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GSF Gore Street Energy Storage Fund Plc

64.50
1.50 (2.38%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gore Street Energy Storage Fund Plc LSE:GSF London Ordinary Share GB00BG0P0V73 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  1.50 2.38% 64.50 1,188,835 16:35:20
Bid Price Offer Price High Price Low Price Open Price
64.00 65.20 64.10 62.70 62.70
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 73.29M 63.41M 0.1317 4.87 308.58M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:27:23 O 534 64.506 GBX

Gore Street Energy Storage (GSF) Latest News (2)

Gore Street Energy Storage (GSF) Discussions and Chat

Gore Street Energy Storage Forums and Chat

Date Time Title Posts
28/3/202412:00Gore Street Energy Storage Fund1,276
01/11/202321:57::: Gore Street Energy Storage Fund PLC :::569

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Gore Street Energy Storage (GSF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
17:27:2364.51534344.46O
16:53:1564.0031.92O
16:39:2664.50500322.50AT
16:35:2064.50116,58875,199.26UT
16:28:5564.80250162.00O

Gore Street Energy Storage (GSF) Top Chat Posts

Top Posts
Posted at 28/3/2024 08:20 by Gore Street Energy Storage Daily Update
Gore Street Energy Storage Fund Plc is listed in the Finance Services sector of the London Stock Exchange with ticker GSF. The last closing price for Gore Street Energy Storage was 63p.
Gore Street Energy Storage currently has 481,399,478 shares in issue. The market capitalisation of Gore Street Energy Storage is £308,577,065.
Gore Street Energy Storage has a price to earnings ratio (PE ratio) of 4.87.
This morning GSF shares opened at 62.70p
Posted at 16/3/2024 10:48 by cc2014
Hi,

I have been wondering how to phrase this so it might not come over as well as I would like but I am find the negative comments frustrating.

Now, we've all purchased shares which have gone in the wrong direction and I think it's fair enough to vent and it's certainly something I have done in the past and I'm sure I will do again in the future, but there's something about being constructive as well.

I'm not sure the comments about lack of visibility on revenue is valid. GSF are telling us monthly what the price per unit is and the volume is fixed and published. Most investment trusts only update quarterly and some only twice a year.


Here's some information that might cheer you up

GSF are on ERCOT in the US. As you can see from the article prices reached nearly £800/MWh on 4th March whereas we are plodding along at about £5 in the UK.


Now the US is a big place and although I know GSF are on ERCOT I don't know if GSF are in the right part of ERCOT and took advantage of this or not but it demonstrates the difference in revenue by jurisdictions. GSF may or may not have invested in the US by design or accident but either way it's good for us and that's what matters.
Posted at 12/3/2024 08:01 by cocopah
Hmm … I see little in the update to move the dial on the share price and no conciliatory comments from the CEO on the decimation of the share price either.

Income for Jan/Feb at £16.1 per kWh but that includes £3m compensation so operational income is a lot lower.

The nod to lower battery costs and lack of commentary about income streams tells me they made the wrong call on 1 hour batteries especially now the 30 min rule has been relaxed.

Communication is gradually improving but it’s still opaque on income and divi cover (like pulling hen’s teeth!).

It’s still a long way back to break-even for me (and I bought way under NAV).
Posted at 27/1/2024 14:43 by waterloo01
The yield will reduce when/if the share price recovers. With a NAV that really should be increasing year on year, with very low debt levels, and hopefully more than 1:1 divi cover this year, I don't see the need for GSF to change the formula. It's the share price that's wrong.

The damage was done last year when prices in the UK went through the floor. Even the Jefferies report suggest the UK will be back in balance later in 24, and the report, which would have been useful 9 months ago, but regardless GST best of the bunch by a mile.
Posted at 27/1/2024 07:26 by nickelmer
Looking at the share prices of GRID and HEIT relative to GSF I suspect the market is starting to price in the fact that GSF's global portfolio will ultimately deliver higher revenues, heaven knows where the bottom is in these 3 shares, but, I feel that GSF will be the cleanest shirt in a dirty laundry basket
Posted at 25/1/2024 16:19 by daveoz1
Interesting renewable uk link. Barnaby Wharton: "It’s great to see that our battery storage pipeline has grown by over-two-thirds over the last year, as this demonstrates that there’s a huge appetite among investors to enter this rapidly growing market." Hmmmm..he can't spend a lot of time tracking the GSF share price...
Posted at 19/12/2023 10:06 by someuwin
Shore Capital

Gore Street Energy Storage+

Strategic partner invests c£16m at NAV

GSF has appointed Nidec Motor Corporation (“Nidec”) as the EPC contractor for Dogfish, its 75MW Texas project. As part of the strategic partnership with Nidec, Nidec will subscribe for 14m new ordinary shares at NAV, raising gross proceeds of £15.8m for GSF. Under the terms of the agreement, Nidec will be entitled to participate in future competitive bids for GSF’s qualifying EPC contracts. This yet again demonstrates GSF’s innovative approach to funding its projects, maximizing shareholder returns whilst also reinforcing our view that the current share price, trading at a 25% discount to NAV, materially undervalues GSF’s growing and increasingly diverse portfolio of highly cash-generative assets.

Nidec awarded EPC contract for Dogfish: Nidec (TYO: 6594) is a leading electric motor manufacturer and a trusted partner in the energy storage space. The contracts include the EPC agreements and O&M contracts, including warranties for availability and energy capacity. Dogfish will initially be built as a one-hour duration system, with the optionality to retrofit a two-hour system if the revenues justify the higher capex. Once operational (target energisation by the end of CY24), Dogfish will be able to participate in ERCOT’s ancillary services, including RRS and ECRS as well as wholesale trading. In the six months to 30 September 2023, GSF’s Texas assets averaged £39/MW/hr vs the £7.54/MW/h achieved in GB, thanks to several heatwaves and the highly lucrative ECRS service. GSF’s US portfolio is expected to reach 305MW by the end of CY24, taking its US exposure to 38% of operational capacity.

Investment at NAV reinforces long-term growth opportunity: As part of the strategic partnership, Nidec will subscribe for 14m new ordinary shares at NAV (112.9p per share), generating gross proceeds of £15.8m. The shares will be subject to a six-month lock-up, after which Nidec will be able to dispose of up to 50% of its shares and any remaining balance after twelve months from admission. This builds on GSF’s relationship with Nidec, who was previously appointed as the EPC contractor for Ferrymuir and Stony. Under the agreement, Nidec will, for a period of five years following admission, be entitled to participate in upcoming competitive bids for EPC contracts in respect of qualifying projects with GSF. Nidec will also be guaranteed participation in the second stage of the process, providing they match/enhance the terms offered by other contenders.

Innovative funding solutions should enhance project returns: A similar strategy was adopted at IPO, when NEC ES, then a leader in the utility-scale energy storage market (since acquired by LG Energy Solutions), acted as a cornerstone investor, under the agreement that GSF would invest in projects that involved NEC ES providing a supply of products, equipment and/or services within 18 months from admission. With GSF’s shares now trading at a 25% discount, Nidec’s investment at NAV should act as a strong validation of GSF’s NAV from a strategic partner. It will also help reduce the debt (albeit modestly) required to construct GSF’s pipeline at a time when its peers’ rising levels of debt are compromising project returns, just as GB’s ancillary services market reaches saturation (GSF had £75m cash, no company-level debt as of 30 Sept 2023). Today’s news also follows the $60m project level, non-recourse funding GSF secured for its 200MW California project. Yet again management has demonstrated its ability to utilise innovative funding solutions to construct its rapidly growing portfolio of geographically diverse cash generative assets, whilst maximizing shareholder returns.
Posted at 15/12/2023 12:46 by cocopah
I wonder which assets Cox is referring to when he talks of a sale and (bearing in mind it’s assets on-line that drive income) how redeploying the cash elsewhere will provide an immediate boost to the share price? Curious and curiouser … 🤔

Given that there was no rider on reversing asset discounts if inflation and interest rates fall (and no forward guidance on potential NAV once FerryMuir and Enderby are up-and-running); the self-imposed ‘cap’ on divi increases brought about by keeping the annualised NAV under £1.14 will keep the share price subdued (divi investors can easily beat the current divi- e,g. L&G).

I think GSF are doing a lot of the right things on operations but not with respect to managing the share price.
Posted at 01/11/2023 20:07 by melody9999
Was commenting on the JLEN thread but repeating below:

On 1/1/22 JLEN share price was 105p and divi 6.8p. ie 6.5%. If you now assume a high interest rate env ....say 4%....arguably investors will need to see 10%+ divi. Paying 7.6p, that means a share price of 76p or less.

All that completely ignores NAV / company performance in the last 2 years....

Just put a few £ into GSF...doing the same calc at 1/1/22 share price was 116p and divi 7p. ie 6%. Paying 7.5p now, so to achieve 10% divi share price needs to be 75p. You can buy today at 66p.
Posted at 31/10/2023 12:47 by someuwin
Couple of snippets from Shore Capital's comprehensive note on 26 October 2023

Gore Street Energy Storage +

Materially undervalued

Despite the share price falling c40% YTD, the portfolio continues to perform well, with GSF’s weighted average portfolio revenues averaging 3x the revenues achieved in GB (£18.9/MW/h vs £6/MW/h) in the quarter ending 30 September 2023. GSF also recently secured $60m funding for its 200MW/400MWh California project, which will benefit from a high level of long-term, contracted revenues (up to 40%).
The balance sheet remains strong, the portfolio well diversified and the operational capacity should more than double to 813MW by the end of 2024. Trading at a 43% discount to NAV and yielding 11%, we believe the current share price materially undervalues GSF’s fast-growing portfolio of cash generative assets that should reach an annualised revenue run-rate of c£100m by the end of CY24.
...

Valuation case:
Despite the shares declining 41% YTD, portfolio cash flows remain unaffected, and the portfolio build out continues to progress. We therefore recommend investors take advantage of the 43% discount to NAV to gain exposure to a highly attractive portfolio of assets in a sector uncorrelated to the business cycle, which is expected to grow significantly over the next decade as we transition to a grid dominated by renewables.

...We argue that GSF is exceptionally well placed to continue to capitalise on the opportunities provided by its internationally diverse portfolio to meet its return targets, whilst also reducing revenue volatility. Despite this international exposure enabling GSF to outperform peers in recent months, with portfolio cash flows largely unaffected by the decline in GB revenues and its superior balance sheet, the market has failed to recognise GSF’s outperformance, with the shares falling in line with GB focused peers.
We encourage investors to revisit the energy storage sector given its significant de-rating, with discounts exceeding 40%. We highlight GSF as our top picks thanks to its international strategy, strong balance sheet and excellent in-house expertise.
Posted at 27/10/2023 13:34 by chubby chandler
Brucie, management came out with this statement on 12 October, not sure what else they can do in the face of the current market madness?

"The Board continues to monitor the current GSF share price volatility. The Board and the Investment Manager confirm that they are not aware of any portfolio-specific factors that have led to the recent sharp decline in the share price. The Board believes that the discount to Net Asset Value at which the Company's share price currently trades materially undervalues the Company and its portfolio. The Board maintains confidence in the quality of the assets across the five international energy markets, which continue to perform strongly, underpinning the dividend"

Question then is do you believe management that the NAV discount "materially undervalues" the company, or do you believe the market which says the discount needs to be even bigger....
Gore Street Energy Storage share price data is direct from the London Stock Exchange

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