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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
|
|
|---|---|---|---|---|---|
| 0.10 | 0.14% | 70.30 | 1,755,787 | 14:00:05 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 70.10 | 70.60 | 71.10 | 70.20 | 71.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 8.82M | -8.36M | -0.0141 | -50.43 | 414.76M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 14:05:54 | O | 32,356 | 70.35 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 16/6/2025 | 08:48 | ALNC |  NextEnergy Solar Fund nudges up dividend despite drop in NAV |
| 16/6/2025 | 07:01 | UK RNS | NextEnergy Solar Fund Limited Publication of Sustainability & ESG Report |
| 16/6/2025 | 07:00 | UK RNS | NextEnergy Solar Fund Limited Full Year Results & Annual Report |
| 22/5/2025 | 09:01 | UK RNS | NextEnergy Solar Fund Limited Notice of Full Year Results |
| 22/5/2025 | 09:00 | UK RNS | NextEnergy Solar Fund Limited Directors’ Roles, Functions and.. |
| 15/5/2025 | 14:19 | ALNC | UPDATE: NextEnergy Solar says Chair Helen Mahy to step down |
| 15/5/2025 | 13:36 | UK RNS | NextEnergy Solar Fund Limited Directorate Change & Chair Succession |
| 15/5/2025 | 12:08 | ALNC | IN BRIEF: NextEnergy Solar commits to maintaining total dividend |
| 15/5/2025 | 07:02 | UK RNS | NextEnergy Solar Fund Limited Twelfth Dividend Target |
| 15/5/2025 | 07:01 | UK RNS | NextEnergy Solar Fund Limited Net Asset Value & Operating Update |
Nextenergy Solar (NESF) Share Charts1 Year Nextenergy Solar Chart |
|
1 Month Nextenergy Solar Chart |
Intraday Nextenergy Solar Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 16/6/2025 | 12:22 | NextEnergy Solar Fund | 1,658 |
| 31/12/2024 | 10:44 | NESF how best accumulate | 13 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 13:05:55 | 70.35 | 32,356 | 22,762.45 | O |
| 13:05:13 | 70.36 | 6,490 | 4,566.43 | O |
| 13:00:01 | 70.50 | 21 | 14.81 | O |
| 13:00:01 | 70.30 | 1,053 | 740.26 | AT |
| 12:58:06 | 70.20 | 8,487 | 5,957.87 | AT |
| Top Posts |
|---|
Posted at 16/6/2025 09:20 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 70.20p.Nextenergy Solar currently has 590,821,185 shares in issue. The market capitalisation of Nextenergy Solar is £420,073,863. Nextenergy Solar has a price to earnings ratio (PE ratio) of -50.43. This morning NESF shares opened at 71p |
Posted at 16/6/2025 08:40 by williamcooper104 Looks like that's all in the price There's a very clear hint that they'll drop the management fee from NAV - they say they are consulting with shareholders on this - if they'd no intention of doing that they wouldn't say anything - it's likely a question of whether it goes to half NAV/half share price or just to share price And to cut the divi while keeping their management fee wholly on NAV - not going to happen Annoying that the NAV depletion isn't macro/rate driven (just 10bps up on discount rates) but presumably mostly on forward energy prices - but as said that looks to have been very much priced into the sp The strategic options statement is interesting although doesn’t look like they are proactively looking for strategic options |
Posted at 16/6/2025 07:08 by masurenguy Full Year Results & Annual ReportNextEnergy Solar Fund has today published its full year results and annual report as at year ended 31 March 2025. Key Highlights (reconfirmed from Q4 NAV & Operating update) Financial: · Net Asset Value ("NAV") per Ordinary Share of 95.1p (31 March 2024: 104.7p). · Ordinary Shareholders' NAV of £547.4m (31 March 2024: £618.6m). · Gross Asset Value of £1,061m (31 March 2024: £1,155m). · Income generated of c.£73.2m (31 March 2024: c.£80m). · Financial debt gearing (excluding Preference Shares) of 29.7% (31/3/2024: 29.3%). · Total gearing (including Preference Shares and total look-through debt) of 48.4% 1 (31/3/2024: 46.4% 1). · Weighted average cost of debt (including Preference Shares) of 4.9% (31 March 2024: 4.5%). · Weighted average cost of capital of 6.6% (31 March 2024: 6.4%). · Weighted average discount rate across the portfolio of 8.0% (31 March 2024: 8.1%). Dividend: · Total dividends declared of 8.43p per Ordinary Share for the twelve months ended 31 March 2025 (31 March 2024: 8.35p). · Dividend cover for the twelve months ended 31 March 2025 was 1.1x (31 March 2024: 1.3x). · The Board is pleased to reconfirm its full-year dividend target guidance for the year ending 31 March 2026 of 8.43p per Ordinary Share (31 March 2025: 8.43p). · As at 13 June 2025, the Company offers an attractive dividend yield of c.12%. · The full-year dividend target per Ordinary Share for the year ending 31 March 2026 is forecast to be covered in a range of 1.1x - 1.3x by earnings post-debt amortisation. · As at 31 March 2025, the Company had declared total Ordinary Share dividends of £395m since inception, the equivalent to 76.26p per Ordinary Share. Ross Grier, Chief Investment Officer of NextEnergy Capital said: "Over the year, NESF made solid progress, including executing the Capital Recycling Programme, launching the share buyback programme, paying a fully covered FY dividend of 8.43p per ordinary share, re-investing back into the health of the portfolio and setting the stage for onward growth of the platform. The Board has approved a sustained dividend target of 8.43p per Ordinary Share for the year ending 31 March 2026 which it considers appropriately balances the interests of the Company, investors and other stakeholders in the current macroeconomic climate. Such a decision demonstrates continued discipline and will allow for continued access to NAV accretive opportunities, aiming to reduce the discount to NAV whilst providing shareholders with a total return via share price appreciation and a sector leading dividend yield in the FTSE 350 of c.12% as at 31 March 2025. NESF has delivered an attractive, cash covered dividend in the face of operational challenges and continued macroeconomic pressures and volatility across the UK equity markets. The Company's ordinary share price continues to trade at a material discount to its Net Asset Value per share which is frustrating given this progress but with oversight from the Board, the team has taken action to narrow this discount through a combination of strategic activities and continues this work actively. Having been part of the NESF journey since IPO in 2014, I am extremely proud of the impact, momentum and value it has provided since its listing on the London Stock Exchange eleven years ago. Having delivered a portfolio of 1GW capacity of solar energy and energy storage assets, against a total of c.18GW of solar currently deployed across the UK NESF has been a key contributor to the progress made to date on energy security and net zero and is well positioned to play a key role in the next phase of this growth with CP30. We will continue to deliver long-term value via total return as we ramp up for growth, narrow the discount to NAV and continue to pay cash covered dividends. Thank you to all our shareholders, past, current, and prospective for supporting NESF and preparing for our next phase together." |
Posted at 07/6/2025 12:08 by grahamg8 As an example in order to reduce the yield to 10% with a prospective 8.44p divi needs the share price to rise 12%, and that's on top of the current yield. Even then the shares would still be trading at a discount. I believe the results are out on 16 June which might trigger some action. |
Posted at 03/6/2025 17:27 by skinnypope NextEnergy Solar Said to Have Rejected Bid From ForesighthXXps://www.bloomber NextEnergy Solar Fund rejected a takeover proposal from Foresight Solar Fund last month, backing away from a potential deal that would have created an £800 million ($1.1 billion) London-listed infrastructure fund, according to people with knowledge of the matter. Talks between the two investment firms were ended by NextEnergy Solar in May, the people said, asking not to be identified discussing private information. Foresight Solar had said in a trading update last month that talks about a “formal proposal” were wound down, without disclosing the target company. NextEnergy Solar also announced in May that its Chairwoman Helen Mahy is resigning. A representative for NextEnergy Solar wasn’t immediately available for comment, while a representative for Foresight Solar declined to comment. Shares of NextEnergy Solar jumped as much as 4.1% in London on Tuesday following the news, the biggest intraday gain in almost two months. UK investment trusts have been looking to consolidate in a bid to boost scale, lower costs and improve liquidity for investors. The sector has been in rapid decline over the past few years, due to a combination of high interest rates, insufficient size and liquidity, and cost-disclosure regulations. Trusts that invest in illiquid assets like infrastructure were hit particularly hard by high interest rates, with share prices trading at wide discounts to the underlying value of their assets. Shares of both NextEnergy Solar and Foresight Solar have been trading at discounts of more than 20% to their NAVs over the past year. |
Posted at 15/5/2025 22:35 by chucko1 There is some especially weak/lazy thought going into some of these posts.The evidence that "NESF is eating itself", using the idea that dividends = NAV atrophy the past two years is in contrast to this: the sum of dividends and NAV atrophy over a much longer period annualises at circa +7.5%. You will find that a rapid ratcheting up of discount rate those past two years is a more appropriate place to look. Still, 7.5% is less than the average dividend yield, so further detailed analysis to reconcile this is required (you are certainly not going to find it in the past 100 posts). Furthermore, the certitude expressed by some relative to the guesswork is absurd: NESF is extremely volatile owing to the inherent leverage incurred by the long time frames involved in valuations. A key driver is the spread between discount rate and inflation, very much the same as drives the valuation of long linker Gilts. Take a look at the movement in price of those the past two years and you will find that NESF is an oasis of calm by comparison! That said, let's see how the commented upon irradiance of April/May feeds through to future NAVs as at least that variable has a short duration and effectively accrues. And as for Mahy, who knows? Could mean anything, but worth keeping an eye on any clear reasons emerging. |
Posted at 15/5/2025 11:36 by marktime1231 Another trading update without any operational or financial performance data, except to say that irradiance was below budget. And yet the headlines were for record March sunshine. And perpetuating the myth that the dividend is covered by using a gross income measure eg before accounting for all deductions. It is not covered net when you account for all the group costs eg buyback, management fees, perp share payments and interest on the rcf. Not covered by miles. NESF is accruing interest and in effect is borrowing to pay the high dividend and to buy back shares.This is a scandal, a con which some punters are falling for, blinded by the 12% dividend and the board presenting NESF to be in continuing good financial health when it is hugely loss making. As a couple of posters have pointed out NESF is eating itself to sustain the distribution. |
Posted at 18/12/2024 08:10 by tag57 If you plot most renewable share price on a graph over 2 years they generally follow the same path, including FGeN and GSEO which are pretty diversified compared to NESF.Suggests to me there is nothing in particular driving NESF’s share price and is just part of a wider sell off in alternatives. Obviously I have concerns with the constant downward slide but nothing I haven’t seen previously. |
Posted at 05/12/2024 18:04 by chucko1 "Smoke and mirrors ...". Not how I see it.I see the debt, which I had previously argued was within the SPVs - not the TopCo, whereas the Prefs are in the TopCo. There was a previous posting here which argues that interest must be further taken off the declared free cash of £63mn (or £80mn prior to Prefs and Op Ex), thus implying that the dividend is NOT 1.3x covered etc. I see the interest on the debt as being deducted from the profits of the SPVs, and therefore the net income from the SPVs sent to the parent as truly distributable cash. Were that not the case, there would surely be cash deficits all over the corporate structure that would have led to strange rebalancing payments over the 10 year period. This is not the case. What does appear to be a tangible concern is the sustainability of the dividend as the hedged portion of power prices diminishes, and further contracts are agreed. Recent contracts indicate roughly £50 per MWh, and basic calculations indicate this is not conducive to the current dividend amount. However, NESF argued in their recent presentation that asset management and lower costs would make this possible. And it will take a number of years to validate this claim. Hence a fractious share price if certain investors go into doom or bad mood mode! It's so common with ITs for a section of investors to get antsy when the share price is "low", including getting angry with management. Well, at least we know that management do own a reasonable amount of shares. That said, I was not massively impressed with the presenters on the call of two weeks back, but that is a totally different issue to that of current dividend cover and its definition. Q: can anyone offer up an IT where there has NOT been a big gripe about it during its history? It's all part of the experience! |
Posted at 04/12/2024 19:31 by value hound From UK Investor FWIW (I bought recently):Three reasons to consider NextEnergy Solar Fund shares after the recent dip The NextEnergy Solar Fund’s share price has softened slightly since the Investment Trusts announced net asset value fell marginally due to energy price forecasts. The trust regularly updates the valuation of its portfolio of solar assets to reflect the discount rates and expected future cash generation. Looking past the short-term gyrations in underlying energy markets, we explore three factors central to the NextEnergy Solar Fund investment case. NextEnergy Solar Fund yields 12% The NextEnergy Solar Fund is a dividend juggernaut. The trust has consistently increased its dividend and is on track for another year of growth. The full-year dividend is expected to increase to 8.43p for the year ending 31 March. Highlighting the sheer scale of the dividends distributed by the NextEnergy Solar Fund, the trust has paid out £370m in dividends totalling 72p since its IPO. This compares to a current share price of 69p and a market cap of £400m. Dividend yields above 10% are treated with scepticism. However, the NextEnergy Solar Fund has set a dividend cover target of 1.1x -1.3x for the full-year dividend, meaning the dividend paid is more than covered by income, reducing the risk of any reduction in the dividend payout. The income that covers the dividend is remarkably reliable. A common misconception is that solar power heavily depends on the weather and how bright the sun shines. Of course, the weather has a degree of variability, but its impact on a solar facility’s ability to generate power is minimal. NextEnergy Solar Fund uses Power Purchase Agreements to lock in prices for the power it generates and provide income security. Share buybacks The NextEnergy Solar Fund’s commitment to share buybacks further underpins its attraction. The trust has a programme of up to £20m, of which £6.2m was utilised up to 20 November 2024. The share buyback programme isn’t massive, but the fact that one is in place demonstrates the underlying health of the trust’s finances, adding an extra layer of reassurance to its ability to pay dividends. Share buybacks are currently playing a major part in shareholder returns for UK equity investments, and investors should be encouraged to see NextEnergy committed to a programme. Asset sales at a premium to book value NextEnergy Solar Fund shares trade at 29% discount to NAV. Wide discounts are a common theme across renewable infrastructure Investment Trusts. However, recent asset sales as part of NextEnergy’s capital recycling programme reinforce why their discount is unjustified. Discounts across the sector partly reflect the higher interest environment and partly reflect concerns about a potential disparity between the achievable valuation of assets and the reported valuation. Concerns about the achievable valuation of NextEnergy Solar Fund’s assets may be misplaced. As part of its capital recycling programme designed to manage its exposure to higher interest rates, NextEnergy has disposed of a limited number of assets at a premium to their holding value, delivering a 2.76p uplift in the trust’s NAV. This highlights two things: first, NextEnergy Solar Fund NAV calculations have proven conservative compared to the price acquirers are prepared to pay, and second, any discount to NAV due to the trust’s portfolio’s achievable NAV could be unwarranted. In addition to the benefits outlined above, investors must consider the risks, as with all investment trusts. NextEnergy Solar Fund is exposed to power prices that can be unpredictable, and there is an element of exposure to inflation through subsidies. |
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. |
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