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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Harmony Energy Income Trust Plc | LSE:HEIT | London | Ordinary Share | GB00BLNNFY18 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 1.15 | 2.49% | 47.40 | 283,431 | 16:35:29 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 47.00 | 48.00 | 47.80 | 46.25 | 46.25 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 6.61M | 3.14M | 0.0138 | 34.42 | 107.89M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:29 | O | 50,000 | 45.65 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 18/4/2024 | 21:47 | ALNC |  TRADING UPDATES: Thor Explorations says production up at Segilola |
| 18/4/2024 | 12:08 | UK RNS | Harmony Energy Income Trust PLC Result of AGM |
| 18/4/2024 | 07:00 | UK RNS | Harmony Energy Income Trust PLC AGM Trading Update |
| 25/3/2024 | 13:29 | UK RNS | Harmony Energy Income Trust PLC Director/PDMR Shareholding |
| 21/3/2024 | 20:03 | ALNC | TRADING UPDATES: CAP-XX raises funds; Shanta Gold dividend |
| 21/3/2024 | 07:01 | UK RNS | Harmony Energy Income Trust PLC Historic Distribution Classification |
| 21/3/2024 | 07:00 | UK RNS | Harmony Energy Income Trust PLC Notification of Consent to Share Charge |
| 20/3/2024 | 17:08 | UK RNS | Harmony Energy Income Trust PLC Holding(s) in Company |
| 20/3/2024 | 10:17 | UK RNS | Harmony Energy Income Trust PLC Notice of Annual General Meeting |
| 14/3/2024 | 07:00 | UK RNS | Harmony Energy Income Trust PLC Director/PDMR Shareholding |
Harmony Energy Income (HEIT) Share Charts1 Year Harmony Energy Income Chart |
|
1 Month Harmony Energy Income Chart |
Intraday Harmony Energy Income Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 21/4/2024 | 11:10 | Harmony at Harmony Energy Income Trust | 324 |
| 22/2/2022 | 07:31 | Harmony Energy Income Trust plc thoughts on IPO | 21 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 16:15:00 | 45.65 | 50,000 | 22,825.00 | O |
| 15:35:29 | 47.40 | 16,800 | 7,963.20 | UT |
| 15:22:10 | 47.40 | 20,000 | 9,480.00 | O |
| 15:20:16 | 47.00 | 331 | 155.57 | O |
| 15:11:09 | 47.11 | 10,000 | 4,711.00 | O |
| Top Posts |
|---|
Posted at 26/4/2024 09:20 by Harmony Energy Income Daily Update Harmony Energy Income Trust Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker HEIT. The last closing price for Harmony Energy Income was 46.25p.Harmony Energy Income currently has 227,128,295 shares in issue. The market capitalisation of Harmony Energy Income is £107,885,940. Harmony Energy Income has a price to earnings ratio (PE ratio) of 34.42. This morning HEIT shares opened at 46.25p |
Posted at 15/4/2024 21:17 by nickrl Thing with HEIT is every BESS is registered in the balancing mechanism unlike GRID where less than half are so you get a pretty good view from bessanalytics of likely revenue generation albeit that isn't the exact revenue as they have to make a lot of assumptions.The last few weeks has been above average wind production which brings the volatility into the market that provides optimum conditions for HEIT to exploit but will likely drop off as summer proceeds so wouldn't take it as the new normal but balancing reserve is certainly providing an additional boost. So using the 90 day average (40k/MW/yr) gives c10m trading income + capacity mkt payments of c3.4m ie 13.4. Expenditure we know on the loan is going to absorb 8.9m then looking at AR23 they provide an unaudited consolidated account of the subsidiaries which has the following costs Investment Adviser 2.1m (will drop as NAV falls) SPV costs 2.5m (presumably the running costs of the BESS sites) Holdco costs 2m (no idea what they could be) So no way dividend is being restored anytime soon based on 90 day average but at current 30 day rate there is a possibility of surplus cash to fund c1-1.3p dividend so at best barely 3% yield. I'll keep it on watch for the time being but don't see divi restoration anytime soon. |
Posted at 21/3/2024 08:30 by cc2014 That's a most interesting RNS.Harmony, the owner of the fund manager have lost around £15m on their shares if they bought them all at IPO. Now they have taken out a loan against the shares and most likely a bunch of other assets for "working capital purposes" It doesn't look too clever especially since their revenue from HEIT has moved than halved as they charge on share price not NAV. |
Posted at 06/3/2024 14:21 by cc2014 @nickrl.FWIW I think the balancing mechanism will get sorted over the next 3-6 months and revenues will begin to flow to the battery providers. There appears to be a huge lump of batteries coming on line over the next few quarters which will keep prices depressed but my guess is that it will start sorting itself out towards the end of the year. Not to the long run prices in HEITs NAV model but to something measurably higher. Regrettably I expect HEIT will have to bin the next dividend as well and then cut it to a lower level. I'm sort of open to persuasion that this could be the bottom and might not be a bad entry point but on the other hand I worry about one more step down in the share price first as the dividend gets binned next quarter. I also worry that HEIT is at the top of tables in terms of it's revenue even when compared with other new two hour batteries and that either means they have better optimisation (I'm very doubtful on that) or they are thrashing (cycling) the batteries more often which will impact on battery life but no doubt will not show up for a while. |
Posted at 06/3/2024 10:45 by cruelladeville Thanks, I see your point. For those in at IPO, it might make some sense to average down on buying price to make a half sensible exit a bit easier if/when the share price recovers somewhat. |
Posted at 06/3/2024 07:42 by cc2014 Cruella,I doubt that a presentation aimed primarily at PI's is going to have any significant impact on the share price on the day it's done. Most of the money will be fund managers/institution The NAV isn't realistic though is it? They've knocked down the short term price forecasts (to levels which still look way too high imho) and left the long term ones as they are. If you believe the long term numbers then fair enough, HEIT is a bargain, but clearly the city boys and girls do not. As for selling the assets off which HEIT have committed to considering as have all the other battery, solar and wind providers we discovered they've more or less done nothing about it. Has any battery provider managed to sell an asset at any price yet to anyone except through an in-house related party transaction? No. It's not going to happen despite all the bluster because the NAV's are all wrong. Amd if they do start selling them off at say a 25% discount which would still be NAV enhancing that's going to cause deep questions. HEIT is and always has been covered in red flags. When within the first 5 minutes of the presentation they are talking about the value of their 500Mw pipeline, through their related parent company, I have to think they are barking mad? The City is screaming at them to de-lever and cut the debt, yet with a discount to NAV of 65% even mentioning the idea of more than doubling the size of the fund is misplaced. Overall I was left with a view that the forecast revenue curve is wrong and more and more batteries coming on line at a far higher percentage rate than renewables is going to put even more pressure on the revenue curve. HEIT may or may not be a good price here but I'm waiting for lower. There are plenty of other places I can put my money which offer a 10% return where I have good visibility of what's going on, so 37p to buy doesn't float my boat at this time. |
Posted at 29/1/2024 14:05 by nickrl @CWA1 one thing that is fact is income generation from batteries has significantly dropped. This is due to a number of things firstly the ancillary services mkt is now on an auction basis (its started as fixed high price so was easy money for early doors BESS) and prices have been driven down very low due to a lot of participants. GRID and HEIT saw this coming and re-orientated to chasing income from the Balancing & Wholesale Mkt. The former had issues over BESS units being skipped (too small compared to big old fossil fuelled power station) but ESO have changed the algorithms and now BESS being instructed considerably more but still penalised by it being in 15min lumps where as HEIT are all 2hr batteries. ESO has another change coming soon to alleviate this restriction. So that leaves Wholesale but even here with the price of gas having dropped back considerably you don't get a huge spread in prices everyday between low overnight and daytime peak to cover the costs. Round trip efficiency of batteries is 75-90% at best then you have all the other on costs so probably need 20-30% spread to make it worthwhile.So all in all the environment has fundamentally shifted and the BESS kinda rode a wave last year with Ukraine crisis along with supply chain shortages post covid delaying commissioning kept the mkt short but last six months capacity is up 35% and its saturated and the pipeline is enormous. So this market is commoditised and i guess this what Jefferies are saying. Then with the generous dividends they pitched IPO's with are unsupportable especially as they both have debt as well now. So dividends certainly under threat but everything has its price but personally I want to hear from either of them now before picking any up. |
Posted at 27/1/2024 07:40 by cruelladeville Recent Citywire article seems to have contributed to the share price rout here and elsewhere. Citywire seem to be saying HEIT's income stream is just covering costs and dividend cover is zero. I find this very hard to believe? Surely, company would telling this to shareholders, but they're silent. What to make of it? |
Posted at 24/1/2024 13:16 by cc2014 I have posted this elsewhereFigure 6 is interesting. The annual demand forecast for stationary storage for 2024 is 2GWh The same thing for 2026 is 4.2GWh Modoenergy shows the installed capacity now at 4.6GWh. I.e. double what we need now and already enough to go right through to 2026. To add to this the additional capacity that is planned to come on stream in Q1 alone is about another 1GWh. (about because I haven't written down the figure but it's about right). Everyone knows one third ish of that will be delayed into Q2 due to grid connection delays. Which is why the share price is taking a beating on GRID and HEIT as there is too much battery storage in the UK relative to wind/solar. For info GSF is different because only 19% of it's revenues come from the UK and their buildout continues to be focussed outside the UK where there is money to be made. |
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 23/1/2024 17:07 by cruelladeville Good question, GRID share price has dropped significantly for no real reason this month. It seems it has spread to HEIT now. I have no idea what's going on. |
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