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| 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
|
|
|---|---|---|---|---|---|
| -0.40 | -0.58% | 68.80 | 3,825,122 | 16:35:15 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 68.80 | 69.30 | 69.40 | 68.90 | 69.10 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 8.82M | -8.36M | -0.0141 | -48.94 | 408.85M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:52 | O | 120,000 | 69.25 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 03/12/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Transaction in Own Shares |
| 02/12/2024 | 07:01 | UK RNS | NextEnergy Solar Fund Limited Total Voting Rights |
| 02/12/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Transaction in Own Shares |
| 29/11/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Transaction in Own Shares |
| 28/11/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Transaction in Own Shares |
| 27/11/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Transaction in Own Shares |
| 26/11/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Publication Of First Nature Strategy Report |
| 26/11/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Transaction in Own Shares |
| 25/11/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Transaction in Own Shares |
| 22/11/2024 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Transaction in Own Shares |
Nextenergy Solar (NESF) Share Charts1 Year Nextenergy Solar Chart |
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1 Month Nextenergy Solar Chart |
Intraday Nextenergy Solar Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 02/12/2024 | 17:52 | NextEnergy Solar Fund | 1,232 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 16:35:53 | 69.25 | 120,000 | 83,100.00 | O |
| 16:35:16 | 68.80 | 2,326 | 1,600.29 | AT |
| 16:35:16 | 68.80 | 2,326 | 1,600.29 | AT |
| 16:35:16 | 68.80 | 1,126 | 774.69 | AT |
| 16:35:16 | 68.80 | 23,435 | 16,123.28 | AT |
| Top Posts |
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Posted at 03/12/2024 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 69.20p.Nextenergy Solar currently has 590,821,185 shares in issue. The market capitalisation of Nextenergy Solar is £407,666,618. Nextenergy Solar has a price to earnings ratio (PE ratio) of -48.94. This morning NESF shares opened at 69.10p |
Posted at 30/11/2024 16:46 by bountyhunter A snippet from the recent proactive interview.."Proactive: What does the future market landscape look like for solar and energy storage, given the government change? Rosser: I think it’s very positive. We’ve seen momentum from the government and clear commitments to achieving clean power by 2030. We’re excited about the roadmap that the solar taskforce is set to publish and other engagements with the government about achieving net zero. Additionally, base rate cuts this year provide optimism for the sector. We are starting to see capital returning to infrastructure and renewables after a hiatus, which is promising. Within NESF, we have a proprietary pipeline of projects with flexibility for deployment when the time is right. Proactive: You mentioned the 11% dividend yield that NESF currently offers. Why should investors look at NESF? Rosser: It’s fantastic value for investors. The high yield and the unjustified discount in the share price to net asset value make it an attractive opportunity. The portfolio is performing in line with expectations and is positively generating cash, covering the dividend comfortably. It’s a solid foundation that makes it a great entry point." |
Posted at 30/11/2024 08:42 by cruelladeville What's going on here? This week the presentation by the company went at some length into why the very high dividend is covered etc.... And here we are with a share price dropping even further. Very high UK energy costs, contract for difference with the government on renewable energy means predictable income for years into the future. So, why are the shares falling? Genuine question, I can't answer. |
Posted at 24/11/2024 14:43 by chucko1 It was not deducted from the Group earnings because the loans are at the subsidiary level. What turns up at the Group level is the Investment Income (page 116 - £57mn), which are the earnings from the Subs which would have had interest expense deducted.If you add (reverse) back the loss of £72mn to the net Comprehensive Loss of £8mn, you get a cash earning of £64mn, which basically tallies with the declared 1.3x cover of £48mn in distributed earnings. Far more important is what is expected in the future. The future power curves, along with the statement of hedged power prices for the next 4 years seems to make grim reading. £77 per MWh average for the current year, followed by around £84, but then far lower numbers thereafter, being around £50. However, the higher numbers reflect essentially hedged PPAs from the volatile price era, whereas the lower numbers are more reflective of what is a pretty stable long term average. Were you to look at the 2017 Annual Report, you would see that long-dated power was priced at around £50, with very low spot prices of around £35. In 2017, though, gas prices - which are significantly deterministic of power prices - were a half of what they are now. Or, more accurately, EU gas prices are. But those in the US are about where they were in 2017. So spot prices will be affected by the increase in US imports into Europe, I suppose, assuming LNG prices in the US are not out of line with Natural Gas. NESF stated somewhere that they expected hedged prices to be generally lower than spot prices, so it is possible that the experienced average price for their solar output will rise a little above the currently stated levels. Also worth pointing out that although the very long dated prices are around £50, these are stated in real terms, and so the stated expected inflation rate of 2.25% will bring numbers closer to £60 in the next few years. Or at least that is the expectation, and that is why inflation is such a large component of NAV calculation. In 2017, they had 2.75% as their central expectation, so it does seem odd that it is now 2.25% If we assume around £55 in the long run, and slightly higher output, you would get a cash income after expenses of around £43mn with additional costs from higher refinancing rates of around £4mn leaving £39mn. This implies a dividend cover of 0.81x, but that still would generate a yield of around 9.5%. As for the NAV, best of luck with that! It's a number that is dreamed up by the accountants and consultants who stick their finger in the air to arrive at a discount rate and an expected long term inflation rate. I could do that and arrive at any NAV between 67 and 127pps. By comparison to all this, the issue of humidity/flooding or mice gnawing at cables is not really that significant. There is something a little more important and that is the issue of subsidies. These are rolling off over the coming years, but it's really tricky to get any good feel for what effect that will have, given that management make comments to suggest that this reduction would be somewhat commensurate with lower costs of future solar production. But it was quite vague. |
Posted at 22/11/2024 13:27 by stemis What we have is a holding company (NESF) which is 100% owner of a lot of subsidiaries. 'Normally' in this situation the company would produce a set of consolidated accounts in which all the assets and liabilities of the holding company and subsidiaries are added up to produce a consolidated balance sheet. The group would then have a net asset value (and you could work out a NAV/share). It would also produce a consolidated profit and loss, adding up the profits and losses of the holding company and the subsidiaries and eliminating any transactions between them. The result would be a net profit for the Group. The dividend cover would the number of times the net profit of the Group covers the dividend cost.That's not what happens here. Because NESF is an investment company, it doesn't have to produce consolidated accounts. Instead it values it's subsidiaries as 'investments', typically by doing a NPV calculation of the future cash flows of each subsidiary, discounted by an appropriate rate. We don't know what future growth in the cashflows the company are assuming or often (not sure about NESF) what discount factor they are using. Consequently the NAV of NESF is simply what management think the cashflows of the subsidiaries are worth, using assumptions for which there is no visibility. Bear in mind that the investment manager who in reality do this calculation, have a vested interest in this being as high as possible. How the valuation of subsidiaries changes year to year can depend on all sorts of things; - unwinding of the discount (as profits move closer in time, they are discounted by less) - changes to the discount factor - changes to the expected lives of the installations in the subsidiaries - actual cashflow performance compared to forecast - changes to future forecast cashflows (affected by output, prices etc) Any changes to the value of the subsidiaries is recorded as a profit or loss in the NESF accounts. The holding company also levies management charges on its subsidiaries and possible interest on intercompany funding. As NESF doesn't produce consolidated accounts these are not eliminated but are recorded as profit in the accounts (less the holding company, but only the holding company, costs) Dividend cover is calculated solely on the profits in the holding company. Here's the rub. In the extreme it's possible (ftaod, I'm not saying it's the case here) that the whole group could be making a loss but because the holding company is still stripping management charges and interest from it's loss making subsidiaries, the holding company is making a profit and showing a healthy dividend cover. The value of the 'investments' could still be going up if management assume the losses are going to be recovered by future profits. |
Posted at 21/11/2024 17:52 by marktime1231 A prompt response from IR, who say they have been monitoring our discussion, so fire away if you are also in some doubt.The income for the period was as per the NAV dcf model, or actually below because they revised NAV downwards. How much the half year income failed to meet expectation is not explicit, but the report did say down from £50M to £45M yoy, not just lower prices so less sunshine too. If there had been a surplus income it would have shown as a positive increment in the NAV bridge, but all we got was a decline from weaker price outlook and "project actuals" which I think means cost overuns. And yet they scream in the headlines that net income and cash flow covered the dividend 1.5x, which implies a massive surplus. Doesn't it? Something doesn't add up, even if it is just in the telling. Maybe concentrate then on disappointment in the NAV decline. I will trawl through the report detail to see if I can spot where things don't add up, but without a surplus income declared in the NAV bridge it seems we should not be drawing too much comfort from how well they say the dividend is (was) covered. As this reality sinks in I note the share price has settled lower. Given the wide discount maybe NESF is another candidate for a formula which calculates management fees based on MktCap or share price rather than NAV. Share our pain why don't you? To restore faith NESF need to convince us of the strategy of selling off good assets, in order to replace them with ? Or not. In the meantime let's hope better trading conditions will stop the NAV rot and that we can truly believe the dividend is sustainable. |
Posted at 21/11/2024 12:37 by marktime1231 Well that was OK. Or was it? Haven't yet delved in to the report detail or presentation, but my first reaction is:Impressive sale of assets at 14-21% above NAV. These must be choice assets delivering surplus income though, so what is replacing them? Pipeline capex is suspended I think. Astonishing then that they say dividend cover increased from 1.3x to 1.5x in the period. Despite lower income and higher dividends? Despite asset sales meaning loss of earnings, a narrative of lower power prices, rising interest rates. The FY outlook of dividend cover falling to 1.2x makes sense, but how on earth did it go up in the meantime? The 3p hit to NAV from lower short term power price curves is a hefty blow. Just when I thought prices were firmer, because the UK is struggling to supply demand. Where in the NAV bridge does it show the positive effect of received net income per share? A 5p hit from paying dividends, but where is the 1.5x cover eg 7.5p income shown. A puzzle which makes me question if I understand this at all. Suggestions please? The share price beginning to respond now, presumably the presentation was well received plus income investors appreciating the expressed confidence of a well covered dividend. Despite the sale of choice assets. Up to my neck here and very hopeful of momentum back over 80p. |
Posted at 05/11/2024 17:07 by marktime1231 Yes I have been looking out for the dividend announcement, either this Thursday or next. Another 2.1p for sure. Will the subsequent ex-div drop NESF to 70p, or will the share price bounce first. That is the key question.Prospectively more significant is the BoE MPC interest rate decision on Thursday. Even though NESF has its debt well managed the perceived high gearing here is the dominant driver of the discount. So add tomorrow or wait until the post dividend dust has settled. All the while remembering the discount is unreasonably wide and the income is top drawer. In the long term either way will be a good decision. |
Posted at 18/6/2024 22:40 by insanityideas Additionally to the good points Chucko made... The dividend payments that a fund gives out are equivalent to the interest payments on a loan. Buying back shares means fewer shares receiving a dividend so the overall cost of the dividend is reduced.A fund Issuing shares is like taking out a very long term loan (with the flexibility to cancel interest payments). Buying back shares is like paying down a loan. Long term Shareholders should view this as increasing the security of the dividend, short term shareholders can take their profits should this positively affect the share price.Buying back shares when they are cheap is a smart move (and explicitly written into the terms of the fund - if price falls below NAV directors have authority to buy back shares). It's only throwing money away when companies do it when the share price is at an all time high.If they don't currently have any decent assets to recycle funds into purchasing then this buyback puts those funds to use by reducing dividend outgoings. The only potential red flag is why can't they find suitable assets (that's part of the asset managers core job), and in the current climate a new share issue wouldn't get a good price, tying their hands on raising back this capital until share price gets closer to or above NAV. |
Posted at 15/5/2024 15:48 by marktime1231 Standing back from that pressure it is still a silly time to be selling off performing assets while values are low. The whole point of NESF is to accumulate productive assets which they point out cover a superior dividend never mind the interest rate environment.Where has recent surplus cash flow been deployed, it doesn't seem to have delivered much support to NAV or the share price If the share price has been trailing NAV by 25-35% in the last 6 months you might argue that a little buyback would be money well spent. Again I'm only quibbling, generally happy with NESF and its super income I just don't want them to spoil things for the long term. |
Posted at 25/11/2023 16:44 by masurenguy NextEnergy Solar Fund Manager says share price "unjustified" after solid interimsNextEnergy 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. |
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