Vh Global Sustainable En... Share Discussion Threads

[rambutan2] 05/4/2024 22:48

All looks pretty good. Chart on pg16 showing rev of approx £85m once all projects up and running - currently expected at start of next year - compared to approx £51m for last year.



And the full monty, with good notes:

[speedsgh] 05/4/2024 12:18

Annual results for the year ended 31 December 2023 -

"The portfolio is now 58% operational and by early 2025, this current portfolio is expected to be fully operational."

"The Board firmly believes the discount to NAV at which GSEO's shares trade materially undervalues the Company... As such, post period end, the Board extended the [buyback] programme by a further £10m to a total of £20m as it believes this to be in the best interest of shareholders whilst also balancing the need to maintain a strong balance sheet. As the interest rate environment becomes clearer and rates start to fall, we expect investor interest to return to the sector, and, specifically to GSEO, due to the strong fundamentals and compelling long-term investment strategy GSEO offers."

"...the Company's pipeline of new opportunities remains robust and is only constrained by its ability to raise further capital to deploy into new investment programmes."

"Based on the underlying free cash flow generation of the portfolio programmes, dividend coverage is expected to be 1.1 to 1.2 times in 2024 rising and strengthening further in subsequent years."

[tag57] 05/4/2024 10:52

TFT- according to the latest report Witan have sold down a small proportion of their holding. Will have to wait and see what the new Witan management decide to do.
Surprised at the increase in remuneration of the BOD over the last two years. Not sure why it needs to be 17.5% this year.

[thefasttortoise] 27/3/2024 14:36

Hi all

I read the following in the latest Money Makers email update (22/03/2024) regarding WTAN and GSEO:

"Alongside its results, Witan (WTAN) said that it was reviewing its management arrangements as its CEO Andrew Bell plans to retire during the coming year. Witan has been self-managed and used a multi-manager approach since 2004. Gabrielle Boyle has resigned as a director of Witan to avoid any conflicts of interest with her role as Investment Director of Global Equities for Troy Asset Management. Witan currently owns about 6% of Apax Global Alpha (APAX), 13% of VH Global Sustainable Energy Opportunities (GSEO)..."

I wondered if they do appoint a new manager, new direction etc then would WTAN become a large seller of GSEO? I have a small stake already, and am wondering whether to increase or wait.

[cc2014] 27/3/2024 14:09

Based on how much volume is going through here at 68p today and yesterday someone is having a clear out.

And looking at the some of the other renewable stocks they are having a clear out there too.

It would be nice to think they are close to coming to an end now.

At least whoever has been selling is no longer bashing the share price down and has either finished, decided that 68p is as low as they will go or has or is close to coming to an end.

[tag57] 08/3/2024 23:24

Thanks for posting the link Rambutan.
There are a lot of things I like about this company but the presentation style isnt one of them. Richard Lam could do with easing off the coffee as he comes across as quite excitable and overall they are trying too hard to sell the story, in my opinion anyway.
Looking forward to the completion of the current construction projects and hopefully this will be more than sufficient to offset any increased discount as a result of higher interest rates since the start of 2024.

[rambutan2] 08/3/2024 22:03

4th quarter presentation, offering a bit more detail than has previously been offered to plebs like me:

[yump] 27/2/2024 16:29

At least the others are up to date ! Quite significant amounts, which is nice to see, whether it means anything or not.

[31337 c0d3r] 27/2/2024 15:48

Erroneous RNS put out this morning, it seems, for a director buy @£1.10 on 29 June 2022.

[james_leeds] 23/2/2024 07:52

Thanks Tag, I'll take a look at those!

[tag57] 22/2/2024 21:52

JL, For energy REITS I am also in JlEN and NESF.
JLEN is similar to GSEO in that its income comes from different types of renewable energy but it UK based.
NESF is mainly solar and mainly UK although it has some investments in Europe, mainly Spain. It’s share price has taken quite a beating but I think that the divi is covered for 2023/24.
Also GCA Infrastructure is another fund I am invested in but you need to DYOR to ensure it suits your requirements and you understand its business model- it has a significant discount to NAV but a covered 10%divi (based on sp)

[james_leeds] 22/2/2024 20:57

Very good news indeed! Thanks for being there last week @Tag57 - it was good to get some confirmation at the time. I'm curious to know what other REITS the people here are interested in - on my side it's TRIG, ORIT and UKW all of which I've been topping up these last couple of weeks as well as GSEO of course.

[yump] 22/2/2024 19:14

I only got here because someone mentioned it in a non-rampy way on another REIT board, so had a look. Nice when information like that is shared in a civilised way !

[tag57] 22/2/2024 15:59

Made a small addition this morning but should have done it yesterday when I planned 🥲
Will continue to add though as expect the divi to continue to grow over the coming years as well as some growth in NAV as current projects come online.
Nice Director buy today too - only £15k but still sends the right message.

[rambutan2] 22/2/2024 15:52

Yes, some good news for a change, albeit what we strongly suspected:

[yump] 22/2/2024 15:35

Quite bizarre that you can (with some luck), make 20% quickly from a fund that is supposed to be a low-volatile income stock.

Not selling though - bought quite a few shortly after this mornings RNS and holding for bigger recovery. Opposite of hoping that a couple of my income plummeting stocks recover to at least a 20% paper loss.

Perhaps they’ll cancel out.

[tag57] 22/2/2024 08:26

Nice bump in NAV for the quarter but I would expect some reversal this quarter given the rise in US treasuries over the last couple of months.
Good update though and 1.1times divi cover from only 58% of assets (as I understand it.
Even after this mornings jump in share price to 69p discount to NAV at 41%.

[yump] 22/2/2024 08:11

Not often I get my timing as good as this !

The whole sector has got bashed. Even if only half of the bashing is due to interest rates and the rest is due to revenue reduction risks, sitting on these for a few years looks a reasonable risk.

[cc2014] 22/2/2024 07:36

Suspect they hit the share price rose more than x percent in y days rule meaning they were unable to buy more

[rambutan2] 21/2/2024 20:21

Yesterday they only bought back 32k shares, the first time since the buyback started in mid Sept that they've dipped under 100k. So far they've bought back 10.5m, so still have a bit of the £10m they said they were willing to spend. Will be interesting to see what they bought back today.

[yump] 20/2/2024 21:04

That's 3 of us ! Hoping that buying some new REIT's at lows will average out the ones I bought higher up... in the fullness of time, while collecting silly levels of dividend.

[31337 c0d3r] 20/2/2024 15:46

I've had this on watch for a long time and finally bought in earlier today.

[tag57] 20/2/2024 15:17

Having to wait for some divis to drop to get some money to invest more. :-(

[hpcg] 20/2/2024 14:48

I've bought some today. Cycling through the names in an around this space depending on which one is most beaten up seems like a good ploy.