Edison Investment Research - SDCL Energy Efficiency Income Trust (SEIT) SDCL Energy Efficiency Income Trust - H1 results confirm attractive potential total return

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Edison Investment Research

Pedro Fonseca

SDCL Energy Efficiency Income Trust - H1 results confirm attractive potential total return

SDCL Energy Efficiency Income Trust (SEEIT) has taken a prudent approach to discount rate adjustments in the period, leading to a 10.9p reduction in net asset value (NAV) per share from 101.5p to 90.6p. This was largely driven by a 100bp increase in the weighted average unlevered discount rate to 8.7%. The portfolio valuation at the end of H124 stood at £1,066m and investment cash inflow from the portfolio was £47m (a c 9% increase from H123). SEEIT has declared a total aggregate dividend of 3.12p per share for H124, which is in line with its FY24 target of 6.24p (a 4% y o y increase), while maintaining a dividend cash cover of 1.1x, which is expected to grow by the end of FY24 and over the medium term. SEEIT is currently trading at a 33% discount to NAV with a 10% dividend yield.

05/12/2023 1 EN

Underlying

SDCL Energy Efficiency Income Trust

SDCL Energy Efficiency Income Trust PLC. SDCL Energy Efficiency Income Trust PLC is a United Kingdom-based closed-ended investment company. The Company is focused on providing investment solutions for energy sectors for the betterment of environment and infrastructure. Its investment business is primarily focused on clean energy and energy efficiency project finance. The Company also provides its services and solutions for healthcare, manufacturing, transportation and retail sectors.

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GB00BGHVZM47 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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SDCL Energy Efficiency Income Trust - H1 results confirm attractive potential total return

Edison issues report on SDCL Energy Efficiency Income Trust (SEIT)

SDCL Energy Efficiency Income Trust - Increased cash generation and portfolio value

Edison issues report on SDCL Energy Efficiency Income Trust (SEIT)

Helios Underwriting - Delivery into a strong underwriting cycle

Creo Medical - Intuitive deal expansion is a notable milestone

Nano Dimension - Agreement to acquire Desktop Metal

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