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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
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 55.50 | 131,019 | 09:17:48 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 55.20 | 56.70 | 58.00 | 55.50 | 58.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 2.27M | -5.66M | -0.0112 | -49.55 | 280.33M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 09:17:53 | O | 850 | 55.4976 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 18/9/2024 | 15:32 | UK RNS | Gore Street Energy Storage Fund PLC Result of AGM |
| 11/9/2024 | 12:04 | ALNC |  Gore Street Energy net asset value falls; awaits asset cash generation |
| 11/9/2024 | 07:00 | UK RNS | Gore Street Energy Storage Fund PLC Unaudited NAV and Dividend Declaration |
| 29/8/2024 | 07:00 | UK RNS | Gore Street Energy Storage Fund PLC Publication of latest ESG &.. |
| 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 |
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 |
|---|---|---|---|
| 10/10/2024 | 14:40 | Gore Street Energy Storage Fund | 1,907 |
| 08/8/2024 | 11:36 | ::: Gore Street Energy Storage Fund PLC ::: | 573 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 08:17:54 | 55.50 | 850 | 471.73 | O |
| 08:15:03 | 55.68 | 17,859 | 9,943.89 | O |
| 08:08:37 | 55.70 | 16,158 | 9,000.01 | O |
| 08:08:08 | 55.70 | 5,377 | 2,994.99 | O |
| 08:03:33 | 55.70 | 162 | 90.23 | O |
| Top Posts |
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Posted at 11/10/2024 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 55.50p.Gore Street Energy Storage currently has 505,099,478 shares in issue. The market capitalisation of Gore Street Energy Storage is £280,330,210. Gore Street Energy Storage has a price to earnings ratio (PE ratio) of -49.55. This morning GSF shares opened at 58p |
Posted at 10/10/2024 12:13 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 11:35 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 27/9/2024 11:10 by craigso What would actually happen if management listened to the mob and wrote down NAV "to be more accurately reflect the market's views" and cut the dividend so that it was fully covered today? A share price crash most likely... (DGI9 is a good example how a more "honest" NAV cost shareholders another 20%)These BESS funds could certainly end up being a massive scam - I don't have the same handle on the appropriate value / MW installed as I would do for other power technologies - and batteries probably ought to be nestled within a major power trading entity rather than as stand-alone ITs. But there is a lot of capacity coming online soon for GSF, with little to no outstanding capex. And GSF has no debt at the holdco level to worry out, but lots of cash. I wish I was buying in today at 58p instead of holding my average cost in the 70s, but I think we'll be fine here. |
Posted at 11/9/2024 08:46 by cc2014 Well I give up. This is what I see:1. It appears that GSF have probably binned the rest of the roll-out beyond Dogfish. It doesn't say that but I construe it from what's been written "only three assets left to come on online" "influx of cash to de-lever, build further assets, dividends or buybacks" I actually strongly agree with binning the rest of the portfolio but why not just say so. Without doing so the gearing will be out of control and I'm not sure who would have lent them the money anyway to gear up to do it. 2. I see all the generation numbers of Mw/Hr by region are not included making it difficult to see what's going on. This is a big disappointment and we are back to a lack of transparency 3. Who knows whether the revenue number of 0.5p contains liquidated damages or not and whether these are collectable. So, I have no idea what's been actually generated. 4. They have not changed the long term forecasts like GRID did, presumably because they don't have to because it's a quarterly update and the auditors don't look at it. What planet are they on here? 5. Changes to the DCF model for curtailment. Well this should have been in the model anyway but a change of 1.1p per share when the GB assets are what a quarter to a third of the assets. That's like a 3.5% change on the GB assets. That's quite significant. One wonders what "such as curtailment means" Having said all that the share price is 58p. Are all my moans in the share price? GLA |
Posted at 11/9/2024 08:32 by markydeedrop @Cocopah"based on income constraints and a lower NAV" why? Once all 3 of the current projects are operational and tallied up with the RA for Big Rock, I'd expect a NAV enhancement not a shrinkage. "we expect the portfolio to reach a steady state, able to meet its dividend targets from cash generation". The whole point of the diversification into the USA and Ireland has been to move away from the more volatile UK BESS market. Bolting on additional security like the 4 hour RA for Big Rock will bring even more stability. The RNS today was incredibly positive, and with a share price of 58p and a 7p dividend, that gives a pretty impressive 12% yield. "The portfolio is now materially derisked" For income seekers this has become a solid option, and I'd expect some capital growth over time as well. Yes BESS in general is still in its infancy, but I think GSF are navigating the arena as well as can be expected and shareholders buying in at current levels will be well rewarded going forward. As always, DYOR. |
Posted at 10/9/2024 14:02 by cocopah #waterloo01 I think it’s a dangerous game to guess what the low might be. The share price has been on a constant drip downwards for quite a while now. We haven’t even had notification of a ‘good day’ on the income front recently. The CEO is nowhere near as visible as he was when the share price was flying high. Another monthly update will be issued soon, but will probably just contain the platitudes of previous updates. All we can do is hope that the American assets will arrive on time and that the December update is positive. Still far too much opacity around the financials, especially the amount GSC are taking out of the pot. |
Posted at 31/7/2024 11:03 by cc2014 So, the question really is when did GSF purchase the batteries for Big Rock and Dogfish as that's a significant part of the fleet?One would imagine these were firmed up perhaps six months ago in which case the price of Lithium was around 100k and whilst higher than it is now at 85k would broadly make them as competitive as anyone else building BESS right now where energisation takes place in the next 6 months or so. If they left the procurement to around April Lithium was 115k so not great. However, the real problem comes in they procured the batteries before Dec 23, in which case the price of Lithium was way way higher. As high as 300k in June 23. (it looks to me like HEIT were procuring when Lithium was around 350k. I could be wrong. I can't understand HEIT's share price at all) |
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 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) |
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