This maybe the wrong conclusion but most of the fund managers imo in this space are passionate investors in anything green and not ruthless investors. In the real world you need to be able walk away and most seem unable to do this imo dyor |
Which would be completely different to the picture of the industry that was painted by the managers a couple of days ago...that now there was genuine support for solid projects they must have known this was coming if they were remotely in touch. |
Too me it shows how easy money was 3-4 years ago when most big companies wanted to show support for green investment and spent rather than invested. Now they are being far more critical and looking at the investment case and find it is unattractive. |
Makes you wonder ..only a few months ago HH2E signing E45m contracts now insolvent..our E1M debt definitely gone..what might be left for shareholders is likely very little.'Subordinated debt in Germany is a loan or debt agreement where the claims of the investor are not paid until all other creditors of the company are paid. This means that the investor's claim ranks below the claims of the company's shareholders"hTTps://hydrogen-central.com/hh2e-signed-a-contract-with-gebruder-karstens-bauunternehmung-gmbh-for-the-construction-of-its-flagship-green-hydrogen-plant-in-lubmin-germany-45-million-euros-contract-value/ |
£11m represents around 11% of the portfolio, so 4-5p off the share price today, potentially. |
So watching the presentation yesterday seeing them extolling the virtues of their valuations by selling a £3m small holding at book it looks like they might have to write off £11m on one of their larger holdings a day later ...not a great look. Seems many of these deep discounted plays are in fact value traps and the market is not as wrong as all that.https://www.investormeetcompany.com/meeting/q3-nav-update/presentation.pdf |
If memory serves, administration for HH2E AG wasn't mentioned in the presentation. |
what is the story here
given massive hydrogen uptake are we expecting blockbuster nav report |
 For anyone who missed this...
RNS Number : 1195K
HydrogenOne Capital Growth PLC
30 October 2024
LEI: 213800PMTT98U879SF45
30 October 2024
HydrogenOne Capital Growth plc
('HydrogenOne' or the 'Company')
Notice of Quarterly NAV, Portfolio Update and Investor Presentation
HydrogenOne, the first London-listed fund investing in clean hydrogen for a positive environmental impact, announces that its Q3 2024 NAV and Portfolio Update will be published on Wednesday, 6 November 2024.
Richard Hulf and Dr JJ Traynor, Principals of the Company's Investment Adviser, HydrogenOne Capital LLP, will provide a live presentation relating to the Q3 2024 NAV and Portfolio Update via the Investor Meet Company platform on Wednesday, 6 November 2024 at 11am (GMT).
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet HydrogenOne via:
Investors who already follow HydrogenOne on the Investor Meet Company platform will automatically be invited. |
Some interesting industry thoughts out of Germanyhttps://www.wfw.com/articles/3rd-munich-hydrogen-summit-key-insights-and-takeaways/ |
Big car companies pushing on with hydrogen..Good looking vehicle !!https://www.topgear.com/car-news/first-look/hyundais-readying-a-hydrogen-car-thatll-look-400-mile-initium-concept |
Additionally, funding for 11 new green hydrogen projects was also revealed, spread across industrial areas of England, Scotland, and Wales.https://www.current-news.co.uk/autumn-budget-2024-green-hydrogen-gb-energy-and-ev-incentives/ |
Thanks for those great links and reminder of the potential Bramble connection from the last investor meet presentation.
I have never been a fan of the electric battery cars and always wished I could purchase a hydrogen car if the infrastructure was in place in the UK.
I can see the BMW ix5 start to get a strong foothold in Germany particularly as they are way ahead in planning for hydrogen infrastructure.
Todays budget announcement supporting hydrogen projects is positive but still a way to go for the UK to catch up with Germany.
ps your links are still unclickable for me. Not sure if that is the way you are doing it. I copy the actual link into ADVFN and then edit it to capitalise letters which appears to work. |
hTTps://www.bmw.co.uk/en/topics/discover/concept-cars/bmw-ix5-hydrogen-overview.html |
In the sept presentation the company said on Bramble that there was much secrecy around some applications particularly in tier one auto but they did mention the collaboration between Toyota and BMW on a hydrogen powered X5 as being very relevant to Bramble? About 13 mins in hTTps://www.investormeetcompany.com/meetings/investor-presentation-718Bit of info on the BMW prototypehTTps://www.eldiario24.com/en/toyota-hyundai-hydrogen-engine-bmw/2842/The weight factor around Bramble approach could be key to automotive adoption especially over EV. |
Thanks for the links Kooba particlarly as at 20% of the fund, Elcogen is almost as large a holding as Sunfire at 21% of the fund.
Just reposting the links as clickable links (capitalise any of the letters in https to get through ADVFN's spam blocking.) |
Estonia's Elcogen will use the funding to support the manufacturing of its SOEC technology in Tallinnhttps://www.h2-view.com/story/hydrogen-and-electrolysers-win-big-in-eus-e4-8bn-innovation-fund-push/2116452.article/ |
Seems positive for sector and for a few of the portfolio holdingshttps://www.cleanenergywire.org/news/hydrogen-start-flow-pipelines-germany-2025 |
The lack of any purchases by the investment managers speaks volumes. |
Thanks for the links PJ.
The issue is that I own a number of ITs that have made recent realisations at NAV and above. But in the absence of a bazooka-sized buyback / tender accompanying the sale, the market ultimately shrugs off the realisation and any tiny share buyback and the discount widens again.
But yes, maybe HGEN's discount would narrow into the 40s or 50s with a decent realisation. |
craigso if you didn't get to watch the results presentation the following is a good place to start to get info. on the portfolio
I'm not sure how long you have been following HGEN but these are some links from some earlier posts:-
Let's hope one of the disposals finally happens to help show the NAV value is accurate and the large discount is unwarranted.
Sunfire is the biggest holding at just over 21%
Sunfire is Hydrogenone's largest holding at 20% and is in the top 20 of Global electrolyser manufacturers
And recently they announced that Sunfire had agreed a successful fundraise |
PJ84, you can make a lot of money investing in investment trusts trading on a large discount and waiting for sentiment to improve / discount to narrow.
But you have to be able to dig into the published NAVs asset-by-asset and believe them to be credible. I can't say I've been able to do that for HGEN, as all I have is a vague conviction that hydrogen will play some role in getting to net zero. |
Actually the discount to NAV is nearly 65% but looking at it the other way round for 37.4p you are buying assets worth nearly 3 times as much if the NAV is a fair reflection of the value. |
I've decided to top up as it is hard to believe the NAV can be overstated by nearly 65%. |
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