Opg Power Ventures Dividends - OPG

Opg Power Ventures Dividends - OPG

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Opg Power Ventures Plc OPG London Ordinary Share IM00B2R3RX72 ORD 0.0147P
  Price Change Price Change % Stock Price High Price Low Price Open Price Close Price Last Trade
  0.00 0.0% 15.125 15.125 15.125 15.125 15.125 08:00:00
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Industry Sector

Opg Power Ventures OPG Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

smithless: For those who didn't listen to the conference call, this is the takeaway from someone who did. Apart from the call being interrupted a couple of times from India, Mr Gupta went through the same bullet in the prelim RNS. The CEO did the same but did point out the required spend for the £11m (£5m 2020, £6m 2021) for the four units to comply with new standards. In the Q&A someone asked about the increase in debtor days but was put down to the end of year timing and some later payments from its supply of power to state utility. The LTIP were changed because of complaints by shareholders - so do listen. My take: solar to be sold to pay for new emission standards capex and although the debt for this project is now consolidated on the B/S, it's up for sale and will hopefully be sold in the nxt 12mths, thus removing debt and hopefully enough to pay the £11m for better combustion controls and selective non-catalytic reduction system (it may go for SCR to be future proof). The reason the script was cut IMHO was that Gupta is the only real winner from it and its dilutive for no real purpose. Why the share price has tanked is that Cenkos forecasts the EPS will be flat over the nxt 2 years, which makes it dead money for at least the nxt 12-18mths and low PLF due to capex upgrades of its units - unexpected. Value here, but can see the frustration because these were supposed to be the results when past problems were history. Only for the patient and will keep my modest holding.
jinvest1: Shame about today's price reaction but overall I think it is in a good place and well worth holding. Now it has returned to profitability, trading at just over 2X EBITDA and somehow just over 0.5 on it's tangible assets. That's just crazy whatever way you look at it and the share price should reflect that in time - even if it isn't a particularly exciting stock.
john09: Typical OPG share price action. It’s a casino stock always has been
jinvest1: Overall good news, as expected. Shame about the divi though but still crazy undervalued, can't bear to watch the share price at the moment however. Will be glad when these speculative sellers have it all out their system.
rivaldo: Very nice numbers - 3.8p EPS, debt down nicely, and a withdrawal from solar which I heartily approve of. Good news re renewals post the year end. And the 3 month Unit 4 shutdown will hopefully not be repeated this year, thus improving the outlook further. The LTIP has been altered and made a little more challenging as far as I remember? The max 35p price target is still pretty unchallenging to say the least. But the core business now appears to be in very good shape. We should see a continued share price rise here.
andycapp1: 8-9x EBITDA for a single coal plant is utterly unrealistic. You’ve fuel price risk and offtake risk and it’s dirty. Comparables are around 5x EBITDA which gives you an EV of say £250m which is still way above the current share price. But his multiple is fantasy.
beangrinder: Dimitri confirmed July date for results in his Mid June Shares sponsored presentation. He continues to refer to comparable operators being valued at 8-9 times EBITDA which reads across to a huge discount in OPG share price. On a similar basis we should be running between 60p and 100p (by my estimate when debt free). I’ve watched his presentations and Q&As this year and am of the view that if a re-rating starts it should be strong. My main gripe is the easy money the directors will all make in the LTIP, which triggers at 30p. Money for nothing imho. I think (from memory) they get 5% of company for doing nothing more than pointing out how undervalued the shares are! I won’t complain though if we move up to 60p+...I’ll just sell up and move on!
jinvest1: One irritating thing about the 30p LTIP is it gives them little incentive to increase the div above the forecast 1.2p. At 1.2p div, 30p share price is a 4% div yield. If they'd been a little more ambitious and set a LTIP of 35-40p this could, most likely, be easily achieved with a div of 1.6p. As I guess after the results the short term (until Nov at least) price will be determined primary by the div yield, so I hope they give a little higher than the 1.2p forcast.
lizardman_: I believe the original plan was to pay out 30% of profit iirc. The full year results should give the share price a boost when released, but next year should really consolidate things imo. On the plus side, much of this was telegraphed by OPG, in that there would be a year of realignment, and as forecasted coal prices came down, the company would return to profit. These have all been borne out in time. Despite Gujurat being a weight around their neck for the last few years, I do wonder if it is now profitable, or at least self sustainable, since coal prices have dropped and the cross-subsidy situation resolved. I'd love to see the Gujurat P&L/ Cash flow in the final results, although I think it's unlikely.
jozo: oldboffy, Thanks for your thoughts - I hope you're right and it turns out that I am indeed exaggerating!! Strangely enough I too am hoping to make some significant money in opg for a second time and have been a buyer at prices ranging form 33p down to 17.6p - average price 22.5p However a couple of bad experiences over the last 20 years with highly indebted companies have made me especially cautious. On the other side of the coin I have made significant sums from companies that have pulled themselves out of these situations. I am, in spite of my posts, hoping for the latter with opg. I suspect I am more than guilty to reacting to some of the blind one-sided 'this company can do no wrong' comments often seen on this bb. Current cash flow may well be just enough to cover existing covenants and obligations but the rise in coal (up until 2 weeks ago) was exceedingly alarming and if sustained would undoubtedly have stretched opg's ability to stay cash flow positive particularly in the short term and would undoubtedly have put a serious strain on debt obligations. Fortunately it appears there are signs (for a number of possible reasons as discussed by myself and yourself) that coal prices are at last reducing - this really needs to continue. I also take your comments regarding group captive status being significant but from my understanding previous years (2016 and 2017) as well as going forward for 2019 have yet to be confirmed. There is a degree of uncertainty here - the market clearly does not like this and is understandably cautious. Also comments in recent results regarding withholding interest payments on long term debt, while I recognise as part of a process, are far form reassuring. The resolution of both these issues will impact significantly on market sentiment. I have copied and pasted the relevant sections below: - ''OPG Gujarat has recently received approval from the relevant Gujarat authorities confirming its Group Captive status for FY18. This is significant progress in resolving the matter of late payments and the Company anticipates that the amounts delayed for FY18 (approximately GBP5.3 million as at 30 September 2017) will be recovered principally in the current financial year. Constructive dialogue continues on receiving confirmation on Group Captive status for FY16 and FY17 and, consistent with the view held at the Group's FY17 results, management continues to expect the recovery of the monies, approximately GBP26.1 million as of 31 March 2017, withheld by theDISCOMs''............................................. ............................. ''The Group has been in regular dialogue with its lenders at the Gujarat plant with regards to the long term loans at its SPV, OPGS Gujarat ("OPGG"). Due to the previously disclosed delayed recovery of the amounts withheld by the DISCOMS at the Gujarat plant, the Company has withheld GBP3.9 million of quarterly interest payments due in respect of the period ended 30 September 2017 on OPGG's long term debt. This non-payment of interest enables OPGG to enter the Corrective Action Plan ("CAP") process set out by the Reserve Bank of India ("RBI") circular)(1) . The CAP process is well established and is designed to assist borrowers in the rescheduling and/or restructuring of its long term loans. In light of the recent reaffirmation of OPGG's Group Captive status the Board anticipates that the outcome of the CAP process should enable OPGG to better match the cash flows from the Gujarat plant with its debt obligations and to facilitate OPGG's self-sufficiency. [1] RBI's MASTER CIRCULAR - PRUDENTIAL NORMS ON INCOME RECOGNITION, ASSET CLASSIFICATION AND PROVISIONING PERTAINING TO ADVANCES (RBI/2015-16/101 DBR.No.BP.BC.2/21.04.048/2015-16, July 1, 2015 (https://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9908)'' I have been in and out of investing in opg since its very early days when it had less than 20 mw of output - I have seen the share price fall as low as 11p and rise beyond 110p. Operationally OPG have managed to achieve what they set out to do. One thing, however, that has always struck me is that opg management have always managed news flow really badly and have almost without exception over promised and under delivered. Yes a lot of these issues are not necessarily of their own making - eg high coal costs, but trust in management is at an all time low. The projected business model and raison d'etre of the initial public listing are all but abandoned. The 'jam' tomorrow anticipated by many investors has not materialised. OPG is not loved at all, but as the saying goes 'the darkest hour comes before the dawn'. With the right headwinds opg has the potential to reward investors at these levels. There is also some indication in the markets that investors are starting to seek out value. Opg is far from being a lost cause, and 'value' will always 'out'. While significant risks still exist (IMHO), I sincerely hope for all on this bb that opg has bottomed and we are all able to enjoy the rewards of a sustained recovery. jozo
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