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
  0.00 0.0% 120.75 108,467 07:30:51
Bid Price Offer Price High Price Low Price Open Price
120.50 121.00 120.75 120.75 120.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 254
Last Trade Time Trade Type Trade Size Trade Price Currency
13:47:55 O 130 120.81 GBX

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Date Time Title Posts
26/1/202315:30Harmony at Harmony Energy Income Trust80
22/2/202207:31Harmony Energy Income Trust plc thoughts on IPO21

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Posted at 07/2/2023 08:20 by Harmony Energy Income Daily Update
Harmony Energy Income Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker HEIT. The last closing price for Harmony Energy Income was 120.75p.
Harmony Energy Income Trust Plc has a 4 week average price of 116.25p and a 12 week average price of 111p.
The 1 year high share price is 125.75p while the 1 year low share price is currently 96.80p.
There are currently 210,000,000 shares in issue and the average daily traded volume is 148,448 shares. The market capitalisation of Harmony Energy Income Trust Plc is £253,575,000.
Posted at 26/1/2023 15:30 by elbrus55
The expenses, invested capital, debt and assets will be in the accounts - not sure what the issue is there except the usual delay to get the results. It is pretty standard stuff, Tesla publishes the price list for the main bits of kit.The assumptions underpinning the NAV seem a bit opaque but it is a simple calculation anybody can do in a spreadsheet and you have the MWh figures and projected start dates etc. You could calculate your own NAV pretty easily, or benchmark against similar operations.The main unknown is the daily peak to trough change in energy prices over the next 20 years. £40 per MWh increasing with inflation? Too high or too low? We know the daily results in the past, but future is a big unknownWhat assumptions would you use? Will the revenue increase as wind power comes more dominant and Russia disrupts fossil fuel prices ,.or reduce as storage technology advances and Russia ends the war? Not sure it will help much knowing their assumptions if you don't have a view of your own?
Posted at 14/12/2022 16:07 by elbrus55
They've bought some physical assets mainly from tesla and got the permissions to install. It would now cost a lot more to buy this equipment and also have a very long lead time due to high demand. You can go on Tesla's website and see the current megapack price. It is not surprising somebody who is at the front of the queue for something now in high demand has done well.Energy prices have gone up, so their expected income stream has gone up. Everybody wants wind generation due to Russia and that means demand for storage. (This is why everyone wants these assets.)They are now partly online so some of the development stage risk has passed. Offsetting this you have the interest rate rises and corporation tax rate rises.The recent attempted share raise was a different class of share. It was designed so it wouldn't hurt the existing share class holders. It wasn't very attractive for new shareholders to join the back of the queue and market timing was bad/unfortunate.It is a fairly straightforward business to understand - read their reports.
Posted at 08/12/2022 13:02 by 74tom
Curious to see this trading 25% above the placing price paid in October, particularly given they appear to have been looking to raise £130m and had to make do with just ~£14.9m pre placing costs...

So to summarise what's happened here since IPO;

They raised gross capital of £224m (likely £215m net) and used it to buy 6 BESS projects which are at various stages of completion, plus another 3 projects which they've reserved pending the need for more funding to build them...

In just over 12 months this work has turned the ~£215m into a NAV of £ they've booked an unrealised gain of £62m.

As lurker5 pointed our earlier in this thread there appears to be very little publicly available information with which to reconcile this gain, however I would be very sceptical indeed at that kind of NAV change in such a short period of time.

The biggest issue is that these are very long term revenue streams, I think we can all be assured that the current European energy crisis will result in market reforms which ensure it's like never happens again. They will take a few years to implement, however it will mean energy costs will mean revert to historic averages in the medium term.

Furthermore, given this company intends to give away ~10p a year in dividends, I can't see the merit in it trading at such a huge premium to deployed cash, certainly not before it actually generates tangible revenues.

It will be interesting to see how it develops, but it all feels a bit 'ponzi' to me.

Posted at 07/12/2022 09:57 by cruelladeville
Indeed, one of the better recent IPO outcomes. A real shame the additional capital raise was attempted at exactly the wrong time for HEIT.
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.

Posted at 05/10/2022 15:05 by damp seaweed
True, But with a conventional placing there is usually a discount to the prevailing share price of the principal company / trust. And the costs of the fund raise is buried and shared across the total share capital.
In this proposal there is neither a discount nor the absorption of the cost of the fund raise.
Overall, as I expressed initially, I can’t see the attraction.
I’ll be interested to see if they can get away with it though ;)

Posted at 15/9/2022 15:25 by cruelladeville
Should see a share price moving northwards here but no sign of HEIT following GRID upwards just yet?
Posted at 08/9/2022 16:41 by cruelladeville
Looking forward now to HEIT bringing assets on line. It's a great time to be in this business. This will follow a similar share price trajectory to GRID.
Posted at 26/8/2022 12:32 by cruelladeville
I wouldn't bet against a significant rise in NAV and share price here at HEIT. If there's a discounted share issue in the next year or two, I'll certainly be investing.
Posted at 19/8/2022 09:42 by frederickbloggs
Good to see share price inching a little higher as projects advance and soon to come on stream. Hoping for a repeat of GRID share price success here.
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