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Hardman & Co Research
Hardman & Co Research on Duke Capital (DUKE): Taking Duke Capital to the next level
In our April 2024 , we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference shares, which support DUKE’s high, covered and growing dividend yield (2025E 10.0%, 2026E 10.7%, 2027E 11.4%); iii) early exit fees; and iv) equity stakes. Here, we update investors on how management will take DUKE to the next level, noting i) a £20.2m+ equity issue to fund short-term growth, and ii) the progress made towards a third-party capital model, negating the need for further raises. Please click on the link below for the full report: If you are interested in meeting the company, you can register your interest by clicking on the above link.
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2032387 18-Nov-2024
