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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Harmony Energy Income Trust Plc | HEIT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.75 | -3.65% | 46.25 | 15:37:08 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 46.50 | 45.50 | 46.75 | 46.25 | 48.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 15/4/2024 19:43 by genista71 I think the rolling 90 day performance chart at the bessanalytics homepage is the most informative in terms of trends.Problem with modo is that as soon as things go well, they shout it from the rooftops, in fact this month breaking form and doing an intra month update, but when it turns down they are silent. The majority of their revenue come from the vested interests, not the investor side. |
Posted at 07/3/2024 18:33 by erstwhile2 Also post 272 might need to consider the difference between revenues and EBITDA. These batteries take about 24k/MW in operations/maintenan |
Posted at 05/3/2024 18:59 by nickrl Investor meet presentation was quite informative today on the background to the issue but the whole future hangs on forecasts currently being used to be affirmed when they are updated in April. They demolished the original broker note that did for the share price a few weeks ago and said the broker note had been updated - hasn't helped the share price today. They are suggesting the lower prices are just an aberration and things will improve. Maybe but they didn't address the bow wave of assets coming on line and are happy to quote Mondo data but not from the most up to data. Did say the revised dispatch rules from 15-30mins has been delayed so at least explains why initially thought that change had no impact. Now supposed to be implemented from 12th March. |
Posted at 05/3/2024 18:53 by cruelladeville So, I listened to the investor presentation on YouTube, sounded quite candid and there didn't seem to be any more new bad news. And the shares drop by another >5%. I don't understand at all?If the NAV numbers are realistic and there's still new projects being invested in, it seems to me the best thing HEIT could think about is selling all the assets off and returning the value to the shareholders. |
Posted at 05/2/2024 19:10 by nickrl @wskill perhaps they've decide no longer suitable for private investors!! |
Posted at 24/1/2024 11:53 by pottsypotts Sector-specific criticismIf there is a sector criticism it is companies themselves are not being proactive enough in addressing the extent of discounts. The few asset disposals seen are confirming valuations at book value or modest premiums. Price weakness is in part down to supply and demand. The sector has raised large amounts of capital in recent decades. Meanwhile, cash and especially low-coupon gilts have encouraged multi-asset fund redemptions. A static supply and falling demand preys on prices.Yet investors have seen little by way of asset disposals to help fund meaningful share buyback programmes (including tender offers) and the return of capital to shareholders. Boards and managers, particularly of the larger companies, could do more in the interests of shareholders. Confirmation of book values being achieved would by itself help reassure sentiment. Otherwise, takeovers are the only catalysts. While straws in the wind suggest hope, more self-help is needed. |
Posted at 24/1/2024 11:52 by pottsypotts Sentiment versus fundamentalsHigher interest rates and gilt yields are competing for the attention of income-seeking investors, while higher discount rates that chip away at estimated asset values are hurting. The mantra 'higher for longer' has cast a long shadow especially as the sector was previously considered a defensive asset. This is even though the theoretical erosion of net asset values (NAVs) courtesy of higher discount rates has been largely marginal, certainly when compared to share price declines.Sentiment has not been helped by governments appearing to temper their net-zero policies in the face of growing electorate scepticism about costs. This is at a time when energy security considerations following Ukraine are seeing new oil and gas projects being approved. News that the 1.4-gigawatt Norfolk Boreas offshore wind farm and two New Jersey wind projects have been shelved on grounds of high construction costs and poor profitability, the latter involving a $4bn (£3.3bn) impairment, have hardly been reassuring.To add to the woe, there are specific investment trust headwinds involving cost disclosure. An overzealous interpretation of regulations by the various authorities has resulted in companies having to roll up their corporate costs (administrative, finance, etc) with their fund managers' charges when declaring an overall figure, even though share prices reflect such information. Trusts managing costly assets such as renewable energy assets look especially expensive, and so are being shunned by wealth managers and platform providers alike.Yet I suggest sentiment is unduly bearish. For example, it is underestimating the extent to which many companies' strong revenue correlation with inflation will temper concerns over time about higher discount rates impacting asset values. Already, the asset sales there have been have seen book values achieved and more. Meanwhile, the inflation-assisted cash flow very much remains real and sustainable. It is currently helping to fund investment, increased dividends (which are making for attractive yields) and the smattering of share buybacks.And while governments may be tinkering somewhat with the pace of their climate change policies, the momentum behind the net-zero agenda cannot be halted. The evidence that we need to adopt more environmentally friendly policies is unquestionable, as previous columns have alluded to. There will be bumps in the road. Projects or policies will be abandoned or diluted. But this is a journey an increasingly large body of opinion recognises needs to be travelled as is perhaps best illustrated by the Inflation Reduction Act in the US.As for the investment trust cost disclosure issue, Baroness Sharon Bowles, Baroness Ros Altmann and myself are working together with others, both above and below the radar screen, to obtain a speedy and just outcome. It is accepted within the corridors of power, including by the chancellor and economic secretary, that the double counting of costs is hurting the industry, does not happen in other countries, and is hindering investment in sectors such as renewable energy and infrastructure. A constructive dialogue is taking place. |
Posted at 05/9/2023 21:35 by lurker5 An NAV based on NPV's is am absurd way to value an investment. Its been used to bamboozle investors as if equivalent to a real 'asset' which can be sold in the market. In reality its equivalent to buyng an annuity - except that in these cases any resale value is airy faiey and flexible depending on discount rates which can change at the whim of a valuer. They are even more absurd if the NAV is boosted (as it is) by taking in income more than ten or so years ahead. No other share is valued at more than 10-15 years equvalent and then only if highly rated. I think this NAV scam ia being rumbled more and more now. So beware. |
Posted at 05/7/2023 10:34 by igoe104 Institutional redemptions, thats why so many stocks are being walked down. Unexperienced investors who get their quarterly statements and panic sell, forcing funds to sell down. Same old story in a bear market... |
Posted at 08/11/2022 02:05 by lurker5 Haven't looked at these sorts of investment so far. Now that I have, it seems to me the basis for the NPV valuations is incredibly vague - bearing in mind that the share price might track them to some extent, rather than to be based on the only solid thing investors can count on which is the expected dividend. I say vague (having done a lot of work over 10 years on NPV's - what they are and what they aren't) because we haven't beeen shown any 'financial model' of the sort the valuer says it has based its calculations on. That model will have a large number of unknowns in the revenue to be expected (in turn based on a fluctuating reserve and balancing market and electricity prices) and, not least, a variable discount rate which itself is always a matter of opinion. Thats apart from a methodology which in effect expects investors to pay 'upfront' for income arising how long into the future ? (we haven't been told) At the very least the valuer ought to say how the NPV's will vary according to key assumptions about the electricity market. How reliable is it to base forward NPV's on todays market, and todays level of competition among BESS's given the newcomers who are flooding in. Just look, for instance at the enormous 'uplift' shown in the prospectus part 3.3 over the build cost 'once operating'. It all smacks to me of the commercial property market of 20-25 years ago when investors were bamboozled by enormous 'uplifts' on completions based on expected rents which, due to competition and economic downturns didn't materialise.Investors are being drawn to this 'renewables' opportunity at the moment, and the prospect of a 8% dividend next year. And for a time the shares should do well. But in the medium term I think investors might become more wary. |
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