Greencoat Uk Wind Share Discussion Threads

[a0002577] 26/2/2018 11:32

Results published today.

Highlights:

~ Market capitalisation : £1,263.0 million
~ Share price : 122.8 pence
~ Dividends with respect to the year : £57.3 million
~ Dividends with respect to the year per share 6.49 pence
~ GAV £1,409.0 million
~ NAV : £1,144.0 million
~ NAV per share : 111.2 pence
~ NAV growth per share (adjusting for dividends) : 2.6 pence
~ Total return (NAV) : 8.5 per cent.
~ TSR : 8.4 per cent.

Forward Dividend : 6.76 pence : Forward Yield therefore 5.60% : Forward TER also reducing.

The increase in NAV seams to be down to the change in the discount rate used. There is a good table setting out how changes in NAV are affected by various factors (including the discount rate)

but it seems solid with a commitment to RPI dividend increases. However, I cannot see the attraction over TRIG and FSFL or even JLEN. All of which have higher yields and smaller premiums to NAV. There are also some 'infrastructure' VCTs which yield more - tax free to boot.

What am I missing?

[stewart64] 26/1/2018 05:59

Energy security in the news today regarding Russia's potential to disrupt Continental supplies. We could easily be self sufficient on renewables but at the moment you wouldn't have a cat in hell's chance of raising the IPO capital needed with Comrade Corbyn and McDonnel in the background. Infrastructure shares on a downer currently.

[stewart64] 03/1/2018 13:12

Hargreaves was not executing any buys until the last hour or so this week for Greencoat because of an oversight on documentation. The price headed north anyway.

[morgoth1] 02/11/2017 09:29

I got all i applied for im with Hargreaves Lansdown.

[pj fozzie] 31/10/2017 10:11

Who has received notification of their allocation? Anyone scaled back or did you get the full number you applied for? Which broker are you with? I'm with Interactive Investor and have heard nothing so far.

Cheers,
PJ

[morgoth1] 27/10/2017 08:31

Looks like i got all the shares i applied for at £1.17.
IMHO they will scale back the institutions.

[stewart64] 27/10/2017 08:24

Share issuance of 290 million with receipts of 340 million. A success and oversubscribed according to their website of 25th October 2017.

[stewart64] 25/10/2017 10:06

Shares falling quite sharply today. Any idea when the share allocation and details of the capital raise is known? Wondered if the fall might have had something to do with the new share issuance today, but probably more to do with the good GDP data. I thought the November rate rise was a banker anyway.

Meanwhile, the good GDP data must be a major blow for the Remain ultras who were hoping for a bit of gloom mongering today, led by Philip Hammond naturally.

[stewart64] 13/10/2017 11:40

Ah right the shares get credited on 27 Oct so will attach the next dividend. Thanks...never read my HL emails.

[morgoth1] 13/10/2017 10:34

IM with Hargreves Lansdown had a message yesterday i can apply for shares minimum of £1000 no max mentioned then i have to wait to see how many i get.
It will all depend of the take up of new shares.

[rustle2] 13/10/2017 09:40

Does anyone know who are introducing for PIs for the latest offer or can we only do it directly with Greencoat using the forms on the Prospectus?

[gateside] 11/10/2017 22:59

With the NAV down at 109p - I too am finding this share difficult, to know where the share price should be right now. Looking to buy - but will monitor price for now.

[stewart64] 11/10/2017 14:31

A far too big a dilution in one go imo going from a one billion market cap to one point five. Totally impossible to price this share now, nobody knows where the NAV will end up or the eventual earnings. Just have to batten down the hatches and hope it will come right sometime next summer. (as it did last year)

[gateside] 11/10/2017 14:23

Looks like it wants to test 117p after all!

[stewart64] 11/10/2017 14:23

Well the share price is getting dangerously close to the offer price of the new issuance. Probably not the best time to go Empire building with interest rates set to rise and UK stocks coming under pressure from Brexit, the Management have managed to crash the share price by over 6%. One hopes 117 will be a floor, at which point the issuance would flounder too.

[rustle2] 29/9/2017 07:14

Thanks Stewart for the explanation. I knew that I was missing something and also that the market would have priced it right! At least they are offering above NAV and I wouldn't say no to topping up at 117.

[rustle2] 28/9/2017 21:58

Thanks Stewart for the explanation. I knew that I was missing something and also that the market would have priced it right! At least they are offering above NAV and I wouldn't say no to topping up at 117.

[stewart64] 28/9/2017 18:31

On the plus side Greencoat must be buzzing with their own story and think the Market will not overly punish the price off such a slim discount. Price falls to 117 and it is game over for raising the half billion.

[stewart64] 28/9/2017 17:46

Unless the new shares are sold at a discount, like any new issue, they aren't going to raise the money. They plan to raise an extra 500 million which would dilute existing stock value about a third of the way down between 117 and 125 to about 122.00 and may be another penny to cover costs. So the Market pitching it about right at close. Thanks Greencoat for wiping out a few hundred quid today off my portfolio, let's hope it works out in the long run.

Good forecast by a member on here a few days back that said this would happen.

[gateside] 28/9/2017 17:24

One would imagine that the shares will fall to 117pCould be a good level to buy at.

[rustle2] 28/9/2017 14:53

So who understands the figures after the latest announcement?
Shares to be offered at 117p even if they miss out on the next 1.62p quarterly div, why are these fixed at 121.5p.
I must be missing something here?

[daveofdevon] 15/9/2017 02:52

Nope, it wasn't a fund, in fact nobody bought anything. Flagged as UT it was an end of day uncrossing trade to clear down the order book. Lots of people get caught out by that one !

[stewart64] 14/9/2017 19:39

I note someone splurged 270k after trading and paying a fifth of a penny premium at 1.232.One assumes a fund.

[stewart64] 14/9/2017 09:42

Thanks for the warning Spin Doctor, may need recourse to the begging bowl to grow in view of the high yield.
Thought it might be more responsive to Brent at $55. Ok the wholesale price will be guaranteed but it does justify wind's existence better even though there is the renewables argument as priority.
This one should be Brexit proof...it's about the only thing we can do that the Europeans can't do well because their wind climate is weak. A professional renewable consultant I spoke to reckoned that Scotland had 50% of the entire Continent's wind potential.