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SEIT Sdcl Energy Efficiency Income Trust Plc

-0.50 (-0.82%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sdcl Energy Efficiency Income Trust Plc LSE:SEIT London Ordinary Share GB00BGHVZM47 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -0.50 -0.82% 60.30 571,445 16:35:23
Bid Price Offer Price High Price Low Price Open Price
60.30 60.60 61.60 60.40 61.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -6.6M -18.6M -0.0206 -29.37 546.52M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:40:17 O 21,849 60.515 GBX

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Date Time Title Posts
07/12/202313:36SDCL Energy Efficiency Inc Trust251

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Posted at 10/12/2023 08:20 by Sdcl Energy Efficiency I... Daily Update
Sdcl Energy Efficiency Income Trust Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker SEIT. The last closing price for Sdcl Energy Efficiency I... was 60.80p.
Sdcl Energy Efficiency I... currently has 903,331,478 shares in issue. The market capitalisation of Sdcl Energy Efficiency I... is £546,515,544.
Sdcl Energy Efficiency I... has a price to earnings ratio (PE ratio) of -29.37.
This morning SEIT shares opened at 61p
Posted at 06/12/2023 13:03 by cc2014
Thanks for your post. It made me think and go and look up a few things.

I read it as the Red Rochester was valued at $314m on a net basis, which would frame the EBITDA differently. I could be wrong on this.

As at the end of September it's valued is reduced to £180m or around $225m so that's now in the price. The move seems excessively large to me and suggests my interpretation could be wrong.

Regardless of this I am fairly sure they overpaid for the assets when there was an endless stream of money coming in with new issues above NAV. Thus the bashed up share price.
Posted at 04/12/2023 10:14 by jonwig
US best performing economy, but the US assets are the problematic ones!

They're acutely aware of the share rating, and disposals plus buybacks are clearly coming up. PIN has a tender offer recently, which might have impact here following a disposal.

Covered dividend of 6.24p should be putting a floor on the share price.
Posted at 04/12/2023 09:50 by cc2014
I have no great insight here. Nearly everything in there was pretty much flagged up already or could have been worked out through common sense.

I had hoped for better and I guess I found the results underwhelming but it seems that given the share price has not moved the market pretty much expected what it got.

It's my guess that we are at the top of this part of the interest rate cycle and we will see no further detriment to the NAV. It will be interesting to see that whilst at the moment the market is screaming at these Trusts to de-lever whether once interest rates start falling that will prove to be the right decision. I am very doubtful it can be done through disposals anyway, but that matters not to me as it will naturally happen over time as the income is more than the dividend payments.

In summary happy to hold, happy to collect the covered dividend and some capital appreciation in due course but all a but uninspiring and would have preferred the share price to zip up to 70p this morning.
Posted at 04/12/2023 07:24 by spectoacc
Decent cash inflow, loss all due to discount rate change, a lot of talk about narrowing the share price discount.

Agree there's nothing too bullish in it but it's surely all in the price down here. The low gearing is the saving grace.
Posted at 01/12/2023 10:22 by stemis
I think a lot of UK investments 'like' SEIT are trading at big discounts for reasons that have been touched upon on this board. However SEIT doesn't seem to have seen any real recover despite easing of long term rates (opportunity or cause for concern?).

Jonwig. I don't doubt dividends are currently covered but my 'concern' (if that's not overstating it) is how vulnerable they are in the future. Anyway I've written to the company. Be surprised however if I get a substantive reply (if any at all), but we'll see...

As an aside, I really don't know why they bothered with the share buyback. £20m spent and did nothing to remove any 'overhang' in the market and only added 0.3p to NAV/share. I'd feel happier if it was sitting on their balance sheet...
Posted at 01/12/2023 09:18 by stemis
Nothing I can find.

There's an awful lot of information in the accounts and on the web site but a glaring hole in that there's barely anything (that I can find anyway) about the trading performance of their individual subsidiaries. They say that cashflow (of £85m) covers dividend 1.2x. Great, but nothing about which subsidiaries it comes from. I've a reasonable idea which subsidiaries hold the underlying debt (don't see why they can't specifically anyalyse it rather than making you do it yourself) but nothing about their balance sheets or profitability. If a lot of the £85m came from Primary (debt = $180m) and it had a weak balance sheet, I'd be rather more worried than if it was Red (debt = $75m) and it had a strong balance sheet.

I'd be a buyer here (and maybe still will be) but the collapse in the share price makes me worried that someone with more access to the above data knows more than I do about the vulnerability of SEIT's cashflow...
Posted at 12/10/2023 10:11 by cc2014
The share price is at this level because I don't have a spare £10m to scoop up all these cheap shares.

Seriously, if you are asking if SEIT has another £20m spare and if it has investment opportunities at 10%+, I suggest you spend some time reading up on the very good resources on their website.

As to why the share price is down here, EBOX gave us a clue this morning with the RNS that Aviva are one of the sellers in the market at the moment. Presumably they are selling down stuff they have bought at much higher prices for LDL pension funds to buy gilts or investment grade corporate bonds yielding 5-7% with decent long maturity periods. They will carry on doing so as long as gilts remain elevated and the government and BOE keep supplying gilts in outrageously large quantities.
It's more complex than that of course but I'm sure you get the drift.
Posted at 12/10/2023 08:41 by pavey ark
Just been running the old calculator over the share buy-back.

The buy-back ended in early September and as usually happens the share price fell.... in this case form low to oh FFS !!

The buy-back was £20m and 23m shares were bought at an average of c.87p

They bought £23m of assets for £20m and reduced the dividend bill by £1.43m

Share buy-backs don't always (ever?)produce the expected results but setting the share price aside there could have been worse ways to spend £20m

If buy-back looked a good idea in April at 85p I wonder what they think of 62p?

Do they have another £20m to spare?

40% discount and 10% yield .....hmmm....I think I'd be looking down the back of the sofa !!
Posted at 04/10/2023 14:49 by jonwig
"Higher for longer" and federal shutdown are causing the eebi-jeebies in markets.

The real, as opposed to market, impact on the likes of SEIT is the debt position of investee companies. I've had a look at a big one, RED Rochester.

The equity was acquired in May 2021 for $177m. Its latest equity value is $314m, and constitutes 22% of SEIT's GAV. Project level debt is $75m. As far as it goes, that seems fine. And the SEIT annual report tells us plenty (pp 38 ff).
But how is the debt serviced, is it fixed or variable, when has it to be re-financed? Does it matter?

I haven't looked in detail at more of the portfolio as yet.
Posted at 03/10/2023 14:33 by boystown
So what do the experts think now at 64p with a massive discount and c.10% yield?

Just three weeks ago, the Mail on Sunday said:

Share price performance has been disappointing, however. Midas recommended SEEIT on flotation at £1 and, by last summer, the stock had risen to £1.23. The price has fallen to just 75p since then, hit by rising interest rates, economic uncertainty and a general disaffection for renewable energy stocks.

Just a return to the "disappointing" 75p level would be a 17% return.
Sdcl Energy Efficiency I... share price data is direct from the London Stock Exchange

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