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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
  0.00 0.0% 111.40 233,524 12:59:55
Bid Price Offer Price High Price Low Price Open Price
110.80 111.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 143.70 127.55 21.69 5.1 652
Last Trade Time Trade Type Trade Size Trade Price Currency
14:07:32 O 10,000 111.425 GBX

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30/12/202208:39NextEnergy Solar Fund516

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Posted at 31/1/2023 08:20 by Nextenergy Solar Daily Update
Nextenergy Solar Fund Limited is listed in the Alternative Energy sector of the London Stock Exchange with ticker NESF. The last closing price for Nextenergy Solar was 111.40p.
Nextenergy Solar Fund Limited has a 4 week average price of 109.40p and a 12 week average price of 103p.
The 1 year high share price is 123p while the 1 year low share price is currently 95.40p.
There are currently 584,935,046 shares in issue and the average daily traded volume is 727,357 shares. The market capitalisation of Nextenergy Solar Fund Limited is £651,617,641.24.
Posted at 13/12/2022 13:11 by speedsgh
Update research from QuotedData - HTTPS://www.investegate.co.uk/nextenergy-solar-fnd--nesf-/rns/update-research-from-quoteddata/202212130921125313J/

Earnings visibility underpins dividend target

It has been a busy few months for NextEnergy Solar Fund (NESF) and the listed renewable energy sector. The share price may have come under pressure from the threat of windfall taxes - see page 6 - and rising discount rates (used to discount NESF's future cash flows into a present-day valuation for its net asset values - NAVs - see page 5), but the picture on these points is clearer, and - as the latest results show - NESF's NAV is still making positive progress.

Strong forecast earnings cover for the dividend and NESF's forward sales of power give the board confidence to maintain its policy of at least matching dividend hikes with inflation. If shareholders give their approval for further expansion in this area, a push into energy storage offers another route to earnings growth.

The discount is wider than its long-term average. However, given the above, we think the shares can move back to trading at a premium to NAV and the fund can get back to raising fresh equity to back its extensive pipeline of revenue accretive investments.

Full research:

HTTPS://quoteddata.com/research/nextenergy-solar-fund-earnings-visibility-underpins-dividend-target-qd/

Posted at 18/11/2022 17:41 by carterit
From citywire today at 17.20
The exclusion of battery storage is clearly good for funds in this sub-sector: Gresham House (GRID), Gore Street (GSH) and Harmony Energy Income (HEIT).

Winterflood also pointed out that if biogas was confirmed as exempt, it would benefit JLEN Environmental Assets (JLEN), a diversified fund that generates some of its revenue from the sale of heat and biogas and enjoys some subsidy in the form of the feed-in-tariff scheme.

With its portfolio focused on Ireland and Europe, Greencoat Renewables (GRP) is also in the clear.

Chande said other funds with less than 30% UK exposure and at low risk from the levy were Thomas Lloyd (TLEI), Ecofin US Renewables (RNEW), Aquila European Renewables (AERI) and SDCL Energy Efficiency Income (SEIT).

VH Global Sustainable Energy Opportunities (GSEO) should also be excluded as its only UK asset is a gas-powered plant with carbon-capture facilities, said Chande.

‘While we do await finer details of the levy, the initial technical note indicated that behind-the-meter solar rooftop projects supplied by Atrato Onsite Energy (ROOF) will be exempt whilst Downing Renewables (DORE) is exempt due to UK capacity being under a 100GWh/pa de minimis allowance,’ the analyst said.

Funds such as Greencoat UK Wind (UKW) and Bluefield Solar Income (BSIF) with the highest exposure to subsidised CfD and ROC revenues should see a smaller reduction in NAVs, said Winterflood’s Ratnasingam.

UK Wind rose 3% yesterday, one of the biggest risers in the sector, and rallied another 3.7% today. Foresight Solar (FSFL) and NextEnergy Solar (NESF) gained over 2% yesterday.

The latter’s rise may have surprised Ratnasingam as he believed FSFL could be the most vulnerable to a knock to NAV as it had recently set its power price assumption at the higher end of the sector range of £80-£175/MWh for 2023 and £65-£150/MWh in 2024.

By contrast, he said NESF was ‘relatively attractive’ because of its investments in battery storage through a 500MW joint venture with Eelpower. Investor’s Newell estimated it was in line for a reduction in NAV of just 0.3%.

However, further clarification is needed as Chande included NESF, BSIF and UKW in a list of five that also included Renewables Infrastructure Group (TRIG) and JLEN he believed could see reductions of around 2.5% in NAV.

‘Arguably this is already reflected in discounts,’ he said. Until the smoke clears, however, those gaps between share prices and NAVs look set to remain.

Posted at 10/11/2022 13:21 by bodgeman
They are reporting still (yesterday bloomberg) that it's on the cards. I think it would be an ok thing if profits are exempt if reinvested in infrastructure. Dont know what that would do to the dividend - nothing good I expect, but it would raise the NAV and maybe share price. Depends what you are looking for - div or share price Personally I think Gov should leave well alone and provide an environment for growth - the opposite to what people are saying will happen. We will see on 17th (or before)
Posted at 12/10/2022 11:01 by marktime1231
I agree contract law is on NESF side here. Even if the government get legislation through to rip up old contracts then NESF are entitled to compensation if necessary through the courts. Imposing a windfall tax would be without challenge though?

The option remains open to voluntarily agree new price formulae which lop a huge amount off current wholesale prices while locking in a future price floor which would be, as you say, much better than the base case on which NESF is invested. The government needs to make an acceptable offer and NESF need to accept it ... NESF have already transferred two unsubsidised wind farms on to AR4 prices even though they weren't in the original auction, so there is precedent.

Rees-Mogg might be the problem here, judging by his stuttering performance on TV this morning. He might know chapter and verse on parliamentary procedure and constitutional law, but not so much about business, energy and industry or how to make a fair deal.

Posted at 12/10/2022 09:03 by nerja
If they are hit as much as being priced into the share prices on these funds, they will probably have o reduce the divi that a lot of them have increased this year, that will lead to further drops in the share prices. Only in this country could we shoot our selves in the foot like we do so often.
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%.

Yr MIN MAX
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

Posted at 09/8/2022 13:57 by gbcol
A share price of around 125p would currently get NESF into FTSE250. Currently MCap is circa £700m based on 119p share price A share price of 125p would increase that to £736m which is the value around entry level.

Of course a fund raise, should they manage to get to a NAV premium and be able to do one, would make entry even more likely.

Holding funds like these sure sweetens the pill of the rising domestic bills and no sign of the current trend changing anytime soon. Great for funds like NESF, bad news for households.

Posted at 09/8/2022 13:35 by a0002577
Hmmm... Not sure that a share price rise is necessarily a good thing especially if you want to buy more. As to NAV - it is a fickle thing and its calculation is as much art as science and certainly totally dependent on some human assumptions.

A premium to NAV is probably a good thing as it make it possible to raise more money and possibly increase market cap sufficiently to get NESF into the FT-250.

What really matters is cash flow in and dividend cover - will it be enough to sustain the dividend? And that looks pretty much assured.

Having said that the share price is certainly moving up in line with it peers (FSFL, BSIF) and will in due course give me a chance to sell to wait a bit and buy back at a lower price. A strategy I have used with all the Green Infrastructure funds from time to time.

My Guess is that the share price will sleep walk up to about 128-130 and from then on swing between 110 t0 130. Trouble is timing the swings.

I ;ike this company and look forward to its further development.

Posted at 11/5/2022 14:27 by marktime1231
Splendid NAV progress as anticipated. We should expect the share price to regain its premium because there is still more NAV gain to come but maybe not at this exceptional rate. For example from the surplus income. And, I think, the coupling of solar with battery storage will add value by allowing assets to participate more in the evening peak. And ongoing developments of course.

My mistake jumping the gun on the dividend which will not increase to 1.88p until next quarter.

Yes NESF is pretty fully geared and rightly considers expansion beyond the current pipeline would need a capital raise, hopefully by when the share price will have regained a healthy premium to NAV. Repaying some debt from the fund raising, using the rest to increase GAV by expanding, while the cash flow sustains the yield. Nothing too much to worry about. Given the dreadful investment landscape right now punters would be happy buying some at say 115p when the share price hits 120p. Wouldn't you?

Expansion is always to be welcomed, value is created by investing in developments at an early stage so long as execution risks are well controlled, focus turning to those ventures into shovel-ready projects which include long duration storage in the design. Producing incremental NAV gains once they are commissioned. As NESF increases in scale its ability to add value will just get better. Who knows, it might be able to emulate the performances of UKW and GRID.

Even with a fund raise looming there are compelling arguments to invest sooner rather than later.

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