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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gresham House Energy Storage Fund Plc | LSE:GRID | London | Ordinary Share | GB00BFX3K770 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.60 | 1.57% | 38.80 | 3,367,702 | 16:35:06 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 38.50 | 38.80 | 38.75 | 37.00 | 37.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 225.44M | 217.14M | 5.6732 | 0.07 | 14.83M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:33:54 | O | 40,536 | 37.005 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 19/4/2024 | 10:12 | ALNC |  Gresham House Energy warns of revenue hit amid challenging environment |
| 18/4/2024 | 13:57 | UK RNS | Gresham House Energy Storage Fund Trading Update |
| 17/4/2024 | 17:11 | UK RNS | Gresham House Energy Storage Fund Transaction in Own Shares |
| 16/4/2024 | 17:41 | UK RNS | Gresham House Energy Storage Fund Transaction in Own Shares |
| 15/4/2024 | 17:19 | UK RNS | Gresham House Energy Storage Fund Transaction in Own Shares |
| 12/4/2024 | 16:59 | UK RNS | Gresham House Energy Storage Fund Transaction in Own Shares |
| 11/4/2024 | 17:03 | UK RNS | Gresham House Energy Storage Fund Transaction in Own Shares |
| 10/4/2024 | 17:06 | UK RNS | Gresham House Energy Storage Fund Transaction in Own Shares |
| 09/4/2024 | 17:28 | UK RNS | Gresham House Energy Storage Fund Transaction in Own Shares |
| 08/4/2024 | 17:07 | UK RNS | Gresham House Energy Storage Fund Transaction in Own Shares |
Gresham House Energy Sto... (GRID) Share Charts1 Year Gresham House Energy Sto... Chart |
|
1 Month Gresham House Energy Sto... Chart |
Intraday Gresham House Energy Sto... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/4/2024 | 17:37 | GRESHAM HOUSE ENERGY STORAGE FUND PLC (GRID) | 814 |
| 12/7/2022 | 11:00 | GRID Takeover | - |
| 30/4/2021 | 23:07 | GRID scaling up | 1 |
| 27/1/2003 | 21:58 | GRIDIRON - The greatest game on earth! | 24 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 16:34:05 | 37.01 | 40,536 | 15,000.35 | O |
| 16:07:49 | 38.80 | 2,500 | 970.00 | O |
| 15:35:06 | 38.80 | 22,935 | 8,898.78 | UT |
| 15:29:33 | 38.77 | 11,800 | 4,574.86 | O |
| 15:28:53 | 38.95 | 24,000 | 9,348.00 | O |
| Top Posts |
|---|
Posted at 19/4/2024 09:20 by Gresham House Energy Sto... Daily Update Gresham House Energy Storage Fund Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker GRID. The last closing price for Gresham House Energy Sto... was 38.20p.Gresham House Energy Sto... currently has 38,273,996 shares in issue. The market capitalisation of Gresham House Energy Sto... is £14,831,173. Gresham House Energy Sto... has a price to earnings ratio (PE ratio) of 0.07. This morning GRID shares opened at 37p |
Posted at 17/4/2024 08:57 by cc2014 The BESS index has risen from a low of about £15k/MW/yr when Jefferies wrote that article about 6-8 weeks ago to £82k/MW/yr yesterday.Whist this has been going on the price of gas which drives the marginal price of electricity has also risen by 45%. And yet the reaction in the share price of GSF/GRID and HEIT is that they have fallen more. OK, I get some of it is due to gilts rising and therefore pressure on the NAV due to the discount rate calculation but in the real world the revenues have changed by an order of magnitude. |
Posted at 16/4/2024 07:28 by cc2014 A bit of fun.GRID are buying back shares to the value of not more than the cut dividend. So, on say around 573.4m shares they started with before the buyback this is £42.15m a year to spend on buybacks. This would buyback 100m shares at 102m shares a year at 41p a share. Therefore by some Douglas Adams style of logic where I ignore that the buyback will force up the share price, if I do not sell my shares I will own 100% of GRID in about 5.5 years and collect the whole juicy dividend of £42m for myself |
Posted at 15/4/2024 20:54 by cc2014 A couple of points.The BESS index does not include capacity market contracts so that's additional revenue to add. I do not have time to go through them all but Thurcroft is an extra 7.1% revenue, Couper Angus an extra 20%, Port of Tyne is an extra 59%. All for the month to date. If you look at Port of Tyne for the last year it's an extra 70% on average. At your starting point of 740 MW GRID had 837 MWh By the end of 2024 GRID will have 1117 MW / 1817 MWh Note the doubling broad doubling of MWh as GRID are upgrading many of their batteries to 2hr, which is quick to do as it doesn't require a grid connection and will in itself bring in more revenue than just the new battery as 2 hour batteries are more attractive to the ESO. GRID say they can do this and more with no extra debt.. That kind of suggests nearly everything is built and relying on grid connections but whilst I take them at their word, I also take it with a pinch of salt. You are right about slippage. That's on on-going problem |
Posted at 15/4/2024 19:51 by marktime1231 Let's be careful reading too much in to figures in isolation. Thank you, but that linkedin chart from modo doesn't show earning rates before Q2 of 2023, at which stage operating income cover of the previous 1.75p quarterly dividend fell from x 0.97 to below x 0.5 I think. According to my looking at this back in February the dividend hasn't been covered since Q4 2022, when the average asset earning rate may well have been over £100k / MW / yr.Actually you raise an interesting point ... why haven't BESS trusts been publishing these transparent income figures so we can judge performance and outlook directly? I have been asking GRID to include them in trading and audited reports for three years, deaf ears. Actually it should be relatively straight forward to set an income breakeven benchmark. 4 x 1.8375p dividends over 569.55 million shares means GRID needs to earn £41.862M pa bottom line distributable profit. Ignore buybacks. Across 740MW of operational assets that requires £56.6K of distributable profit per MW per year to cover the current (former) dividend. So let's not cheer too loudly that gross revenues appear to have bounced back to around £50K according to modo. DISTRIBUTABLE Not revenue, not ebitda or operating income, not net income but distributable post tax profit. The margin ratios are severe ... To illustrate the difference, in FY 2022 gross revenues were £62.7M, operating income or ebitda was £48.8M, reported net income presumably after debt interest was £32.8M and bottom line profit after a further £8M or so "admin expenses" was £25.3M. Credit drawn has risen from £50M to £110M. Management admin fees have risen in line with AUM. There are too many variables to accurately calculate the revenues required to deliver £41.862M of distributable profit. For convenience lets assume x 2, which means each asset needs to earn revenues of £113.2K / MW / year to restore the dividend. Over 740MW assets. Of course if GRID energise the revised reduced target of 1,027 MW by year end the revenue run rate target reduces to £81.6K / MW / yr. Beware that GRID said in a previous trading update that should the revised reduced asset target of 1027MW be met the FY operating income would cover the dividend, not distributable profit. So £50K where revenues are now, actually not even £70K where revenues were this time last year, does not deliver. It should be pretty obvious it is not just a fall in prices scuppering GRID, it is the high debt cost, the high admin fees, but most of all the massive shortfall caused by the failure to deliver the pipeline ... just a year ago when GRID reported on FY2022 they were still outlooking 1.5GW of operational capacity through 2024. |
Posted at 11/4/2024 23:27 by marktime1231 Thanks very much for that link, nice to know what RBC see in GRID. A speculative risk, the target price 75p half of the share price just a year ago. Worth a gamble largely based on the notion there is better cashflow ahead but without really knowing how much. GSF a safer bet because of its diverse markets and already closer to their 85p target price which is more plausible.Well I remain ready to speculate in the dark at the right price, or in the light of facts if and when they are made available. Not yet. You would think the board would be remortgaging their houses to load up if there was the prospect of news on the way likely to send the share price back to the 70s. |
Posted at 22/2/2024 17:18 by marktime1231 From studying the ESO spreadsheet it seems GRID submitted around a dozen of its smaller BESS in to the T-1 Capacity Market auction, it will be up to management to tell us which were successful and what the financial impact will be. HEIT observed that the price struck was 40% lower than last year but higher than expected. The big winners appear to be larger longer duration BESS including new installations.My conclusion is that this is neither here nor there for GRID, if it had been a windfall bonus we would have heard already because they are so desperate for good news. Notably HEIT have renegotiated their group financing with a modest reduction in near term rate, presumably to help get them through the income slump. It remains to be seen when and how the sector will restore income to justify their current valuations. I don't see what is causing the recovery in GRID share price from 50p, in the same way I couldn't see why it recovered from 80p to 110p. Hopeful optimism and "bump in the road" thinking, because you have to and ...? We should wait for solid evidence of financial performance recovery and bankable outlook, ignoring fanciful asset valuation, before concluding this has been oversold. |
Posted at 05/2/2024 17:56 by nickrl James Carthew on a moan that current share price fall is down to the ESOhxxps://citywire.com Not sure the blame game against the ESO will help the situation both BESS and the ESO are now dependant on each other. Remember its only 12mths ago that GRID said Balancing Mechanism was a small part of the revenue stack yet now it along with wholesale trading are the key revenue drivers. The ESO recognised that BESS would be a key part of grid management as its generation mix evolves towards renewables and have a roadmap that will gradually favour BESS over CCGTs through 2024. So the ESO aren't trying to drive BESS off the system but their first priority is to keep the grid stable and for decades they've done this through big fossil fuelled power stations so we are in a period of evolution. This could be a good entry price but im holding back until there is more visibility that revenue is improving. |
Posted at 02/2/2024 10:59 by marktime1231 GRID commence a buyback programme without any specified parameters. Unbelievable, how does the market know how to react? Quite right that the share price has not responded positively.A more honest rns from HEIT pulling its dividend. A further 20% share price retreat seems a bit harsh. No silly buyback, concentrating on delivering its capex programme to enhance income. A bit of an eye-opener though, HEIT admits the collapse in revenue was evident way back in Oct 2023. We have been kept in the dark then. |
Posted at 31/1/2024 13:36 by cc2014 One of the impacts of the new bulk dispatch system (which GRID said would make them more money in their last RNS) is that the number of dispatches has doubled but the volume has increased just a bit, 8% for the first week and that's all the data I have.So, instead of routing to a small number of batteries about 8% more volume is being routed to double or in some cases 4 times as many batteries. My guess, because I don't have any detail on the information is that under the old system the volume was routed (through a manual process) to the batteries that had been around the longest (and that was GRID as first mover. Now, I suggest some of the volume that was being routed to GRID is now being routed elsewhere with HEIT and others with newer installations being likely beneficiaries. So, perhaps the pot got bigger, but GRID's slice of it got smaller. I am kind of fitting the facts here to the share price reaction as my hypothesis whilst based on some facts could do with more evidence. For sure though GRID is faring worst. |
Posted at 25/2/2023 10:51 by marktime1231 Puzzled by last year's jiggery pokery with the dividend timetable, at Christmas I wrote to Ben Guest accusing him of squeezing up NAV as part of planning for another big fund raising issue, something I had guessed had been imminent when the share price broke through 175p in September - that was my rough calculation of the point where a share issue was more economic than debt funding. Only for the market to take a sharp knock courtesy of Truss-Kwarteng and GRID subsequently announced £155M debt extension instead.A blustering denial of course. But I am sure that was the game. I also challenged him on project delays, was it really all down to waiting for grid connections, noting Harmony had just announced the commissioning of Pillswood claiming it was ahead of schedule. The GRID "NAV report" in early November was also a performance summary to end September except that details such as the portfolio status had been put in a separate Fact Sheet published at the same time. It confirmed my suspicions that there was slippage, and a bit of desperation eg putting things in the "live" column but with a note "in commissioning". A contrast to the bullish trading statements and outlook we have been treated to up until now. Edison too have picked up on the slippages. By my reckoning 300-400MW which should have been energised by 2023 Q1 according to original plans at the time of fund raising or project acquisition is already late or will be very soon. Through a winter of extreme pressure on the grid, eg National Grid ESO paying households to switch off 4-7pm, and yet sometimes having to curtail surplus wind generation. I challenged Ben Guest to provide a transparent report and to reset the timetable to something investors can rely on. Again more blustery denial, it was all other people's fault and they were working hard on getting connections. And yet the delays also come with increased delivery costs, at our expense, so it is not all or just third party problems. Never mind the loss of income. So it was a bit telling that the 10 February announcement of yet another flat dividend came without a NAV or trading update. No announcements of sites being commissioned, the size of the ones overdue would represent a material increase to income and so worthy of an individual rns. Silence. Not at all like the bull story we have come to expect. My conclusion is that GRIDs shifting strategy from acquiring live sites to acquiring earlier stage projects, in order to squeeze out more NAV gains, has backfired. They have not managed the execution risk well. An asset manager behaving like an asset manager rather than an income investment trust manager. Their fees are not suffering it is our income which is suffering. The exceptional energy market situation and more aggressive asset-optimisation has probably saved the day, compensating for the lack of MWh versus plan. Here for example is how hard some of GRIDs smaller sites are working ... ... a splendid tracker of how UK BESS sites are performing. These smart people recently did their own analysis of GRID on twitter and concluded things are looking trickier. The chance remains of course for GRID to put out a super report on 2022 and progress since, something we might expect to get in early April. Or they might wait a bit longer until there is really positive headline news. Funding remains healthy, they might have managed to complete some projects, new opportunities are available, etc. But I think NAV progress may have stalled and the missed surplus income opportunity means we might have to endure a flat or weakly improving divided. The future should still be bright but the current loss of momentum suggests a 10% premium over NAV-as-at-Sep-2022 is looking rich. Should we give GRID a chance and wait for a report in April or should we take some profits if the share price rises to meet ex-div next Thursday? |
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