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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Sdcl Energy Efficiency Income Trust Plc | SEIT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.20 | 0.39% | 52.00 | 16:29:59 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 51.00 | 49.90 | 52.10 | 52.00 | 51.80 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 27/11/2024 | Interim | GBP | 0.0158 | 12/12/2024 | 13/12/2024 | 31/12/2024 |
| 05/09/2024 | Interim | GBP | 0.0158 | 12/09/2024 | 13/09/2024 | 27/09/2024 |
| 06/06/2024 | Interim | GBP | 0.0156 | 13/06/2024 | 14/06/2024 | 28/06/2024 |
| 23/02/2024 | Interim | GBP | 0.0156 | 07/03/2024 | 08/03/2024 | 28/03/2024 |
| 27/11/2023 | Interim | GBP | 0.0156 | 07/12/2023 | 08/12/2023 | 22/12/2023 |
| 06/09/2023 | Interim | GBP | 0.0156 | 14/09/2023 | 15/09/2023 | 29/09/2023 |
| 07/06/2023 | Interim | GBP | 0.015 | 15/06/2023 | 16/06/2023 | 30/06/2023 |
| 27/02/2023 | Interim | GBP | 0.015 | 09/03/2023 | 10/03/2023 | 31/03/2023 |
| 30/11/2022 | Interim | GBP | 0.015 | 08/12/2022 | 09/12/2022 | 21/12/2022 |
| 24/08/2022 | Interim | GBP | 0.015 | 01/09/2022 | 02/09/2022 | 30/09/2022 |
| 16/06/2022 | Interim | GBP | 0.01405 | 23/06/2022 | 24/06/2022 | 30/06/2022 |
| 01/03/2022 | Interim | GBP | 0.01405 | 10/03/2022 | 11/03/2022 | 31/03/2022 |
| 25/11/2021 | Interim | GBP | 0.01405 | 02/12/2021 | 03/12/2021 | 17/12/2021 |
| 01/09/2021 | Interim | GBP | 0.01405 | 09/09/2021 | 10/09/2021 | 30/09/2021 |
| 28/05/2021 | Interim | GBP | 0.01375 | 10/06/2021 | 11/06/2021 | 30/06/2021 |
| 04/03/2021 | Interim | GBP | 0.01375 | 11/03/2021 | 12/03/2021 | 31/03/2021 |
| 24/11/2020 | Interim | GBP | 0.01375 | 03/12/2020 | 04/12/2020 | 18/12/2020 |
| 31/07/2020 | Interim | GBP | 0.01375 | 13/08/2020 | 14/08/2020 | 25/09/2020 |
| Interim | GBP | 0.025 | 04/06/2020 | 05/06/2020 | 30/06/2020 |
| Top Posts |
|---|
Posted at 28/1/2025 15:45 by papy02 Plenty of rope here to hang them if they are playing fast and loose (all from 1H25 interims):"Operational performance underpins long-term, predominantly contracted cash flows to cover SEEIT’s growing dividend" ...dividends continue to be fully covered by stable investment cashflows from the portfolio The portfolio generated earnings in line with expectations and cash flows that were more than sufficient to cover the Company’s dividends. the Company is on track to deliver a fully cash covered dividend (APM) of 6.32 pence per share for the year ending 31 March 2025 "The Company’s investments generated free cash flows of £66.2 million in the period. After allowing for structural debt repayments, the cash inflow from investments (on a portfolio basis (APM)) was £48.0 million this enabled the Company to cover its cash dividends paid in the six-month period by 1.1x Cash Cover (definition): Operational cash inflow from investments into Holdco less fund expenses in the Company and Holdco, divided by dividends paid to Shareholders |
Posted at 28/1/2025 11:03 by cc2014 FWIW if you are looking for some comfort.The company state that the dividend is covered. I note: The Board directors are comfortable with the statement The auditors are comfortable with the statement Further according to SteMis this sort of practice is going on at any number of other renewable IT's and so that would then means you've got auditors from multiple different partnerships being deceived plus more and huge numbers of directors signing off statements In plain English it says the dividend is covered and there's a full explanation of the cash coming in and cash going out. Further I want to be clear that all SEIT's debt is amortising (apart from the RCF) meaning the capital as well and the interest is being paid so that by the end of the loan, the debt reduces to zero. This is not the case with all the renewables trusts so that puts SEIT in an even better place compared to some of it's peer group. If there is some contention with theses trusts I do not believe it relates to the EBITDA statements, more than it relates to the lack of full transparency of the DCF cash flow models supporting the NAV and the loss of common sense related to a test of "net realisable value of the assets" |
Posted at 27/1/2025 17:29 by wshak If SEIT is a fraud, then obviously all bets are off.However, it has been around a long time (unlike DGI9, GSF, etc.) so you'd think things would have come to a head by now if figures were being massaged. Tony Roper has a good CV as Chairman? I still haven't seen anything which is specific on why SEIT are misleading investors given their very specific wording above, which should leave no doubt that operational cash covers the dividend. If it isn't true, they are committing fraud. |
Posted at 27/1/2025 16:48 by wshak But that's not what SEIT are specifically saying is the origin of their cash flows?They say their portfolio produces £66.2m . Of that £48m is attributable to SEIT after £18.2m of debt repayments at project level (including both interest and capital repayment) Of the £48m, company expenses take out a huge chunk of £12.2m. That leaves net cash inflow of £35.8m at SEIT to cover a dividend of £34.1m to shareholders. I can see the argument that company expenses are very high at £12.2m but not that the dividend isn't covered even so. |
Posted at 27/1/2025 16:28 by stemis Here's how it works (it's an example, the numbers AREN'T those of SDCL)Say you had a Group consisting of a holding company and one subsidiary, both making zero profit. It pays a dividend of £10m. Most investors would say the dividend isn't covered. The holding company now designates itself as an investment company so doesn't consolidate it's subsidiary. It charges the subsidiary £10m in fees (could be management fees, interest, whatever). The holding company shows a profit of £10m and values it's subsidiary based on some future profit projections. So the holding company pays a dividend of £10m. It now says that it's 'Dividend cash cover' is 1.0x. What do you reckon? Covered or not? |
Posted at 26/1/2025 14:54 by 2wild For me NAV has little importance. Dividend yield cover and likely dividend sustainability and potential increases are way more important. All seems good.As dividend yield is so dam high am i missing something? UK market is under valued, Investment trusts more so, especially infrastructure. Renewable and other alternative investment companies. Very generous dividend yields are everywhere. We seem to be in a death spiral. |
Posted at 20/1/2025 20:40 by 2wild Indeed a terrific covered dividend every 3 months. Most renewable investment companies are now yielding over 10%. Excluding battery storage, Hydrogen and other emerging areas , nearly all have rising covered dividends. Don't think I've ever seen such a wide diversified sector trading on large discounts to book value with such high dividend yields. |
Posted at 09/12/2024 16:07 by spectoacc Flamboyant rhetoric :)Not convinced much of the sector fall is Trump-related - few of mine have much going on in US, & those that do (GSF; SEIT) aren't much affected. Eg BSIF, FSFL etc. "Kepler View In the weeks before SDCL Energy Efficiency Income's (SEIT) results announcement, the Morningstar Renewable Energy Infrastructure peer group in which it sits experienced significant discount widening, seemingly a result of the US election and investor worries about the different approach the new administration is expected to take to renewable energy. Share prices of other renewable energy companies were similarly hit. While it's quite likely in our view that this is a sector-wide over-reaction, SEIT has some specific differences in its business model compared to the peer group. First, the vast majority of SEIT's revenues do not rely on any form of subsidy or incentive, and its projects are primarily rooted in their commercial attractions. Second, SEIT has very limited merchant exposure, with most of its long-term revenues contracted, and low direct exposure to power prices. SEIT is really an equity investor in platforms that provide corporate customers with efficiency solutions, so it participates not only in the contracted revenues that come from these solutions, but in the growth of the platforms themselves. Third, SEIT's project-level debt is mostly amortising and so is repaid over a period of time, with many of its assets and investments extending well beyond the life of the debt, giving the trust different options in the future to enhance earnings. The team also point out one of the first moves made by the new US administration was the formation of a new Department of Government Efficiency, so 'efficiency' appears to be a positive theme in the US, which SDCL counts as its single largest country exposure at 67%. Without getting into the flamboyant rhetoric, it is fair to say that the incoming US administration has an agenda much less focused on 'energy transition' and whatever the practical realities that unfold over the next few years, this is a negative for investor sentiment right now. We think SEIT's business model, while aligned with energy transition, is relevant to customers with concerns about energy security, either more locally due to extreme weather events, or more widely due to geopolitical instability, as well as more straightforwardly simply helping customers to reduce costs. Thus, in our view, SEIT's business model doesn't really align with the main negatives of investor sentiment, and as the board's plan to address the discount unfolds, the current discount could prove to be a significant opportunity." |
Posted at 05/12/2024 09:37 by cc2014 hpcg. I'm sure you have been at this game long enough to know there is no clear answer to your musings on whether to hold or trade. It's a question I ask myself over and over but if we knew the answer to it out pots would be 10 times the size they are now.Clearly for the last couple of years the renewables have been in a downtrend and therefore buying when oversold and selling into the bounce has been the way to go. Whether that trend will continue is unknown. I do not think the trend will continue and so I'm going to hold and try not to sell out too early on the rise. I am not going to try and be clever by selling out and then buying back on the dips. Not until the share price reaches 65-70p anyway. This is also because with dividend yields at around 12%, that's 1% a month so the cost of being in cash is now significant. One might argue of course that the cost of cash is irrelevant and perhaps a better matric might be the opportunity cost of whatever other safe share it is you like. With regard to SEIT in particular, I think it worth waiting a while to see if a) GASC come in for more stock as they were possibly in a closed period, noting when they bought a large quantity earlier in the year they were a bit tardy in putting out the RNS's b) SEIT's biggest issue is that they need an investment partner as they have more opportunities than available cash/debt. GASC should be able to facilitate something around this if it is indeed not themselves. All imho of course. |
Posted at 04/12/2024 13:26 by cc2014 The way I see it is that it sometimes helps to stand back and look at the investmentsTake Onyx. The actual issue here is that it's too successful and SEIT cannot provide the capital to meet all the work available. What a problem to have. SEIT made it clear in the presentation they have no obligations to provide additional capital. A co-investor would be the best route. Next the steel plant to which SEIT provides energy recovery. This industry like a number of the other dirty industries on the old Eastman Kodak business park (and newer energy intensive customers) is going to be a big beneficiary of Trump tariffs. If the US imports less steel by definition that's good for SEIT's tenants and thus SEIT. I could go on. It is my opinion that this trust is misunderstood by those who cannot be bothered to find out what it actually does and have some information from a data provider in front of them and that's all. I for one am happy to take the opposite side of the trade from them. Of course as Chucko says it's about timing. If you stupid enough to by buying above 100p, then you are probably stupid enough to sell at 50p, which is what it seems Rathbones are doing |
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