We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

NESF Nextenergy Solar Fund Limited

-0.70 (-0.82%)
05 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Nextenergy Solar Fund Limited LSE:NESF London Ordinary Share GG00BJ0JVY01 RED ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -0.70 -0.82% 84.80 657,458 16:35:14
Bid Price Offer Price High Price Low Price Open Price
84.60 85.10 86.60 84.60 85.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 66.03M 48.32M 0.0818 10.40 502.79M
Last Trade Time Trade Type Trade Size Trade Price Currency
18:11:20 O 1,917 84.80 GBX

Nextenergy Solar (NESF) Latest News

Nextenergy Solar (NESF) Discussions and Chat

Nextenergy Solar Forums and Chat

Date Time Title Posts
27/11/202319:36NextEnergy Solar Fund723

Add a New Thread

Nextenergy Solar (NESF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-05 18:11:4784.801,9171,625.62O
2023-12-05 17:02:0184.803,4622,935.74O
2023-12-05 16:36:3584.803630.53AT
2023-12-05 16:35:1484.8015,41513,071.92UT
2023-12-05 16:28:5884.6010.85O

Nextenergy Solar (NESF) Top Chat Posts

Top Posts
Posted at 05/12/2023 08:20 by Nextenergy Solar Daily Update
Nextenergy Solar Fund Limited is listed in the Investors, Nec sector of the London Stock Exchange with ticker NESF. The last closing price for Nextenergy Solar was 85.50p.
Nextenergy Solar currently has 590,821,185 shares in issue. The market capitalisation of Nextenergy Solar is £502,788,828.
Nextenergy Solar has a price to earnings ratio (PE ratio) of 10.40.
This morning NESF shares opened at 85.50p
Posted at 25/11/2023 16:44 by masurenguy
NextEnergy Solar Fund Manager says share price "unjustified" after solid interims

NextEnergy Solar Fund Ltd (LSE:NESF) Manager Ross Grier visits the Proactive London studio to speak with Thomas Warner following the release of interim results for the six months ended 30 September 2023. Grier discusses the fund's performance, noting a slight decrease in net asset value, primarily due to an increased discount rate for UK assets, reflecting the current high-interest rate market. He says NESF successfully launched the Whitecross Solar Farm (36 megawatts) in the UK and is advancing the construction of the Camilla Battery Storage asset, set to be operational in the first half of 2024.

A key achievement highlighted by Greer was the progress in NESF's capital recycling program, which involves selling assets to fund growth opportunities. This strategy was exemplified by the profitable sale of the Hatherden asset at a significant premium. Focusing on generating total returns for investors, NESF prioritises operational excellence and dividend growth, maintaining a strong track record as a dividend payer with a current target of 8.35 pence.

Looking ahead, Grier says that NESF will continue emphasising operational efficiency across its assets, advancing the capital recycling program, and integrating the Camilla battery storage asset into its portfolio. He suggests that the current share price is "unjustified" given the performance of the fund so far this year. He projects a positive outlook for NESF, anticipating a share price increase aligned with net asset value as market sentiment improves.

Disclosure: I have a holding here.
Posted at 24/11/2023 10:27 by topvest
I've doubled up today, so average price is 92p. Why? Because of a likely 8-10% tax free return from here if the share price increases on-top of the 8% expected return; and because Helen Mahy is the Chair - she is a strong lady and going to be good for this fund. Nothing wrong with the small accretive sale - it was fast and valued by a third party. 4 more assets to be sold if 1. the price is right and 2. The RCF facility is still expensive next year.
Downside is that the fund is a tad ex-growth with an 11 year average remaining asset life. That being said, I can't see NAV going much lower with the weighted average discount rate already 8% and interest rates topped-out. Indeed, NAV might start increasing a tad from here, maybe back to 110p. Once interest rates start coming-off and the share price stabilises then this could attract some more buyers. In the meantime, 8-10% tax free is nice!
Posted at 23/11/2023 12:36 by speedsgh
Some investors are understandably unconvinced by yesterday's announcement of the long-awaited first asset sale which turned out to be a related-party transaction.

...Liberum’s Shonil Chande said that while the uplifts were attractive, including the 57% investment return, the market would probably place more weight on non-related party data points.

However, interim results published today stressed there were no exclusivity arrangements in place between NESF and any member of the NextEnergy Group in relation to the deal or future disposals.

‘We haven’t just taken a ready-to-build solar project and thrown it over the fence,’ said chief operating officer Ross Grier (pictured below). ‘We did a whole load of value creation before taking it to the open market, where we ran an extremely deep and robust process using the normal information barriers between transaction teams,’

Referring to the fact that only one asset has been sold since unveiling the capital recycling programme eight months ago, Grier stressed it was an extremely difficult market environment not only to sell assets at the right price, but also in terms of executing a transaction.

Stifel’s Iain Scouller was concerned that the high level of leverage and slow pace of asset sales would lead to a widening in the discount and downgrade his recommendation to ‘negative’...

...The shares currently trade at a 20% discount to the latest net asset value, putting it above the 12-month average threshold of 10% at which NESF will be forced to offer a continuation vote at its annual general meeting in August 2024.

Grier said the board had not been buying back shares as it focused on its capital recycling programme and paying down the RCF.

‘Any investment decision we make beyond that will be about what is the right accretive transaction, from buybacks to bringing assets online,’ Grier said. ‘We are prepared to do buybacks and are thinking.’ He added that discontinuing the trust would not be in shareholders’ best interests.
Posted at 31/10/2023 14:13 by cc2014
Some screwed up and bought a huge quantity in error.

A few days ago we saw the share price move up about 5% in one day. IIRC it kicked off in the last hour of the trading day. Someone was buying in lumps over and over again. You could go through the trades, but there were very many lumps of around £100k. Very many of them and very many smaller lumps as well.

The size and speed they were buying in was illogical and drove the share price up by around 5% or whatever it was and on checking you will find it was only NESF in the sector that moved.

A couple of days later someone has realised (T2 settlement?) and then they've reversed their position in a hurry, either because they bought the wrong stock in error, or they've bought 10 or 100 times the quantity they wanted or whatever.
Posted at 17/8/2023 10:59 by marktime1231
A quadruple whammy today, not just ex-div and a 5p slice off NAV due to discount rate adjustment etc.

NESF's first JV project with Eelpower the standalone 50MW BESS "Camilla" in Fife has missed its 23Q2 energise target -- actually the lead contractor has gone bust, something you would have thought had been observed before now. The impact is a loss of over £0.5M revenues this coming winter because the project has slipped in to 2024. Perhaps Eelpower would like to share that pain? No attention drawn to any impact on other Eelpower JV projects, but NESF point out the whole industry supply chain is under stress. And why are NESF investing in standalone BESS instead of coupling storage with existing connected solar farms?

Also, NESF admits it has zero progress to report on its fanfared "capital recycling" programme to cut net debt, gearing is at 46%.

No wonder this has slipped to a 20% discount and pretty much an all-time-low share price

The promise that income will continue to cover the progressive dividend by a comfortable margin will no doubt keep income-hungry investors on board but NESF is an (another) ugly red line in my portfolio.
Posted at 12/7/2023 14:37 by speedsgh
New QuotedData research note...

Recycling champion -

From an operational standpoint, NextEnergy Solar Fund (NESF) is doing well. As we discuss on page 5 of this note, the board, encouraged by a high proportion of predictable revenue, has felt comfortable in declaring an inflation-matching 11% increase in NESF’s dividend per share, and is confident that this will be well-covered by earnings.

In the face of a difficult market for fundraising (expanding the fund by issuing new shares), NESF’s managers propose recycling capital from its portfolio of subsidy-free solar assets. In the short term, the proceeds would be used to reduce borrowings (gearing) and fund a potential share buyback. Longer-term, the proceeds would be used to secure new solar and energy storage opportunities that present a suitable return profile.

After a good 2022/23 financial year, new investments could boost the NAV and cashflows further. Share buybacks could turn the tide on NESF’s share price discount to net asset value (NAV) and lower debt levels could calm investors’ nerves. Combine this with a prospective dividend yield of 9.1% and NESF’s future looks bright.

Posted at 12/5/2023 11:31 by marktime1231
What a dreadful kicking to the share price this morning, the cynical duplicate announcement of future dividend rise not saving the day.

A furious email dashed off to IR demanding an apology and an explanation of how a FTSE350 company can dismiss such a significant error as the ongoing need to improve internal controls. Someone really badly messed up and needs to be replaced, and actually how about a discount on the fee we pay you to do these things correctly?

Not just a 2.7p VAT accounting error, a further 4-5p fall in underlying "fair value" has not been spelled out and we should not have to hunt for an explanation. Let's have direct detail on the biggest movement.

Viewing with anticipation the attempt to close discount through "capital recycling" somewhat undermined if value is falling, and not helped if we can't trust what is being reported. No wonder the gap from share price to NAV has widened to 10%.

I don't agree with CCs extra-negative view but it is hard to summon the confidence to conclude that NESF now looks like an Add even at this knocked down price.

Gee thanks NextEnergy.
Posted at 28/4/2023 06:56 by masurenguy
NextEnergy Solar puts assets up for sale to raise capital, buy back shares
Renewables fund hopes sale of five solar assets will generate enough money to cut its debts, provide funds for investment and buy back shares currently on a 12% discount.

NextEnergy Solar (NESF) is selling a big slug of its portfolio in a bid to tackle its share price discount, cut debts and re-invest in battery storage. In what analysts see as a test case for renewables funds, whose share price de-ratings have prevented them from raising money through equity issues, NESF has put five unsubsidised UK solar assets up for sale. Although the investment company did not say how much it was looking to raise, it said it aimed to ‘capture significant value’ from the sale of the 236MW portfolio. This represents 28% of the 865MW total capacity NESF had last September. With a current net asset value (NAV) of £717m that could imply a price tag of up to £179m. Alternatively, excluding two assets under development, the generating capacity reduces to a sixth of the current portfolio which gives a lower sum of £119m.

Underlining the size of the transaction, NESF said it would use the proceeds to ‘materially reduce’ its £166m of borrowings and provide funds for its £500m investment pipeline and launch a share buyback programme to narrow its 12% discount to NAV. Numis Securites analyst Colette Ord said the assets would have to sell for £0.7m per MW to clear NESF’s credit facilities with NatWest, AIB Group and Santander. ‘Any outcome will also be interesting for the broader renewables peer group, where shares have been trading at notable discounts to NAV. Something we feel undervalues the return potential of many of the funds in the sector, including yields of 6-7%,’ the analyst said. Ord added: ‘The market will watch the valuation multiples with interest and if they continue to support or exceed current NAV levels we would expect this to be a rerating catalyst to close many of the prevailing discounts which persist across the various infrastructure strategies.’

Winterflood’s Emma Bird said: ‘At face value, we consider today’s announcement a prudent step to strengthen NESF’s balance sheet. Asset disposals will serve as an important barometer for current valuations of solar assets in the wider sector.’ Bird said the divestment had the additional benefit of reducing NESF’s tax liability with respect to the UK’s Electricity Generator Levy, and tilted the portfolio more towards capital growth which in aggregate is NAV accretive. She described NESF’s the 12% discount as a ‘compelling entry point’.

Stifel’s Iain Scouller retained his ‘positive’ recommendation, noting NESF’s ‘self-help measure’ could be a catalyst for narrowing the discount to the mid-single digit level. ‘We also think that other funds in the sector may follow-suit, and start reducing leverage through asset sales,’ he said. Liberum’s Shonil Chande retained a ‘buy’ recommendation for the FTSE 250-listed company with a target price of 125p. He highlighted the ‘above average’ 7% dividend yield, ‘solid cover, lower risk revenue model through high levels of hedging as well as the opportunity for accretive NAV growth as battery assets are acquired and developed as an attractive investment thesis.’

The shares added 1.6p to 108.4p. Over five years, including dividends, they have provided a total return of 34%, among the lowest in the sector.
Posted at 10/10/2022 10:09 by speedsgh
NESF share price seemingly disproportionately affected by the news. Are they affected more by the changes than their peers?
Posted at 09/8/2022 14:50 by a0002577
Hi GBCol, trouble is when a share move into the FT-250 without a big buffer, it will likely drop out again whne uts share price drops a small amount. This exacerbates the share price fall. Remember that every share price goes on an annual random walkabout.

Every year Since launch NESF share price has wandered up and down by 10 - 15%.

2014 101.00 106.25
2015 97.75 109.25
2016 92.25 109.75
2017 105.25 116.00
2018 107.50 115.00
2019 112.00 125.00
2020 87.60 126.50
2021 96.50 107.40
2022 99.60 119.00
Nextenergy Solar share price data is direct from the London Stock Exchange

Your Recent History

Delayed Upgrade Clock

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 |