Edison Investment Research - SDCL Energy Efficiency Income Trust (SEIT) SDCL Energy Efficiency Income Trust - Increased cash generation and portfolio value

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Edison Investment Research

Pedro Fonseca

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

SDCL Energy Efficiency Income Trust (SEEIT) recorded a 9% increase in cash from investments in FY24, generating £92.5m (FY23: £85.1m), ensuring its DPS of 6.24p was fully covered by cash 1.1x. The board guided a target dividend of 6.32p per share for FY25 (9.5% prospective yield). The portfolio valuation stood at £1,117m (4.8% increase from H124 and 1.6% from FY23). Both SEEIT’s NAV and NAV per share remained flat for FY24, at £982m and 90.5p/share, compared to H124, with the majority of the reduction from FY23 (£1,125m and 101.5p/share) arising from the unrealised impact of increased discount rates applied in the first half of FY24. SEEIT currently trades at a 26% discount to NAV with a 9.4% dividend yield, and management has made strong progress in addressing the discount to NAV through proving its asset valuations.

28/06/2024 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 - Increased cash generation and portfolio value

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

SDCL Energy Efficiency Income Trust - Robust performance in H125

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

OPAP - Winning strategy

Patria Private Equity Trust - High liquidity and solid long-term track record

MoneyHero - Emphasis on driving margin

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