 | 27/03/2020 |
| 12/12/2019 | Interim | GBP | 0.02 | 19/12/2019 | 20/12/2019 | 10/01/2020 |
| Top Posts |
|---|
Posted at 19/11/2024 10:14 by waterloo01 Last results generated £41.4 million. The portfolio generated an operational EBITDA of £28.4 million. The Company achieved an operational dividend cover of 0.78x and a fund-level dividend cover of 0.56x.Since then other assets have come on-stream, and they recently announced fixed-price contract, worth over $14m per yr (and leaves a lot more revenue still to be earnt) from Big Rock coming on stream summer. Add in the other developments that will come on steam similar timeframe. Revenues fluctuating, but stabilising UK So if they get the full US tax credit, they could meet the full divi this yr, and from next FY with all the above online, I'd say they should meet full divi cover. Meanwhile they remain very lowly geared. |
Posted at 15/11/2024 09:50 by stargazerspark I'm taking a more positive view.Assuming GSF isn't going to run off then this means more available cash therefore higher probability of a dividend. The divi needs to come from income, which doesn't require positive cash in a growing business as they have liabilities to build out and hence further increase revenues. However, given the share price can't exceed NAV for the forseeable there the Investment Manager has a significant conflict in how it runs the business (raising debt/ paying dividends etc). |
Posted at 11/11/2024 12:43 by craigso I don't think a "value dividend investor" should be anywhere near these BESS funds.The market does seem to want "able to sleep at night" dividends - both low risk and environmentally-frie Maybe the geographical diversification and capacity contracts allow GSF to smooth variable revenue streams into a sustainable dividend - I'm bullish that it can - but that dividend stream looks a lot more risky than other "value" shares on the market. |
Posted at 11/11/2024 07:50 by pretax2 I read through the results and reviewed the IMC video again. This company has tremendous growth potential given its global scope. GSF is well below NAV so can’t issue new shares - thus trying to grow organically within a generous dividend framework. The company are on the cusp of a breakthrough in income with projects completing, so I’m optimistic. Many sustainable energy trusts have been hit for six, especially if restricted to the UK and some have cut their dividend completely. Makes 7p here look excellent and the company are right, IMO, to sync this to income flows. Growth in the battery storage sector is predicted to be substantial in coming years and GSF is a market leader with global and growing reach. With sensible leadership from the founder, the fund has longevity IMV.The shareprice downtrend is obviously concerning investors (and probably the only reason for the negativity here), but if the company continues to expand and pay a health dividend I’m happy. If you reinvest, you double your money after about 6 years assuming the current yield holds. It’s a moderately risky hold though, so perhaps not for more nervous investors. |
Posted at 08/11/2024 16:45 by cocopah #probablynotphil taking everything in the round the way that the presentation was set out, looked like an explainer for their under-par performance (for example, here’s what has happened in the last six years … followed by GSF’s response). Furthermore, the last bullet point which said that “GSF continues to explore the optimal dividend strategy to meet the merchant nature of the asset class” … which means at best the future dividend strategy is up-in-the--air and at worst we can expect a lower profile of dividends. Finally, the lack of clarity of exactly what they are going to do about pre-construction assets … lots of ‘possibilitiesI repeat, I also still do not like the amount that #GSC take from the pot. #GSF generates income by the hour and monitor it keenly, so the continued lack of clarity on income is frustrating. At the end of the day if it ends up being as bad as I think it might, we will see a further drop in the share price before any recovery. We might as well face that now rather than in December. |
Posted at 18/10/2024 08:58 by craigso "Furthermore, we expect a material increase in contracted revenue contribution to portfolio cashflow through the Resource Adequacy contract, for which the 200 MW Big Rock asset is eligible once operational."From the 11 September NAV update. This asset was ALWAYS going to have a substantial fixed revenue element. It's just that most investors can't be bothered (or don't have the skill set) to look into it. GSF certainly isn't "worth" £14m more than it was yesterday. (I initially thought it was just market-makers screwing us on dividend reinvestment day) I can understand people complaining about a "lack of transparency". But once GSF actually starts delivering P&L and cashflow numbers in 2025, the braver ones amongst us will appreciate having been able to buy shares cheaply in 2024 from those who don't like the GSF communications strategy... |
Posted at 10/10/2024 11:13 by cc2014 I've been puzzling this through with regard to trading strategy (not capacity market or frequency response). Thoughts appreciatedSSE makes electrons GSF buys electrons from SSE overnight at cheap price. GSF sells electrons back to SSE during peak load times at higher price. SSE sells electrons to consumers SSE builds big battery as above link. SSE no longer needs GSF. |
Posted at 09/10/2024 10:35 by cc2014 The market really does not like this share. It does not seem reassured about the US revenue stream, which would stabilise this fund.My issue is that I have little information to work with on the US and I can't actually get behind whether what GSF are telling us is realistic, nor do I trust anything that GSF build will ever get energised on time. GSF are going to update us on Enderby by the factsheet which is due soon, so I guess I don't have long to wait on that one. |
Posted at 07/8/2024 16:19 by fordtin Not sure how long these Q&A answers have been available. Investor meet said they'd send an email but seem to have forgotten.None of my questions were answered, so presumably Gore Street filtered out any questions they didn't like. Question 1: What is the reasoning behind the weighted dividend payments to the final quarter? The Company is targeting a dividend of 7.0p per Ordinary Share for this Financial Year. This is consistent with investors’ expectations based on the current NAV; however, from this financial year, the profile and quantum of dividend distributions are more closely aligned with cash flow rather than NAV. Moving from roughly equal payments across all quarters, the Board has determined to target a dividend of 1.0 pence per Ordinary Share for each of the first three quarters of the financial year. Under the policy, the Q4 dividend target would be 4.0 pence per Ordinary Share. The quarterly dividend payments are weighted toward the final quarter, reflecting the portfolio's construction schedule. As the Company is a real asset investor, cash generation is linked to its underlying portfolio of assets. The portfolio is on track to reach over 750 MW of energised capacity by February 2025. Question 2: Is there a risk to receipt of the ITCs should Trump be re-elected as it currently looks likely? The Investment Manager has published a blog looking at the potential effects of the Trump administration, which is available to view here. hxxps://gorestreetca Question 3: What fire risk mitigation measures do you take at your facilities? The Company’s safety measures for the existing fleet are robust and significant, not only to ensure continued uptime for its assets but also to protect those working on site. As more capacity is added to the Company’s portfolio and its global BESS fleet, it is key that correct health and safety standards are maintained and supported by appropriate regulations and widely available guidance. Newer projects are being retrofitted with electrolyte vapour detection (additional mitigation through hardware to avoid thermal runaway). This measure, in conjunction with a robust health and safety strategy, mitigates fire risk. The 2024 ESG & Sustainability report, to be released in the first week of September, will have more detailed information regarding health and safety. Question 4: How do lower battery costs affect the portfolio? Lower battery prices affect the portfolio in numerous ways. For both operational and construction assets, a reduction in battery prices would result in lower repowering costs. Increasing the duration of some of the Company’s assets also contributes to the economic case of retrofitting, as lithium-ion cells and battery packs represent the largest equipment cost required to add additional duration to existing sites. The Investment Manager remains cognisant of market conditions, particularly with the lack of availability of equity capital and the high cost of debt. The Company will build out its operational capacity of over 750 MW; anything beyond this is dependent on a series of variables, including debt costs, equity availability, capex costs, falling lithium costs, market opportunities, and revenue levels. Question 5: How do you plan to deal with the batteries at the end of their life cycle? Under existing waste regulations in Europe, the producer or commercial entity that brings batteries into the market is responsible for their collection and sustainable disposal. The Company has owned assets since 2018 and has, therefore, had few instances where recycling of end-of-life battery cells is needed. Systems were removed from the Port of Tilbury asset in GB in February 2023 following a recall by LG Energy Solutions (LG-ES) after it was found that thousands of cells manufactured at two of the Company’s sites between April 2017 and September 2018 may carry defects. The Company facilitated this process by connecting LG-ES with the battery recycling firm Battri, which uses hydrometallurgical to extract black mass material from cells for use in future battery systems. As assets approach their end of life, the Investment Manager will explore available options to ensure that batteries are disposed of sustainably. The Company is conscious of the overall supply chain of batteries, not just the end of their life cycle. As such, it is a member of the Fair Cobalt Alliance, which aims to improve working conditions for cobalt mining. The 2024 ESG & Sustainability report, to be released in the first week of September, will have more detailed information regarding the Fair Cobalt Alliance. Question 6: What will the Company’s cash and debt position be following the receipt of the ITC payment? As of 31 March 2024, the Company had £60.7 million in cash or cash equivalents, as well as £58.6 million in debt headroom on its existing debt facilities, sufficient to cover all contractual obligations and build out the Company’s portfolio to over 750MW. The Company has two debt facilities; a $60m facility secured at the asset level and a £50m revolving credit facility at the fund level. The Investment Manager has advised that the Company is expected to draw both facilities fully to complete the assets currently under construction. Once both facilities are fully drawn, the Company is expected to run a gearing ratio of c.15% of GAV. The cash inflow following the transfer of the investment tax credits (c. $60-80 m) is not included in the above 15% of GAV figure. The Company maintains optionality over the use of the cash associated with the ITC. Question 7: Would you ever consider a tolling agreement to offset revenue risk in the future? The Company regularly tests the market for tolling agreements and are yet to be convinced they offer an attractive alternative or addition to our diversified approach to revenues. The recently and widely reported large tolling agreement in GB appears to fall in line with the price levels seen when testing the tolling market and, while it may serve to improve confidence among lenders, locking in an agreement at a low point in the market has considerable disadvantages. Any upside from market recovery is eliminated for the tolling agreement period which, for investors, means they are forced to settle for a certain but potentially low return. Remaining merchant allows the Company to retain any potential upsides across a portfolio that is already derisked by its geographical spread across five uncorrelated markets. More importantly, the Investment Manager has the control over each asset to optimise the Company’s revenue strategy to ensure these upsides are accessible while ensuring they maintain best-in class operational performance. Tolls often come with increased cycle rates, which can degrade the battery, while putting in place stringent availability requirements and penalties if they dip below that level. The Investment Manager has an in-house commercial and asset management team working in unison to maintain availability while engaging in a wide range of optimal revenue streams. Question 8: Is the RA (resource adequacy) contract in California, the same as the capacity market contract we see in GB? There are a couple of differences between capacity market contracts in GB and the Resource Adequacy contract in California. For resource adequacy contracts, 4-hour duration is required, but in GB, there is the opportunity to bid as a one-hour asset. Also, the contract is not obtained through public auctions, but through bilateral negotiations with the suppliers, so there is no clear market price available, it’s all negotiated bilaterally and not necessarily disclosed to third parties. Thirdly, there are more stringent and technical requirements for the CAISO RA contract. For GB, the Company is only expecting roughly 10% of revenue coming from capacity markets, for CAISO projects, the Company expects 40% from this long-term RA contract. For the overall portfolio, this adds a significant portion of contract revenue. Big Rock is a large asset and will contract a large portion of its capacity under RA. Under the RA, the Company will have a higher percentage of contracted revenue. |
Posted at 15/7/2024 08:14 by fordtin Not impressed with this;"Moving from roughly equal payments across all quarters, the Board has determined to target a dividend of 1.0 pence per Ordinary Share for each of the first three quarters of the financial year. It is intended the amount of the final quarterly dividend (announced in June and paid in July) will make up the balance of the annual dividend target subject to cash flows at the time. As with the current dividend policy, all dividends remain at the discretion of the Board." We won't know if there are further dividend cuts to come until the Q4 div is announced next year. |
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