Solid volume overall today right enough... |
Thanks for the nod. You'd think having complained about it, they might have sent a message. But no.
Added again, seen another 2.3m through. It's not extraordinary volume for TRIG, and can still get well inside, but 16m is still pretty large. |
I've seen other similar comments on ITs today re HL so it seems they've changed their (daft) policy |
HL buy blocking appears to have ended - I was just able to do so. |
Added here today, should've probably waited for the chart downtrend to break but could not resist |
6.54m through at 71.5p. Doesn't particularly feel like the end of it, but it can't stay down here forever IMO. |
Well at least as a proportion of the management fees is paid in shares at NAV its effectively the same as paying fees at market price on that proportion |
Good to see the newish boss of RES, "the world's largest independent renewable company", fill up his wife's ISA allowance with the best bargain he sees across his large universe. imho |
10.6% yield now based on the 7.55p dividend target for 2025
"Sale of four windfarms: Little Raith, Forss, Pallas and partial stake in Gode 1 for a total £185m, at an average premium of >10%"
Were these the crown jewels of the portfolio. I'm assuming all windfarms or not equal. Or are they? Anyone know why they sold at a 10% premium? |
Can buy at bid, fwiw. Still big sellers. |
Ebitda doesn't give us guidance on depreciation and amortization. Pretty crucial on short life assets. I want to know what part of the circa 100 million loss is attribuable to d and a ( normal accounting losses) and what is attributable to Economic variables. And the revaluation re. Wind speeds would come in with amortization in my book, just a previous valuation error not an exceptional. You are always goung to get downgrades on something every year. |
TRIG is better than most in that it actually discloses Group ebitda and reconciles that the cashflow which is used to pay the dividend. I agree though that the information isn't straightforward to find. |
 This is not such a criticism of Trig but all accounts' presentations. It would be a lot more transparent if the accounts were summarised very simply. The fact that the information is all over the place over several pages makes it very difficult. Why can't they just have a summary..Income, Less Expenses, Add Profit on Disposals, Less Immortisation, Profit/ Loss, Less adjustment for valuation ( ie. electricity prices, interest rates etc). Adjusted profit/ loss...which is exactly the movement in NAV once dividend is subtracted. Understandable, simple and just normal accounting practice in most non listed business. Instead we are left to argue what the results mean because the accounting presentation is nonsense. Beyond shocking actually. Trying to reconcile the P and L account to the Balance Sheet in most listed companies tbh is a challenge.
I realise this is an investment trust but basically it comes down to trading and a balance sheet just like any other Company.
At least if the accounts were presented as above we would know if Trig had made any money before the exceptional adjustments. Anybody? because I haven't got a clue and the Market clearly doesn't know either with the massive discount on NAV. |
Reported last August. |
Sold stake in German wind farm for a 9% premium. Just shows assets are easily sold for a good price, but share price still in the mud.. |
Just checking, again, that current share price is discounting a great deal of bad news - recent results presentation with good appendices. |
there may be some assetts that would be sold below NAV but at this share price wind up or manufacture a T/O would be good for shareholders, but not those running the show and getting their fees. I still think with 10% + now yield and the divi still looking payable these are a good hold, but I have been wrong for a while here now. |
Rein8ing back on rate reduction expectations as inflation heads back over 4% in short order, may be hitting these today. What a mess, uber Hawk, turned Dove ( Cath Mann) trying to revive Reeves' nuked economy with half point cuts. How can she, that would mean negative real rates and spiralling inflation concurrent by the Summer. Just can't see foreigners propping up our debts with negative rates to boot, so Bonds would go their own way regardless of what the MPC do.
Anybody still think Truss caused more damage lol. Fiscal catastrophe at this rate. |
I’m with you Makinbuks. The new management fees are an unnecessary dipping into the pockets of long suffering shareholders. Vote against the reelection of directors at the AGM |
More relevant for TRIG to watch AERI/AERS, somewhat slow moving so far though |
ghhghh,
Yes, I'm sure most are watching the outcome at the HEIT sale process, although with a current share price of 66p v NAV of 92.38p (a discount of 28.5%) the market seems pretty sceptical they'll get near NAV. Of course HEIT is battery storage and TRIG largely wind and solar power. TRIG is also much bigger. |
I suspect they'd do whatever they could to maintain the dividend, at least in the short term, even if it meant scaling back the share buybacks and using the revolving credit. The longer term question is what will happen to ebitda. In itself the cashflow, before debt repayment, is more than enough to cover the dividend (2024 - £390m v £184m dividend) except that the debt amortisation is quite significant (2024: - £206m), although to be fair that in itself helps valuation. |
@SteMiS. You've looked at the figures. Do you think TRIG will be able to maintain the current dividend (7.55p), or even increase it a little? They estimate that 60% of projected portfolio revenue will be directly linked to inflation, which will help pay the dividend. Lower interest rates should mean more profit if they buy assets. etc etc. Or is a dividend cut likely in a year or two? (I've addressed SteMis but of course other people are welcome to give their views.) |
I assume everyone (especially the DCF NAV cynics!) following the Harmony sales process.
This quarterly update utilises the Investment Adviser's established discounted cash flow methodology and independent inputs as for Q4 of FY2024. Discount rates, third party revenue curves and interest rate assumptions remain constant. The figures do not take into account, and are not influenced by, the portfolio sale process currently underway. Should a definitive agreement be reached with the preferred bidder, Shareholders approval will be sought in a general meeting.
Targeting sale by 10th March. |
RBC cut PT to 110p from 115p |
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