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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
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 53.30 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 53.30 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
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 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 |
Posted at 04/12/2024 12:31 by chucko1 The way I see it is - is the company (IT) of adequate quality and prospects to sustain the current level of payout? If so, no matter the period of transient market value disruption, for whatever reason (even if Rathbones and assorted oldies are selling for two more years), it seems to represent yet another opportunity of mild enrichment for some investors versus the poor returns likely to be suffered by others.Same as GABI and EPIC and API, and likely ASLI and SOHO and NESF. With SLFX being the most notable of the lot, though dearly departed as of Dec 27th 2024. The problem, as ever, is when one bought at, for instance, IPO and ignored the key risk factor which was not the underlying premise of the investment, but the importance of rates. It seems that this problem is still weighing heavily on many investors. |
Posted at 04/12/2024 11:38 by hpcg Page 10 of the interim report goes into the debt, another thing that potential investors point to as reasons for selling that make them afraid to buy. I won't re-post the words here, those that can't be bothered to look at the company reports won't be able to do anything with the information anyway. |
Posted at 04/12/2024 11:21 by hpcg I remain perplexed when investors here keep looking for the boogy man that "they" know about and are selling down because of. Yes, as a private company we don't have direct access to Red Rochester's accounts, but its an industrial estate on the Great Lakes that also provides CHP services powered by very cheap domestic gas. The last annual report has a lot of information across project, which given how few people actually read them is as much in-depth research as is going on.Spectoacc wrote about extensively about flows earlier, which I won't bother repeating. I think we should give more credence to net withdrawals from a wealthy generation versus fewer inflows from the much poorer ones coming along behind. I think we'll see more pressure on the share price, especially ex-div and I for one will be adding. |
Posted at 29/11/2024 11:12 by wshak Lousy performance by their funds causes investors to question them and ask for their money back - redemptions.This means the Fund Manager has to sell portions of their portfolios to give cash to satisfy redemption demands. |
Posted at 29/11/2024 09:56 by mwj1959 Liquidity / Discount risk is a major concern for many of the institutional holders of these assets, such as Discretionary Managers. None envisaged (naively in my opinion) the level of discounts that some of these alternatives trusts have gone out to in recent years. Clearly 10yr Gilts rising from 0% to 4-5% have had a lot to do with that, but underlying performance hasn't helped either. In some of the smaller trusts if investors are given the opportunity of a wind-up somewhere around NAV in a vehicle with limited liquidity, illiquid assets and a large (and volatile) discount they are not surprisingly going for the latter. That trend is going to continue. Other than Gilt yields falling materially (unlikely) and/or massive buybacks (not been effective so far) there is little to drive sustained discount narrowing. Frustrating for LT holders, but a clear yield opportunity currently for the patient buy and hold income investor, albeit still with plenty of discount and NAV risk i.e. share prices can still go lower. Investing is about the balance between risk and reward and for many of these trusts it is probably tilted to far towards the former.I don't own SEIT currently, but do own plenty of others in this space. |
Posted at 21/11/2024 11:03 by finkie This company worries me lot of highly paid people not sure if they are running many profitable businesses cash hungry ones yes but not the investor friends kind that make profit… |
Posted at 16/9/2024 13:23 by hpcg The near continuous flow of takeovers of London listed company tells me it is the market not the constituents that is the cause of undervaluation. I've given up worrying about other investors, private or institutional. The people giving away their property for a pitance are idiots. |
Posted at 16/9/2024 08:27 by spectoacc Yup, M&G down to 8.2%. That's still a fair few to go but as M&G must be amongst the very worst investors out there (recall them buying more HOME even AFTER the allegations were out), the share price could look very different once they've gone. |
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