Share Name Share Symbol Market Type Share ISIN Share Description
Greencoat Uk Wind Plc LSE:UKW London Ordinary Share GB00B8SC6K54 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  1.10 0.72% 153.80 1,351,266 11:49:00
Bid Price Offer Price High Price Low Price Open Price
153.50 153.80 154.40 152.70 154.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 423.47 363.13 18.30 8.4 3,564
Last Trade Time Trade Type Trade Size Trade Price Currency
11:48:43 AT 716 153.80 GBX

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Date Time Title Posts
10/6/202201:11GREENCOAT UK WIND515

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Greencoat Uk Wind Daily Update: Greencoat Uk Wind Plc is listed in the Alternative Energy sector of the London Stock Exchange with ticker UKW. The last closing price for Greencoat Uk Wind was 152.70p.
Greencoat Uk Wind Plc has a 4 week average price of 149.10p and a 12 week average price of 148.50p.
The 1 year high share price is 160.40p while the 1 year low share price is currently 126.60p.
There are currently 2,317,097,882 shares in issue and the average daily traded volume is 5,543,277 shares. The market capitalisation of Greencoat Uk Wind Plc is £3,563,696,542.52.
marktime1231: Or stick with UKW. It is a possibility but still unlikely the UK government will extend windfall taxation to those companies actively investing directly in shovel-ready renewables. It would not be such a vote winner would it. Meanwhile the surplus income and the value being added to assets is exceptional. Even if they did consider a 25% surtax on renewable energy company profits for 1-3 years UKW would still be beating its own investment base-case by miles, while wholesale energy prices are still running at 3-4 x normal. Actually extending the 80% tax rebate on investments could make UKW an even bigger winner on net asset value, but at the expense of clobbering net income. In short there is nothing to fear here. Take a longer view. I suspect the real reason why some defensive sectors of the market are down a little is that risk-on investors have crawled back out from under the duvet, ready again to gamble money on over-priced US tech stock etc. The next time the market sneezes we will be soaring here again.
marktime1231: There is no doubt, the opening statement from the UK government on 26 May was ... "Following record high oil and gas prices over the past year due to global circumstances, and to help fund more cost-of-living support for UK families, the government is introducing the Energy Profits Levy, a new 25% surcharge on the extraordinary profits the oil and gas sector is making." The possibility of the levy being extended to other energy companies is perhaps what is weakening some share prices. It is after all a logical extension to the argument that some companies are making windfall profits while passing on much higher costs to consumers. The domestic energy bill is 25% from renewables and rising. But right now the policy is expressly just on oil & gas.
whilstev: Can anyone clarify for me was UKW part of the windfall tax or not ? The current share price seems to suggest yes.
marktime1231: Aside from trying to time a possible fund raise the two opposing forces driving UKW price are: in the plus column we can expect the NAV will rise each quarter, and keep rising every time a development project from the pipeline gets commissioned; in the minus column the macro of wholesale energy prices which might take a breather, from lower domestic demand over Summer coupled with LNG supplies flooding in to the UK so we can support our European neighbours with surplus gas and electricity. As you say the share price is at a relatively modest premium to NAV right now, if and when they go for the next fundraise it is likely to be at a premium of a few pence.
marktime1231: Very interesting and something of a departure for UKW, investing heavily in offshore for the first time? And paying a high price for 150MW of operational capacity rather than cheaper but riskier investing in early stage developments. Not sure if this will add much to NAV per share. I bet GIP are rubbing their hands. Ignore the £400M price tag, this is costing £1.1B of which £700M is debt taken on whatever terms (which are?) and £400M paid across from surplus cash and some of the available RCF. Assuming a 35% load factor (it might be higher) UKW has bought in what corresponds to about £80M pa revenue. On the plus side it is secure income on a long term price formula, and will deliver immediate cash flow once the deal is complete. But I don't think this is enhancing dividend prospects, more like underpinning the current level. Yes UKW is looking fully geared again, c. £1600M long term debt and c. £200M drawn on the RCF, the known pipeline probably covered by cashflow and available facilities but if UKW wants to reduce gearing and expand further there will need to be a fund raising issue.
marktime1231: Some key points from the latest fact sheet / NAV report. Q1 generation (only) 1% ahead of budget, power prices an unspecified (massive) amount above budget. By my observation UK wholesale has been averaging 3-4 x normal, and is still x 3. From the clues given I calculate an income surplus over base plan of £65M in Q1. The 16p jump in NAV from cash flow (3p) price outlook (7p) and inflation (6p). That says to me there is even more good NAV news to come in 2022 from cash flow and inflation, because the upgraded outlook is still a little conservative. £250M RCF repaid, £900M debt, holding £184M in cash, gearing down to 21%, £600M facility available. An incredibly strong financial platform. Time for news of grand expansion plans. 1442MW operational, pipeline 306MW to commission 22/23 at £423M. No delays please. Adding capacity at significantly lower cost rate than historic average. (Edit - I estimate the commissioning of this pipeline would add 20p to NAV per share over the next 18 months). And at this level of cash flow those investment costs could be covered by income. And / or they will have to increase the dividend sharply next year to reward investors and keep yield in step not just with RPI but with NAV / share price progress. In conclusion UKW a buy all the way to 175p on predictable short-term prospects. As regards AGM dissent over giving themselves shares, yes so a bit uneasy, well the manager is already getting their bonus from the soaring value of assets under management. The directors are getting paid already for not actually doing much to cause the results, if they want to share in the success of UKW they can bloomin' well buy shares like the rest of us. On the other hand if the remuneration non-exec sees the need for an incentive plan to keep on winning, well £10M is worth paying for the outperformance we are enjoying. So long as the incentive is for sustained income performance not just asset growth. A £10M special dividend equivalent to shareholders would be less than a ha'penny each.
marktime1231: I think we are expecting UKWs annual results this Thursday 24 Feb? Fact checking my own facts. In the results to Dec 2020 UKW reported generation of 2,952GWh (3% below budget) and net cash generation of £145M (is that the same as operating income?). Gearing was 33% around £1.1B at an average 2.26%. Fees were £19.8M for the year. Since then UKW has added operational capacity up from 1,173MW in Dec 2020, in early January 2022 UKW announced additions of 92MW taking the total capacity to 1,422MW. (Dec 2019 was 979MW). At the half-year stage UKW reported 1,476GWh and net cash generation of £104M. Capacity over 1.2GW. Gearing at 28%. Wind speeds may have been low again but operating capacity grew rapidly in H2, so about level then? Prices since October averaging 4-5 times higher so net cash (operating income) as much as £300M to look forward to. Or am I getting carried away?
marktime1231: Very interesting annual report from TRIG, where the portfolio is dominated by offshore wind. Lots of words and not easy to follow the figures though. It separates corporate debt from project level debt and so it is not easy to work out the funding or development-in-progess position, net debt etc. I think TRIG are geared up to 40-45% at what they say is mostly fixed 3.4% interest rate. Whereas UKW geared around 30% can't remember the rate. My conclusion is UKW are now significantly bigger, expanding faster, and managing the economics better. In 2021 TRIG operating income more than doubled from £100M to £210M, despite generation only increasing 5% from 3925GWh to 4125GWh. That is the effect of the sub-base model wind conditions last year, now picking up (literally, my kitchen bin has just flown across the back garden for the second time this morning). The read across for UKW is superb since they have introduced many new operating assets and are in the same frothy market for wholesale electricty prices. Strangely TRIG only reporting a 3.4% NAV improvement and a miserley 1.1% dividend increase, despite fees rising by a third to over £21Mpa. Priorities? A more conservative wholesale price outlook? So. Very much happier to be invested in UKW where the dividend is to be increased by 7.5% and presents a forward yield roughly 6% compared to TRIGs 5.2% at today's share prices. I would hope UKW NAV has advanced better than 3.4% too, to justify the premium in the share price. All very good.
marktime1231: The UKW share price continues to ignore the double plus good news of the wind blowing strongly around Britain again while day-ahead energy prices are averaging £150 / MWh and rising, twice the budgetted level. The difference this is going to make to the financial outturn is huge, no wonder management have been adding expensive looking capacity. The crisis being caused by natural gas demand outstripping supply, a squeeze from Russia, disrupted import from France nuclear surplus where they are having a strike anyway ... bad news for some, good news for others. Energy storage and balancing must also be having a field day.
marktime1231: I wonder what can have caused the recent spike and fall in UKW share price. Appreciation that steadily increasing its portfolio generation assets will be driving income, baseload energy prices up x2 from this time last year, more than offsetting light winds. But the cost of acquiring new assets must be going up, and the money for the next round of expansion might have to come from another big share issue because gearing is already at the top end of its intended long-term 20-30% range. Thank goodness the wind has started to blow again, a breezy winter will be good news just as the newest wind farms come on line, and take some heat out the wholesale market.
Greencoat Uk Wind share price data is direct from the London Stock Exchange
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