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GSF Gore Street Energy Storage Fund Plc

-1.40 (-2.13%)
24 May 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
  -1.40 -2.13% 64.30 1,400,789 16:35:11
Bid Price Offer Price High Price Low Price Open Price
64.20 64.50 65.30 63.40 65.10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 73.29M 63.41M 0.1317 4.90 310.5M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:11 UT 14,142 64.30 GBX

Gore Street Energy Storage (GSF) Latest News

Gore Street Energy Storage (GSF) Discussions and Chat

Gore Street Energy Storage Forums and Chat

Date Time Title Posts
25/5/202411:20Gore Street Energy Storage Fund1,574
01/11/202321:57::: Gore Street Energy Storage Fund PLC :::569

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Gore Street Energy Storage (GSF) Top Chat Posts

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Posted at 26/5/2024 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 65.70p.
Gore Street Energy Storage currently has 481,399,478 shares in issue. The market capitalisation of Gore Street Energy Storage is £310,502,663.
Gore Street Energy Storage has a price to earnings ratio (PE ratio) of 4.90.
This morning GSF shares opened at 65.10p
Posted at 25/5/2024 10:08 by daveoz1
g stobbart 1571: Ah, thanks for that. (I think!) If you could make me happier about the GSF price dropping from 95+ p to 64p, I'd be really grateful..
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 24/5/2024 12:27 by stemis
Cocopah. You are, not unsurprisingly, missing my point. Gore Capital don't charge GSF £7.4m, they charge over £13m, although GSF only disclose £7.4m. I'm afraid I have to go out, but when I return I'll show you how they do it and technically stay within the truth of their disclosure.

Whilst it's strictly true that the investment manager (Gore Street Capital) only charge £7.4m to Gore Street Energy Fund PLC, they also route further charges through Gore Street Capital's, subsidiary, Gore Street Services Limited, directly to the porfolio companies of GSF.

Gore Street Services provides 'management services' to these portfolio companies and charges them £5.6m. But Gore Street Services has no employees. Instead it pays Gore Street Capital to provide these services, effectively routing the majority of the income back to them.

So whilst it's technically true that (Gore Street Capital) is only charging £7.4m to Gore Street Energy Fund PLC in reality GSF is being charged £13m.

So out of an group ebitda of £29.8m, and probably a PBT of at most £24.8m, the investment manager is taking out £13m, leaving at most £11.8m for shareholders.

Nice work if you can get it.
Posted at 23/5/2024 13:26 by stemis
I agree SpectoAcc. Last year, pre investment manager charges, GSF made an ebitda of £24.2m. I don't know what depreciation of the assets comes to, but let's say £5m, so a PBT of £19.2m. From that Gore Street Capital, the investment manager, took £7.4m. That would be nearly 40% of income.

Thing is, the purpose of Gore Street Capital, is simply to manage GSF. It's accounts are freely available from the companies house website. So why doesn't GSF just employee the relevant people? Perhaps because Gore Street Capital made a pre tax profit of £3.0m last year and it's highest paid director (who I presume is CEO and founder, Dr A O'Cinneide), received £1.0m. I don't how much of Gore Street Capital Dr O'Cinneide owns because shareholding of the company is, in the majority, through LLC's and what I presume is a non UK company but I'm guessing a fair chunk. So his effective remuneration is probably somewhere between £1-4m. Sitting behind an investment manager, none of this is disclosed in the Report & Accounts.

Does anyone know if Dr O'Cinneide owns shares in GSF? He doesn't seem to be a notifiable shareholder
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 01/5/2024 07:55 by bountyhunter
The GSF yield is 12.8% with the dividend maintained or increased every year since first paid in 2018. From an income perspective GSF has performed well although the share price doesn't reflect this.
Posted at 30/4/2024 20:36 by alan pt
@Cocopah Not arguing with your personal decision, but it does depend on your assessments & expectations

1) How much you paid is irrelevant (sunk cost fallacy)
2) What is your expected holding timeframe?
3) What return do you expect to get over that timeframe?
4) Do other investment opportunities offer less return (then hold), equal return (then sell some and spread risk), or more return (then sell all)

If you expect, for example, a 40% return on current GSF price by end of year and you can't see any other similar opportunities then indeed selling would be ridiculous

It is very hard to do this consistently, even for professional investors. We all become somewhat emotionally invested in things where we are financially invested (often unreasonably positively, sometimes unreasonably negatively when we have been burned). As a past and current DGI9 investor I recognise my own failings in this respect :)
Posted at 29/4/2024 08:11 by fordtin
This link should start at 26m42s

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?

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.

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

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.
Gore Street Energy Storage share price data is direct from the London Stock Exchange

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