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TENT Triple Point Energy Transition Plc

68.80
-0.20 (-0.29%)
19 Jul 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
  -0.20 -0.29% 68.80 68.20 69.40 69.40 68.00 68.40 250,095 16:35:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 11.3M 8.81M 0.0881 7.88 69.01M
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 69p. 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 £69.01 million. Triple Point Energy Tran... has a price to earnings ratio (PE ratio) of 7.88.

Triple Point Energy Tran... Share Discussion Threads

Showing 76 to 97 of 100 messages
Chat Pages: 4  3  2  1
DateSubjectAuthorDiscuss
18/7/2024
16:50
Very quiet in here and maybe that's a good thing...

I'm not a fan of these little 'environmental' investment trusts but I have a small interest here.

Current net asset value at 31 March was 86.66p/share. Since then it's paid a dividend of 1.375p. Let's be prudent and knock that off NAV, giving 85.3p/share. Current share price is 70p. So in theory a 22% gain to be had.

The way TENT accounts for it's investments, through an intermediate holding company, clouds the situation. But at 31.3.24 there was £3.7m cash in the top co and £4.1m in the intermediate holding co. Knock off £1.4m for the dividend and £0.7m for negative working capital (£0.4m topco + £0.3 intermediate) gives £5.7m.

Since then

£2.1m repayment of LED facility
£11.6m repayment of Field Debt facility (balance of which clears revolving credit facility)
£14.5m refinancing of CHP facility (plus £3m deferred)

giving a total cash of £33.9m or 33.9p/share. Not sure why TENT aren't distributing the bulk of this.

What's left is 51.4p/share (£51.4m) covering the remaining 36.1p cost of shares.

That's made up of £3m deferred consideration on the CHP refinancing, the hydroelectric assets (bidders shortlisted) which cost £46.2m and the remaining LED facility of £2.2m. Anything better than a 30% haircut would be profitable at this level.

stemis
25/6/2024
17:13
Surprised they got away with an impairment of only £6.1m (although there is still £3m at risk due to deferred payment).


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SteMiS - 06 Mar 2024 - 09:58:45 - 67 of 84

I'm pretty sceptical of these small 'enery efficient' investment vehicles like TENT which sought to ride the somewhat trendy 'environmental' wave and now sit on big 'discounts'. Part of TENT's NAV of £95.1m (95.1p/share) comprises loans to CHP producers Harvest and Glasshouse. For anyone who's interested...

Harvest is Harvest Generation Services Limited. Accounts are available on companies house web site. As at 31 March 2023 (last accounts) it owed TENT £9.2m. Harvest had net assets of £3.6m and appears to be loss making.

Glasshouse is Glasshouse Generation Limited. Accounts are available on companies house web site. As at 31 March 2023 (last accounts) it owed TENT £9.2m. Glasshouse had net assets of £4.3m and appears to be profitable in the year but has losses brought forward.

These loans add up to £18.4m (18.4p/share). Loans are due for repayment in 2031. Will be interesting to see how TENT recover this money before then at full value.

stemis
24/6/2024
09:44
Agreed TT. I was worried the tomato loan was worth far less than it went for.

The rest is hydro assets so there's a ready market for those. I would imagine they will go for NAV give or take a couple of percent.

cc2014
24/6/2024
09:39
Fully agree TT
solarno lopez
24/6/2024
09:24
I can't see any hidden nasties in all that. IMO, this looks good for 75p+ in due course.
Glad they got rid of the struggling CHP / tomato growing asset - that was always the riskiest item in the portfolio. Yes, they lost money on the deal, but I was worried there wouldn't be a buyer at all.

tigerbythetail
24/6/2024
08:25
Yeah - very happy with that. Just sit back and collect the cash in due course
cc2014
27/3/2024
15:32
Nice RNS today.

Another £5m turned into cash for redemption.

cc2014
25/3/2024
13:14
Wind up resolution passed on Friday.

Share price creeping up a little as a result

cc2014
08/3/2024
16:57
I guess that large late trade was actualy a buy.
manrobert
08/3/2024
13:21
What do you want me to say? The trust will be in managed wind-down and it will take years to get all the money back. Some assets they will be able to sell off and some they won't. Or at least it doesn't look likely with interest rates at 5.25%. If you see interest rates falling back to 3% it's going to get far easier to sell the loans and assets as the returns are going to look far more attractive.

If you are invested in this you have to accept some of the money is going to come back to you reasonably quick and some make take years. Glasshouse looks like one of those which will take a long while to shift but with gas prices now down to a level that is lower than before COVID the profitability at Glasshouse should no longer be a concern.

cc2014
08/3/2024
12:47
But CC you make no comment of one of the largest investments namely Glasshouse Tent needs to shed.
solarno lopez
08/3/2024
12:30
TENT's investments are generating returns of around 8%. If you were paying 100p for a return of 8% you might be grumpy but you are only paying around 65p which means we are making 12.5% while we are waiting plus in time we will get some capital uplift.

Also it's good news for us the battery loan is one of the first to be crystallised. The market was nervous about this (see HEIT, GRID and GSF share charts) which caused the recent fall in the share price). Also IIRC the loan was at 7% (although it had some profit sharing attributes which atm look probably worthless) so I'm more than happy for the fund to get the cash back with the appropriate interest

cc2014
08/3/2024
12:11
When you put it in ‘black n white’ as SteMiS has done it looks like we could be waiting a long time for a payout on this particular investment of Tents
solarno lopez
07/3/2024
09:24
wond/er if we will get an update from simon tomorrow
manrobert
06/3/2024
10:03
Absolutely. Anything trendy, anything ZIRP-era, tho not all are HOME or DGI9.

But how many have proven successful..

Might add to be wary of anything "seeded" with a portfolio from a parent/manager, and anything with related party transactions (SONG another that stinks).

spectoacc
06/3/2024
09:58
I'm pretty sceptical of these small 'enery efficient' investment vehicles like TENT which sought to ride the somewhat trendy 'environmental' wave and now sit on big 'discounts'. Part of TENT's NAV of £95.1m (95.1p/share) comprises loans to CHP producers Harvest and Glasshouse. For anyone who's interested...

Harvest is Harvest Generation Services Limited. Accounts are available on companies house web site. As at 31 March 2023 (last accounts) it owed TENT £9.2m. Harvest had net assets of £3.6m and appears to be loss making.

Glasshouse is Glasshouse Generation Limited. Accounts are available on companies house web site. As at 31 March 2023 (last accounts) it owed TENT £9.2m. Glasshouse had net assets of £4.3m and appears to be profitable in the year but has losses brought forward.

These loans add up to £18.4m (18.4p/share). Loans are due for repayment in 2031. Will be interesting to see how TENT recover this money before then at full value.

stemis
05/3/2024
19:12
Take a closer look at today's RNS. It's phrased opaquely (perhaps deliberately), but TENT admit that there is a problem with their CHP investment.
tigerbythetail
05/3/2024
10:50
i cant quite understand why this share is down.is it because people cant wait a year for a guaranteed profit
manrobert
21/2/2024
15:20
@hpcg - Thanks for your comment.

So I took a look at the last TENT interim report in September 23. They have a £50m RCF of which they have only taken £2.4m. The interest rate on that is 6%. It's only worth borrowing if the money is invested in a much higher yielding asset. It seems that by the time they got going, interest rates were too high for borrowings to add to returns. They have been looking into expanding or renewing the RCF and the rates they were offered were even higher than 6% so they shelved that idea.

£94.5m net assets including £2.4m cash.

Doesn't look like there is much to worry about with regards to the battery storage investment because they have an offer to buy it from them which they expect to complete at the end of March 2024. That was a £37m commitment of which £26.9m is undrawn and they were going to finance that with the RCF facility. Assuming this transaction proceeds, there will be no debt at all.

That only leaves £5m of a loan they made to Innova to invest in battery and solar, so it's just a small proportion of the portfolio.

One negative is that the weighted average discount rate across the portfolio is only 7.3%. That's very much on the low side when compared to other renewable ITs. There would be a hit to NAV if that was increased. But TENT looks to be in pretty good shape otherwise.

apollocreed1
20/2/2024
16:07
apollocreed - gearing can be complicated. There is gearing at the top level and separate gearing at owned investee companies that is non-recourse. Then there is the gearing at unowned debtor companies, which matters if any monies lent are not senior. Mix in partial ownership and it is just muddy. We rely on management commentary and honesty about the state of individual operations. My understanding though is that there genuinely isn't any debt here; they haven't been around long enough for any one to lend them money :-))
hpcg
20/2/2024
15:19
I wonder how accurate the Morningstar data is, but there is an IT screener on the AJBell website. According to that, TENT has zero net and zero gross gearing.

That's a big plus in its favour.

Comparable peers on similar discounts are between 39% and 86% net gearing - NESF, FSFL, ORIT, USF, DORE, BSIF, AERI, JLEN and Greencoat Renewables.

These ones are also on pretty low net gearing levels:

AEET-0%

GSF-0%

GCP-9%

SEIT-7% (Although the recent Hardman report say they are on a 44% gearing so not sure if the Morningstar figures are accurate)

TRIG - 4%

PINT - 0%

apollocreed1
20/2/2024
07:04
market makers appy to take stock offered as tey know share is going higher.
manrobert
Chat Pages: 4  3  2  1

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