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TENT Triple Point Energy Transition Plc

0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Triple Point Energy Transition Plc LSE:TENT London Ordinary Share GB00BMCBZL07 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 62.00 60.00 64.00 - 6,751 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 11.3M 8.81M 0.0881 7.04 62.01M
Triple Point Energy Transition Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker TENT. The last closing price for Triple Point Energy Tran... was 62p. Over the last year, Triple Point Energy Tran... shares have traded in a share price range of 53.00p to 73.50p.

Triple Point Energy Tran... currently has 100,014,079 shares in issue. The market capitalisation of Triple Point Energy Tran... is £62.01 million. Triple Point Energy Tran... has a price to earnings ratio (PE ratio) of 7.04.

Triple Point Energy Tran... Share Discussion Threads

Showing 26 to 48 of 100 messages
Chat Pages: 4  3  2  1
I've looked at this over the weekend, because at first sight the discount and dividend look appealing.
IMO, the market has sniffed out that the tomato-growing business (to which TENT is over-exposed at c. 20%) is in trouble. Combine that with the persistent seller and you get the current apparent but actually illusory discount.
So this is a "no" from me. GLA.
Finally, thanks to CC2014 for the very helpful posts.

Companies House shows TP leasing have been doing business with Innova prior to this TENT loan.

Basically TP has a business making loans in the same area as TENT.

Nothing wrong with that of course as it's the investment managers job to bring opportunties along but I would like to be assured it's a new loan on a new asset, rather than a rolled over one. I'll never get that information.

Agreed, thanks all. "Dodgy, but might be in the price" seems to sum it up. Sadly also a description of a number of others.

Anything "PI" seems an excuse for picking pockets.

Some really informative posts today ..big help personally
We probably have similar age and risk profiles. But I saw no particular reason to sell TENT on the way down from IPO 100p. Maybe I was lazy? If it lurched lower than this, though, I probably would.

Apart from generally low risk, I do have some conviction ideas such as private equity (hence PHLL, also PIN, APAX, III) which I believe has overdone the downside. I also subscribe to a VCT every year.

Other convictions (long only): uranium, silver, hydrogen, Japan.

CC2014 - thanks for that, and the detail.

In my earlier response I was reminding myself of the quarterly update to 31/12, issued on 20/03:

Perhaps they are being over-confident in what they say, but if there really are serious concerns, they have a duty to say so. They don't.

• You say APS can't grow tomatoes in winter owing to the costs. In fact just 8% of its capacity was mothballed last winter:

• Discount rates aren't discussed in the latest update because it's largely an operational comment rather than a financial one. However, the H1 results to 30/09 said:

The Company engages Mazars as an external, independent, and qualified valuer to assess the validity of the discount rates used by the Investment Manager

• The loan to Spark Steam is amortising over 10.5 years from 2021, so some de-risking is built in.

So one conclusion from your analysis is that yes, there are concerns, but they are "in the price". Your criticisms may well be valid, but would it be unkind to suggest you were "looking for trouble"?

This fund is covered in red flags

1. Fund manager is Triple Point who are also SOHO and DGI0 where share prices have also cratered

2. The sourcing of the initial investments in APS from an in-house open-ended fund. Whilst shareholders were assured this was done at a fair value my concern is the valuation and the nature of the transaction

3. The fund has one third of its assets to one borrower APS Salads at IPO. Less now I guess. Too mnay eggs in one basket is a school boy mistake. The accounts of the parent company A Pearson Holdings are available at Companies House and one must consider the ability of APS to pay the interest on the debt to TENT given interest rates have rised from 0.1% to 4.25%. APS grow tomatoes are now unable to do this in winter due to the high price of gas. Their labour costs must be through the roof post Brexit and rising minimum wages. If this all goes wrong and one third of the NAV has to be wiped out... OK, TENT have security over the CHP plant but how much is a second hand CHP plant worth? especially since one of them is on the IOW IIRC. Now, to be fair TENT say the equity of the main off-take counterparty for CHP has been acquired by a new shareholder which is APS Growth Holdings Ltd. A search on companies house reveals APS Growth Holdings Ltd to have been set up in Dec 22 and therefore has no accounts and minimal shareholder capital. Then a bunch of charges from IOW Squirrel Ltd (really?) and Shawbrook Bank. A broad guess is that APS were in trouble and/or directors wanted an exit but to guess any more would be just that, guessing. Perhaps the new company is better capitalised or perhaps it isn't.

4. Another loan to consider is the Spark Steam one at 7% IIRC.

5. Then there's the recent loan from the latest RNS. I looked up the accounts of the borrower and well it's a maze of companies and my best guess is thats its a loan for general working capital purposes, probably with security over the WIP and my best guess is that the loan is at over 10% and rolled over from a previous lender who was getting 9%. The last part is a guess though and one might consider why the existing lender didn't want to roll the business although that could be

6. the RCF is sourced from guess who Triple Point. TP do do this but it's just a little too "convenient" for me and the rate is 6% IIRC. Out of all the possible parties that could provide finance it turns out the best value comes from a TP internal company?

7. Have those hydro projects been bought at the top of the market?

6. Then finally there's the discount rate, which is a biggie. TP do not seem to have adressed this in the latest quarterly update imho. The base rate has risen by 4% and yet for example IIRC and unless I've missed something becasuse at this point I've got enough red flags I can't be bothered to go and check I think TP are using almost the same discount rate on most of their investments as when they made them. Something is nagging at me telling me I'm exaggerating there and they have moved a little but however much it is it's clearly not in line with the rest of the market, all of which keeps the NAV up and TP's fees.

However, the share price is around 61p to buy and someone(s) are clearly offloading. It looks to me like the classic institution pushing the price down so far as to make the entry price look amazing and can shift volume. Classic transfer from instiutions to PI's. As to whether they have some fundamental piece of information and the NAV is about to get slaughtered soon or at some random point in the future or whether they just want out and 60p will turn out to be a bargain who knows. My guess is that eventually the seller will be finished, the share price will bounce and then things will unravel at a later date with a big gap down below 60p

Simply put it's about the reputation of Triple Point and the credit risk of the counterparties.

Yes, it's been left behind in the recent small improvement in the sector.

All its investments apart from Hydro appear to be debt facilities, so there's little room for growth.

9% yield is covered, and they do have cash for buybacks - they've expressed concern about the discount.

It is odd, I was able to add to my sipp and ISA a few days ago below 61p. With a dividend healed approaching 9% and discount to NAB at 38%, a buying hold for the long-term for me. Comparable investment trusts in the sector are on discounts of around 7%.
Why has this lost a further 10p over the last few weeks?
Agree very good value. Pity they Wasted money joining the main market, Which means we now have to pay stamp duty.
I still think this is too cheap. Liz Truss's budget caused substantial damage and it never recovered.
They are doing well enough, despite th poor rating:

The dividend is "substantially covered". That doesn't tell me enough.

Like RMII, Triple Point Energy Transition reported positive returns during its latest six-month period, as Chairman John Roberts reported: “The six months ended 30 September 2022 saw a high level of market volatility…Despite the deterioration in the macroeconomic environment, the strong contractual and defensive nature of the Company's investment portfolio has facilitated a strong financial performance over the period. We are delighted to have returned a NAV per share of 100.26 pence for the period ended 30 September 2022 (31 March 2022: 9 6.12 pence). This combined with the 2.75 pence per share dividends paid has delivered a total NAV return of 7.2% over the six months.”

It's one thing paying out a high dividend, another to be able to sustain it. That’s why dividend cover is key for trusts investing in the renewable energy infrastructure space. Broker JPMorgan honed in on this metric in its coverage of TENT’s interims: “Total dividends for 2.75pps were paid in the period. The next payment is 1.375pps, due on 6/1/23. Total dividends paid in the period were 0.98x cash covered, net of expenses and cash finance costs. TENT is targeting total dividends of 5.5pps for the full FY, with the managers focusing on this being fully cash covered. The second half will benefit from the portfolio being more fully invested and some additional income from the BESS projects as the commitment is deployed.”

TENT did only come to market in October 2020 and so is still in track-record building mode but so far so good.

@jonwig. Thanks for that post.
Since the mini budget, most renewable energy companies have had a decent recovery so I think there should be some hope of an improvement here. They are also too small to suffer from the Windfall tax.

H1 results:

Most of the assets are structured as loans, which adds some stability. NAV is now 100.26p. 27% discount is a bit steep! Annual dividend seems to be 5.5p, so a yield of 7.4% must be among the highest in the sector, though not much scope for increase.

The terms of the loan are here:

They look pretty good for security and inflation protection, but we aren't told the initial interest rate!

Liberum update-
Triple Point Energy Transition

First of four energy storage facilities financed in April operational

Mkt Cap £72m | Share price 72.0p | Prem/(disc) -25.1% | Div yield 7.6%


On 1 April, the company announced the financing of four UK energy storage facilities via a £45.6m debt facility. The first of these facilities, located in Oldham with a capacity of 20MW has begun operations. The operating company is working on a route to market to obtain a diverse range of revenues from the wholesale, capacity, ancillary and balancing markets.

Brewin Dolphin have taken around 4.5%, mostly for clients' accounts.
Further to its announcement on 24 October 2022, the Board of Triple Point Energy Transition plc is pleased to announce that the Ordinary Shares of the Company have been admitted to the premium listing segment of the Official List of the Financial Conduct Authority and have been admitted to trading on the Premium Segment of the Main Market of London Stock Exchange plc, with effect from 8.00am this morning.

Dr John Roberts CBE, Chair of Triple Point Energy Transition plc, commented:

"The Board is delighted that the Company's shares have been admitted to the Official List and to trading on the Premium Segment of the London Stock Exchange. We believe the move will raise TENT's profile as an investment company and help provide access to the Company's shares from a broader group of investors. In addition, admission to the Premium Listing Segment is a key criteria to facilitate the Company's inclusion in the FTSE indices. We anticipate that the combination of these factors should help to increase the diversity of the shareholder base and improve liquidity, to the benefit of shareholders."

Mostly I just got fed up with this and had a clear out and the spiking interest rates and falling energy prices tipped me over the edge. It's been annoying me and nagging away at me for ages and I didn't act. There seemed to be a never ended flow of sellers and that was nagging away at me too. I did not get a good price imho but I just wanted out.

My conviction level was low and that doesn't suit me as an investor. I don't mind holding on to losers if I believe the market is genuinely wrong but I'm not good at holding if I'm sympathetic to what the market is doing.

The RCF is at Sonia +2.5% or around 4.75% at today's base rate, but it seems likely to be somewhere nearer 7-7.5% if you believe the market forecast pre mini-budget of a base rate of 4.75% by the middle of next summer.

I am not fully confident about this but surely the rises in interest rates will affect the discount rate in the NAV calculations in an uncomfortable way. I sold all my other renewable stocks yesterday apart from AEET.

I do not see high levels of energy prices post this winter. The oil price is telling me where the gas price will follow given enough time to readjust the supply side of the energy equation.

(I made some very decent money on FSFL, NESF, DORE, HEIT and some smaller amounts on UKW, TRIG and AERS so the loss on this one is not so painful. They've all been sold)

CC - the Spark Steam is a £8m senior debt loan (fortunately!). Fully secured on the properties and undertakings of the company. If it had been equity, I might have felt the same as you.

I have to say I've rather taken my eye off this one recently.

Sold out today. Not a great investment. Lost about 10%.

I have 4 concerns
1. The spark steam investment
2. The new load at a fixed rate for battery storage. the fixed rate isn't disclosed but fixed doesn't seem a good idea right now.
3. APS financial stability. Accounts for Dec 21 are due by end of September. Their debt pile looks uncomfortable to me and is going to be considerably more than it used to be. Too much income from one customer.

Also, opportunity cost of investing elsewhere, not that I have, I've just turned it into cash right now. There seem plenty to choose from now.

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