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| 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
|
|
|---|---|---|---|---|---|
| -1.40 | -2.23% | 61.50 | 1,699,860 | 16:35:13 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 61.20 | 61.60 | 62.00 | 61.40 | 62.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 73.29M | 63.41M | 0.1317 | 4.68 | 302.8M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:23 | O | 10 | 61.50 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 15/7/2024 | 14:31 | ALNC |  Gore Street Energy net asset value down but hails diversification |
| 15/7/2024 | 07:00 | UK RNS | Gore Street Energy Storage Fund PLC Final Results |
| 20/6/2024 | 07:00 | UK RNS | Gore Street Energy Storage Fund PLC Full-Year Unaudited Net Asset Value |
| 23/5/2024 | 10:21 | UK RNS | Gore Street Energy Storage Fund PLC Holding(s) in Company |
| 21/5/2024 | 12:26 | ALNC | Gore Street Energy income rises as capacity continues to expand |
| 21/5/2024 | 07:00 | UK RNS | Gore Street Energy Storage Fund PLC Full-Year Trading Update |
| 01/5/2024 | 15:39 | UK RNS | Gore Street Energy Storage Fund PLC Director Declaration |
| 28/3/2024 | 11:58 | UK RNS | Gore Street Energy Storage Fund PLC Director/PDMR Shareholding |
| 28/3/2024 | 10:13 | UK RNS | Gore Street Energy Storage Fund PLC Total Voting Rights |
| 25/3/2024 | 17:31 | ALNC | EARNINGS AND TRADING: RTC back in profit but Goldplat earnings fall |
Gore Street Energy Storage (GSF) Share Charts1 Year Gore Street Energy Storage Chart |
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1 Month Gore Street Energy Storage Chart |
Intraday Gore Street Energy Storage Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 26/7/2024 | 14:16 | Gore Street Energy Storage Fund | 1,778 |
| 01/11/2023 | 21:57 | ::: Gore Street Energy Storage Fund PLC ::: | 569 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-07-26 15:35:24 | 61.50 | 10 | 6.15 | O |
| 2024-07-26 15:35:13 | 61.50 | 10 | 6.15 | UT |
| 2024-07-26 15:29:09 | 61.60 | 180 | 110.88 | O |
| 2024-07-26 15:26:42 | 61.50 | 50,000 | 30,750.00 | O |
| 2024-07-26 15:26:34 | 61.50 | 50,000 | 30,750.00 | O |
| Top Posts |
|---|
Posted at 26/7/2024 09:20 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 62.90p.Gore Street Energy Storage currently has 481,399,478 shares in issue. The market capitalisation of Gore Street Energy Storage is £297,023,478. Gore Street Energy Storage has a price to earnings ratio (PE ratio) of 4.68. This morning GSF shares opened at 62p |
Posted at 25/7/2024 15:56 by cc2014 I think it quite difficult to make estimates as they are in a number of distinct markets. However, they do publish predicted prices per MW/hr for all markets and we know the volumes so it's not that difficult to work out what the revenue will be and whether you like the NAV or not.From my point of view, I find the long term power price assumptions too high and thus the NAV, but some of that is clearly in the share price and the market agrees. We will see. I'm not in GSF right now. I took my money out on results today and chucked some of it on ORIT, JLEN and a few others which I consider less risky but still suitable returns. |
Posted at 16/7/2024 09:02 by yump ScruffI’ve got a fair few high yielders, as moving to income not growth. GSF is the least transparent, so not exactly happy with it. Even if interest rates stay where they are, I don’t mind yields only being a couple of percent higher, as long as the funds are reporting clearly. I don’t think anyone was expecting such a deterioration in so many REIT share prices. Maybe its an opportunity for capital growth at these levels, maybe its exposed the worst of them. A proper prospect of covered dividends at some point soon would make a huge difference. I get some reassurance (not here!) from the fact that its a sector issue, maybe multi-sector, as Some secure high yielding stocks in insurance, banking etc. haven’t exactly been gobbled up by investors. |
Posted at 12/7/2024 16:28 by cocopah Unfortunately, some people just don’t seem to be able to grasp the reality of this situation. Gore Street Capital are taking far too much out of GSF and there is little clarity on when contribution from construction through energisation happens. Moreover, the CEO seems at ease with the share price 40% down. There is a meeting next week and people should be posing questions that put his decision-making under the microscope. I have done, and if you don’t, then you deserve whatever capital paper losses you sit on.🤷& |
Posted at 04/7/2024 07:39 by george stobbart Deutsche Bank Numis initiates coverage of Battery Storage FundsBuy Sector Rating July, 4 2024 Preferred Fund: Gore Street Energy Storage Fund The significant share price volatility across battery storage investment companies in 2024 (average -31% ytd) reflects the impact of lower actual and forecast GB revenues on earnings, dividends and NAVs. Ultimately, we believe battery storage has a significant role to play in the energy transition and in our view the inherent variability of the current merchant-based revenue model is masking upside potential of the listed peer group. Although we reiterate our view that the variable revenue profile is less suited to the high fixed dividend targets that underpinned initial investment pitches, we note the composition of returns is evolving with the introduction of greater contracted revenue visibility and earnings-based dividend policies. We do not rule out the possibility of further near-term share price volatility, but in our view the significant increases in operational capacity, expected over the coming months as companies execute existing build out programmes, gives rise to attractive potential earnings. This will improve cash cover for existing dividends and enable a return to distributions from funds where dividends are currently suspended. This, combined with the potential for asset sales and corporate action, will underpin a positive share price trajectory in our view. To download the full note (41 pages) please click here: Download battery storage note Evolution of revenues: The weakness in revenues for GB batteries over the past 12 months has been driven by falling prices for ancillary services amid increased supply, coupled with limited opportunities in wholesale markets. The picture has improved more recently, aided by the first steps of a programme to evolve the grid balancing systems, but it is expected to be some time before the impact of this is fully felt. Gore Street Energy Storage’s international exposure has partially cushioned the impact of this weakness in the GB market on overall revenues, while Gresham House Energy Storage has responded to the challenging environment with the introduction contracted revenues through a tolling arrangement. This two-year contract will reduce the volatility of earnings, but we expect some investors will question the potential returns upside that has been sacrificed. Do discounts offer value: Wide discounts are reflective of investor scepticism towards NAVs and portfolio valuations that are based on long-term, third-party revenue forecasts in a nascent market. As a result, we focus on nearer-term cash earnings and undertake a scenario analysis which assesses the likely run-rate earnings potential of each fund by the end of 2024 and underlines potentially attractive distributable returns going forward. We believe evidence of this translating into a more sustained period of improved returns will be required for share prices to see a significant further re-rating, but we note that there is also scope for value to be unlocked through M&A and asset sales, given significant capital is seeking access to the storage thematic. Preferred exposure: Based on our analysis we believe Gore Street Energy Storage offers investors the most compelling exposure to the BESS sector. Its significant anticipated growth in operational capacity in H2 gives rise to attractive forward-looking earnings potential, which should be relatively stable based on the portfolio’s international diversification across five uncorrelated grids. In addition, we note that shares of Harmony Energy Income also benefit from potential nearer-term catalysts, with the prospect of asset sales and other corporate action. |
Posted at 11/6/2024 09:12 by cc2014 70p on the bid now. Hurrah.I don't think Rathbones are in a particular hurry. They certainly aren't offloading at a certain price and stopping the share price rising. If they are selling it would feel more like they are letting so many go a day and they are happy at that. The share price previously rose to 90p at Christmas and Rathbones were owners then so I don't see them as a issue. |
Posted at 24/5/2024 16:53 by cocopah #SteMIS I’m not arguing about what you are saying, or saying that it’s not right or relevant, it is.I didn’t mention the specific level of fees in my posts, I simply pointed out that there are a whole host of fees and charges (or simply gifts) that Gore Street Capital is making which in total amounts to taking the pi&s out of #GSF investors whilst the share price is in the bin and of course it impacts dividend coverage. I would say that I am surprised nobody has challenged the significant increase in corporate service fees from £1.89m in 2022, to £5.58m in 2023 … and they have the audacity to call them KPIs in the annual report! At the next meeting if not before we should all be asking questions about this and how management can justify it. My point about the increase in the number of staff at Gore Street Capital (and their wages and performance related pay), in their capacity providing services to #GSF, also appears completely unjustified. I think we’re on the same page in thinking that it’s not on! 👍🏻&# |
Posted at 21/5/2024 11:34 by cc2014 I have to say I'm a little disappointed with the share price today. There's still plenty of time of course but it seems that every penny move up is met with a large lump of selling. Perhaps unsurprising given how long the share price has been in the doldrums but annoying nonetheless.I remain ever hopeful |
Posted at 29/4/2024 08:11 by fordtin This link should start at 26m42s26:43 questions more specifically for James's portfolio manager, James can you say more about what battery storage assets you see most attractive and why do you consider that the current prices of GRID and others are an overreaction of recent problems? 27:00 Yes that's a good question, what I would say is that all three are trading now at a discount to replacement cost, so if you had to go out and build those assets it would cost considerably more than their implied value. Given their share prices in terms of ones we own, we actually own all three. We were big sellers of GRID and Harmony HEIT toward the end of last year. So they were much smaller parts of the portfolio than Gore Street, which is GSF. And the reason we did that was, and I should say we sold them at quite considerably higher prices than they're currently trading at today, and the reason we did that is that revenues were actually falling off for quite a way over last year as the frequency market became rather saturated. Now the key differentiate between these three companies is that Gore Street is a much more international business in terms of it has assets in Ireland and also in in the US, and a small one in Germany as well. Now, if you take Gore Street's NAV, and you assume that it's UK operations are totally worthless and just value the US and the Irish and German assets, you still come out, I mean I worked it out at 72 P, so I'd encourage people to do their own calculations, but you know it's easy enough to do. So, the shares are implying that the UK assets are worthless and there's a discount on the US and the Irish assets, which have actually continued to perform very well. So that's why we have quite a considerably higher holding in Gore Street than the other two. Now, one thing that's been happening recently, which should work to the advantage of the predominantly UK ones, so Gresham, GRID and Harmony HEIT, is that the UK's or National Grids balancing market system, whereby batteries will be full participants in the balancing Market, which has taken a while to get off the ground, now does seem to be hitting its stride and both those companies GRID and Harmony have recently reported improved revenues over March and in to April. Whereas the share prices don't seem to have reacted quite in the way that I would have imagined. So, yeah, and that's a kind of long roundabout way of saying I'm not allowed to say whether they're expensive or cheap, but, yeah, the market doesn't seem to have given them, I think, the credit they deserve. And the market just seems to be rather fixated on the very low revenue environment that we saw in January and February, and doesn't really attribute any improvement in revenues that we've actually seen coming through over the past month or two. 30:05 okay um and then uh the next question (Apologies to the interview participants for any errors in punctuation) |
Posted at 20/4/2024 14:24 by cocopah I absolutely see the benefit of investing in different jurisdictions, especially the USA. My problem is that it’s difficult to see through the opacity with respect to revenue generation in the short-term or fully understand whether our 1 hour batteries is the optimal way to benefit from the different revenue stacks. Either way, it’s clear that the jury is out when it comes to the market analysts being convinced about income and dividend cover, which is seriously holding back share price performance.Initially, I wanted to hold this share for the long-term, with a stable share price for income. However, now, when the market improves, I will be looking to exit and seek a safer haven for income. Whilst communication has improved somewhat, I do believe that they could be more upfront (and I’ve given many examples on previous posts). From memory the next update is in July so it’s just fingers crossed until then.🤷 |
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. |
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