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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| The Renewables Infrastructure Group Limited | LSE:TRIG | London | Ordinary Share | GG00BBHX2H91 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -1.30 | -1.51% | 84.90 | 2,083,709 | 16:10:40 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 84.90 | 85.00 | 86.20 | 84.80 | 85.90 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 9.2M | 5.8M | 0.0023 | 368.70 | 2.14B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:10:40 | O | 10 | 85.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 30/12/2024 | 07:00 | UK RNS | Renewables Infrastructure Grp (The) Transaction in Own Shares |
| 27/12/2024 | 07:00 | UK RNS | Renewables Infrastructure Grp (The) Transaction in Own Shares |
| 24/12/2024 | 07:00 | UK RNS | Renewables Infrastructure Grp (The) Transaction in Own Shares |
| 23/12/2024 | 07:00 | UK RNS | Renewables Infrastructure Grp (The) Transaction in Own Shares |
| 20/12/2024 | 17:38 | UK RNS | Renewables Infrastructure Grp (The) Director/PDMR Shareholding |
| 20/12/2024 | 17:37 | UK RNS | Renewables Infrastructure Grp (The) Director/PDMR Shareholding |
| 20/12/2024 | 16:43 | UK RNS | Renewables Infrastructure Grp (The) Director/PDMR Shareholding |
| 20/12/2024 | 07:00 | UK RNS | Renewables Infrastructure Grp (The) Transaction in Own Shares |
| 19/12/2024 | 07:00 | UK RNS | Renewables Infrastructure Grp (The) Transaction in Own Shares |
| 18/12/2024 | 07:00 | UK RNS | Renewables Infrastructure Grp (The) Transaction in Own Shares |
The Renewables Infrastru... (TRIG) Share Charts1 Year The Renewables Infrastru... Chart |
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1 Month The Renewables Infrastru... Chart |
Intraday The Renewables Infrastru... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 27/12/2024 | 10:32 | THE RENEWABLES INFRASTRUCTURE GROUP | 940 |
| 18/2/2022 | 08:08 | The Renewables Infrastructure Group | 11 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 16:10:40 | 85.00 | 10 | 8.50 | O |
| 16:10:40 | 84.90 | 291 | 247.06 | AT |
| 16:10:38 | 84.94 | 2 | 1.70 | O |
| 16:10:37 | 85.10 | 1 | 0.85 | O |
| 16:09:14 | 84.94 | 7 | 5.95 | O |
| Top Posts |
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Posted at 30/12/2024 08:20 by The Renewables Infrastru... Daily Update The Renewables Infrastructure Group Limited is listed in the Finance Services sector of the London Stock Exchange with ticker TRIG. The last closing price for The Renewables Infrastru... was 86.20p.The Renewables Infrastru... currently has 2,478,868,326 shares in issue. The market capitalisation of The Renewables Infrastru... is £2,102,080,340. The Renewables Infrastru... has a price to earnings ratio (PE ratio) of 368.70. This morning TRIG shares opened at 85.90p |
Posted at 19/12/2024 13:41 by drectly I have the intention of increasing my holding here, the dividend gives excellent yield and is well covered, share price well below assett value. Each week I delay' it seems one of my better decisiions. I will not catch the bottom, or if I do it is just a fluke, but downward moomentum does say, continue too wait a bit. That or I am missing something which means the divi is under some sort of threat. |
Posted at 19/12/2024 13:35 by red ninja TRIG appears reasonable value at these levels, but agree the rate at which the share price has been falling is scary. |
Posted at 09/12/2024 17:29 by yump These Kepler reports seem to have a totally random effect on share prices, if not causing a drop subsequently. |
Posted at 09/12/2024 14:35 by hugepants Below is what that Kepler mob say about the dividend (from the above note).Dividend TRIG pays a high dividend covered by cash, which currently yields 8.2% at the current share price of 92p per share. Over the past five years, the dividend has risen by 12.5% in total, equivalent to growth of c. 2.4% per annum. TRIG’s managers look to manage risks as well as provide strong returns, so whilst the dividend yield and dividend progression is less high than some peers, on a risk-adjusted basis TRIG remains competitive. Underpinning TRIG’s resilience is the fact that 67% of TRIG’s revenues are insulated from electricity price changes over the next ten years. 57% of total expected revenues are directly and contractually linked to inflation for the next ten years, giving shareholders a relatively high degree of certainty, as long as TRIG continues to generate electricity in line with expectations. We understand that the board is mindful of setting the correct balance between paying a sustainable dividend for the long term and the desire to provide a progressive dividend. Bearing this in mind, the board has prioritised paying down floating-rate debt and share buybacks, instead of paying significantly higher dividends with TRIG’s surplus capital that it earned in 2022 and 2023. Given the operational challenges that the portfolio has endured in 2024 (see Portfolio section), this appears to have been a good decision by the board. However, given buybacks are so accretive at the current discount to NAV (see Discount section), we think it makes sense that TRIG’s board channel surplus cash flows into buybacks rather than incremental dividend increases at the current juncture. ANNUAL DIVIDENDS Source: The Renewables Infrastructure Group Higher interest rates around the world, and specifically the UK, have certainly made TRIG less attractive on a relative basis, which we believe is the major contributor to the discount widening out. Over the long term, it is worth bearing in mind that TRIG’s revenues are positively correlated with inflation, and so whilst savings accounts or fixed interest bonds offer relatively high nominal returns, TRIG’s offers the potential to deliver real returns. As we discuss in the Performance section, TRIG offers a prospective total return of 8.3% on a NAV basis before fees, the majority of which comes from a covered dividend, which has averaged over 1.25× on a median basis since IPO. Dividend cover has been impacted in 2024 year to date by materially lower electricity prices than achieved in recent years and cable outages at two of TRIG’s larger assets – the UK offshore wind farms, Hornsea One and East Anglia One. Both of these outages are now repaired, but the impact has been lower-than-expected dividend cover, which is expected at c. 1.1× on a cash basis, before returning to the long-term average of 1.2× to 1.3× from 2025. With the dividend still projected to be covered this year, 2024 shows the resilience in TRIG’s model. In the chart below we also include dividend cover before debt repayments, which, as discussed in the Gearing section, are made formulaically for TRIG’s structural, project finance debt. |
Posted at 11/11/2024 16:52 by t-trader Originally bought these along with BSIF, FSFL and NESF.To date, anything I’ve made from dividends has been wiped out by share price depreciation. Currently around break even on three and just below water on NESF. Rapid rise in interest rates didn’t do renewables any favours, but am hoping with interest rates reducing we may start to see some more investor interest and share price appreciation. Majority of renewables trade well below NAV, so will stay with my current holdings and see what the future holds. |
Posted at 18/9/2024 17:04 by drectly From Times Tempus - 17th Sept 2024TEMPUS Is green fund Trig worth a long-term punt? The shares are not for the fainthearted but the infrastructure group could get wind beneath its wings Lauren Almeida Wednesday September 18 2024, 12.01am, The Times Share Lower interest rates should work in favour of infrastructure funds, as their chunky dividend yields begin to look more attractive for investors seeking income. But London’s listed green funds, including The Renewables Infrastructure Group, are still trading at a double-digit discount to net assets. The FTSE 250 fund, which is widely known by its ticker Trig, aims to generate sustainable returns from a diversified portfolio of renewable infrastructure assets. It controls £3.4 billion in assets, which are spread across infrastructure used to generate green energy. Most of the portfolio is concentrated in onshore wind, offshore wind, and solar panels, although the fund is also building up its holdings in batteries, or “flexible capacity” assets. It has good geographic diversification, too, with assets in the UK, Ireland, France, Spain and Nordic countries, which means that risk is also spread across different weather systems, an important variable for generating electricity. Its biggest single investment is its 10 per cent stake in Hornsea One, the wind farm off the Yorkshire coastline, which makes up 11 per cent of its overall portfolio. That is followed by the Beatrice offshore wind farm in Scotland, at 7 per cent, and the offshore wind farm in Germany Merkur, at 6 per cent. Together its portfolio is capable of generating 6TWh of clean, renewable power each year, which is the equivalent of powering 1.8 million homes. Trig’s scale is huge and there is certainly an appeal for owning green assets that are not closely correlated with the stock market. But it has not been easy being green over the past couple of years: shares in Trig stood at a 23 per cent premium to their net asset value in 2020, according to data compiled by Morningstar Direct. But green funds have fallen out of favour in the past two years, as higher bond yields have diminished the relative appeal of the dividend yields that renewable trusts offer. The shares now languish at a 15.6 per cent discount to their NAV (net asset value). Day to day, the fund has grappled with higher finance costs, and recently lower than expected wind generation. Power prices have been relatively subdued, Europe has improved its storage capacity and weak economic growth has also put a dampener on demand. That being said, a high proportion of Trig’s revenues come from government subsidies such as contracts for difference (CfDs), renewable obligation certificates (ROCs) and feed-in-tariffs (FiTs), which give it some insulation from movement in power prices, and more than half of its contracts have an inflation link. For most green funds, raising money from investors has been out of the question, given the big discounts on the shares. Trig’s focus has, instead, been on managing its balance sheet: it has sold more than £200 million in assets over the past year, which has been used to push down its debt, service the dividend and fund the development of new wind and battery storage facilities. One of Trig’s key appeals is its income, with a forward dividend yield of 7 per cent, according to estimates compiled by FactSet. But its half-year results in June showed that its dividend cover had dropped. Its power generation fell 7 per cent below budget, partly because of two cable outages — one is already fixed, and the other is expected to be fixed in the coming weeks. But this, combined with its focus on reducing net debt, meant distributable cash flows dropped to £99.9 million as of the end of June, compared with £145.2 million at the same point last year. This meant that it covered £91 million of dividends paid in the first half by a multiple of 1.1 compared with 1.7 last year. That being said, the 1.7 multiple was also when power prices were high and management has said that this multiple is likely to fall back towards its historic average of about 1.2 times. While for many investors, Trig’s key appeal is its income, the fund does also invest for growth. Earlier this year, it bought the battery storage developer Fig Power for £20 million, which has given it a 400MW pipeline of projects. Battery storage is a relatively small part of the portfolio, although the fund is likely to diversify further into this area over time. Its improved balance sheet means that Trig can now say it can fund its entire 1GW development pipeline from cash without raising money from shareholders by 2030. Investors should note that Trig has two sets of management teams: its investments are managed by InfraRed Capital Partners, an asset manager which originally had a background in traditional infrastructure and is also the manager behind the HICL Infrastructure, another London-listed investment trust. Meanwhile, Renewable Energy Systems, known as Res, runs the daily management of the company. Richard Crawford, who had managed the fund since it floated in 2013, retired this year. Minesh Shah, who was his deputy for four years, is now the lead on the fund. Shah previously worked on HICL Infrastructure. Shares in Trig are not for the faint-hearted: the stock has already fallen 7 per cent in the year to date, even with expectations of lower interest rates priced elsewhere in the market. Some investors may take confidence in the fact that Shah bought £150,000 worth of shares in the company last month — and it is clear that the fund itself certainly believes the shares are good value, having launched a £50 million buyback programme in August. The discount on the shares may persist for some time, and the dividend cover is not as high as other green infrastructure funds that are not paying down their debt. There is some macroeconomic uncertainty tied to the shares, but given its forward yield of 7 per cent, potential for NAV growth from its reinvestments and a mature portfolio of diversified assets, this looks a fair exchange. Appetite for renewable energy infrastructure trusts still has some way to go to recover to its previous highs, but for long-term income investors, Trig remains a solid choice. Advice Buy Why Discount may be sticky but Trig still good for long-term income investors |
Posted at 11/8/2023 15:10 by davebowler As we have noted on several occasions over the past few months, despite poor share price returns, the underlying fundamentals of the renewable energy sector remain strong, particularly for those companies benefitting from inflation-linked subsidies and exposure to wholesale power prices. In many cases, these tailwinds have more than offset the adverse impact of rising discount rates on NAVs. While these weigh on returns in the short term, it is difficult to see how such wide share price discounts can be maintained for long, even with the increased politicking that we have seen of late, which Cherry Reynard has commented on here.Within the sector, some companies have fared better than others and it does not seem like a coincidence that the three trusts trading on the tightest discounts also happen to be the largest by market cap, with Greencoat UK Wind (UKW), Greencoat Renewables (GRP), and the Renewables Infrastructure Group (TRIG) all multitudes larger than the peer group median. This is likely an indication that the main sellers of renewables funds have been the larger wealth managers, who are increasingly obsessed with liquidity. While scale in isolation is certainly not a reliable indicator of success, all three trusts have continued to show continued fundamental stability despite the volatile macro environment. This week, following the publication of its interim results, I got a chance to sit down with some of the key members of TRIG’s management team. Despite trading on one of the narrowest discounts in the sector, TRIG stands out as a particularly attractive proposition at current prices thanks to the clear, long-term potential of the fund’s assets and the willingness of its managers to embrace the opportunities present in the sector. The company owns the largest diversified portfolio of renewable energy investments within the UK investment company sector, spread across eight countries and four asset classes. This is in contrast with the majority of the other funds that are either single mandate or specialists in individual assets, exposing them to considerable and often unhedgable risks, which are exacerbated further by the intermittent nature of renewable energy generation. We have seen this play out over the last few years, particularly with regard to generation from wind, with prolonged periods of below average wind speeds causing energy output drop by over 30% for some producers. TRIG certainly was not immune to these challenges, however the overall impact on its portfolio as a whole was limited thanks to its geographic, technological, and revenue diversification. The diversity within TRIG appears to be an extension of the proactive nature of the management team and its ability to identify opportunities within this fast-moving sector. As technology accelerates and the cost of various infrastructure investments continues to fall, managers who remain stationary, or those unwilling, or unable to take certain risks, get left behind. That is true in any industry but is particularly relevant here given the speed at which renewable production is changing, and the variety of technologies available. In 2021, the managers requested an increase to the fund’s mandate to invest in development projects – from 15% of the fund to 25% – identifying a potential value add to shareholders. While these projects come with elevated risks, these are mitigated to an extent by the stability of the company’s existing portfolio, particularly its six offshore wind projects, which benefit from protected cash flows, reducing the sensitivity of its equity returns to changes in power price levels. Over the first half of 2023, these investments delivered operational cash flows of £264m, representing three times cover of the £87m cash dividend paid to shareholders (at a yield of over 6%). Outside of paying down portfolio level debt, the bulk of these cashflows were reinvested into construction projects, including the commissioning of four solar projects in Spain, an onshore wind farm in Sweden and the development of two near term battery storage projects in the UK, further highlighting the desire of TRIG’s managers to generate shareholder value through effective diversification. The company is also able to leverage its scale, and balance sheet to deliver projects that would be beyond the scope of many other funds in the sector, particularly relating to increasing merchant risk. Subsidy-free projects are becoming more common place as the market matures, particularly for solar installations, and TRIG’s ability to be a relative first mover provides considerable advantages, both in terms of the ability to select prime developments, and to negotiate agreeable rates of return that reflect the increased risk (which can be as much as two to four times greater than construction risk). Again, thanks to the structure of the portfolio, the managers can branch out into higher return investments with the knowledge that over 50% of forecast revenues are linked through subsidy support mechanisms providing a natural hedge to increasing return expectations. The expertise in developing these projects should also not be discounted given the increasing complexity that exists when taking on merchant risk, and the potential opportunities that will arise as long-term project subsides roll off in the coming years will likely be substantial. One of the key challenges of investing in renewable energy over the years has been to manage the disconnect between the clear, long term, opportunity that exists, and the bottom-up reality of the assets in the sector. We all know that renewables will need to make up the bulk of the world’s energy supply over the next century, and that regulatory tailwinds to drive investment are immense. However, identifying tomorrow’s winners has proved to be no easy task. Investors must navigate a revolving door of technologies, confusing business models, and a patchwork regulatory environment. This remains the case today, even as the industry has begun to mature. The value of funds like TRIG is that they are capable of navigating these complexities, thanks to a wealth of technological expertise, while also having structures in place to manage the downside risks that are unfortunately commonplace given the variable nature of production (such as wind generation mentioned above). Renewable energy investment is a long game, and as with any investment, preserving capital is key to generating long term, compounding returns. TRIG appears as well equipped as any to achieve this thanks to the level of diversity within its portfolio, and the continued execution by its managers. |
Posted at 09/8/2023 08:50 by davebowler RENEWABLE INFRASTRUCTURE04 AUG, 2023 Better than bonds: TRIG considers buybacks as surplus cash blows in Update: Half-year results from Renewables Infrastructure Group show £3.5bn income fund promising to beat gilts and with room to buy back shares that have drifted to a 14% discount. BY GAVIN LUMSDEN The Renewables Infrastructure Group (TRIG) has held out the prospect of share buybacks to tackle its 14% discount as the board and fund manager Infrared Capital work out the best use for its cash flows driven by inflation and power prices. Half-year results today showed the £3.5bn portfolio of wind and solar power projects generated £264m cash in the six months to June, three times what the 6%-yielder needs to cover its quarterly dividends. Dividends were covered 1.7 times by net cash flows, up from 1.4 times a year ago, as the investment company continued to prioritise debt reduction, repaying £119m of portfolio-level borrowing in the period. Both the chairman Richard Morse and fund manager Richard Crawford said the priorities for its surplus cash flow were lowering the £410m drawn down on its £750m credit facility and funding the construction of two battery projects in the UK, solar plants in Spain and an offshore wind farm in Sweden. ‘Beyond this, the investment manager adopts a disciplined approach to further capital outlay, where, together with the board, it also considers share buybacks alongside potential new investments as well as disposals to generate cash for such allocations in seeking the best return for shareholders,’ Morse said. ‘Right policy’ Confirmation that TRIG was on track to hit this year’s dividend target of 7.18p per share, up from 6.84p in 2022, and that buybacks were on the agenda lifted its shares 1% to 115p. ‘This is clearly the right policy in view of the current discount and constraints on capital, albeit evidence of execution will be key,’ said Jefferies analyst Matthew Hose. TRIG shares have fallen 10% this year in a sector-wide de-rating caused by the sharp rise in interest rates, which has put investment companies under pressure to take steps to improve investor returns. That discount has cut TRIG’s market value to £2.8bn and left the stock trading on a 13.6% discount to net asset value (NAV) per share of 132.2p at 30 June, double the valuation gap in February when it reported its best-ever annual results. NAV per share dipped 2.4p or 1.8% over the six-month period as a rise in inflation that added 3.5p to the valuation was more than offset by a rise in discount rates, which knocked off 5.7p, and a fall in power prices which reduced NAV by 3.5p per share. However, also in the mix was improving or sweating the assets, which added £160m to NAV, equivalent to 6.4p per share. Operations director Chris Sweetman said making older wind turbine blades more aerodynamic had increased their power generation by 5%. Responding largely to the rises in interest rates and government bond yields, TRIG hiked its weighted average discount rate by 0.7% to 7.9%, although the higher returns it expects in future from its battery projects were a factor in the adjustment too. The impressive cash generation came despite electricity production of 2,954Gwh coming in 9.3% below budget because of calm weather in the UK and Ireland where onshore wind slumped 21% and 18% below budget. Not just a bond proxy TRIG passed its 10th birthday last month. Over the past decade, its shareholders have received a total return of 92.5%, although underlying investment return has been 146.5%, according to Numis Securities data. Morse said TRIG was demonstrating its resilience through the economic cycle, underpinned by the positive inflation correlation of its revenues and low exposure of its cash flows to rising interest rates. ‘Over the next ten years, more than 50% of forecast revenues are directly linked to inflation through subsidy support mechanisms providing a natural hedge to increasing return expectations,’ he said. Infrastructure funds’ reputation as ‘bond proxies’ has hurt them this year as investors have perceived the return of 4%-5% yields UK government bonds as more attractive. Crawford told analysts TRIG was making efforts to improve its total return by targeting capital growth through the construction of new assets, co-locating wind with solar parks and re-building or ‘repowering In his presentation, he compared the 4.5% yield on a 20-year gilt with TRIG’s 7.9% discount rate, which reflects the annual return the fund expects to make on its investments. Whereas the gilt offered a 1.1% real return over the market’s forecast of 3.4% inflation, TRIG’s discount rate implied a 5.2% annual real return over the 2.7% average inflation forecast for Europe over the next two decades. Liberum analyst Joseph Pepper retained a ‘buy’ on TRIG. He said the NAV decline was in line with its peers, the share price discount was comparatively low and, with the portfolio conservatively managed, he was less concerned by financing costs, adding, ‘we expect it to be among the first in the peer group to raise equity (and fully repay floating rate debt) once equity markets recover.’ |
Posted at 08/2/2023 17:19 by petersinthemarket Agreed, TRIG and UKW charts are virtually identical, except that TRIG share price hasn't taken off - yet. |
Posted at 13/8/2021 10:43 by ec2 Have parked my sale proceeds from TRIG a few days ago into Next Energy Solar (NESF). The rationale is, keeps me invested in the same sector, NESF on premium of 2.44% and forward yield of 7%. This compares to TRIG on 17% premium and paying 5%. Both stocks have similar div cover (1.1 times and 1.18 times respectively). Should be no near term unexpected surprises from NESF as they made a business update only a few days ago. No stamp duty on this stock also makes it suitable for short term parking of funds. Stock goes ex next week for 1.79p quarterly div. If TRIG share price drops back to more reasonable level may then switch back into TRIG for the added diversification of wind as well as solar but NESF looks the better value option at present. |
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