reports
Hybridan Small Cap Feast - 20 November 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Woodside Energy Group Ltd (WDS.L) What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: Reverse Takeover: 18 November 2024: Grea...
- Andrew Courtney
- James Carthew
HydrogenOne Capital Growth – Momentum building despite discount
The advisor notes that while shares of HydrogenOne Capital Growth (HGEN) have continued to fall, it believes that investors should be buoyed by the ongoing growth of the portfolio and the accelerating development of the green hydrogen sector. The advisor points out that despite challenging macro-economic conditions, HGEN’s NAV grew 5.8% over 2023, while the portfolio generated aggregate revenue growth of 125%. It says that this momentum reflects the rapidly accelerating demand for green hydroge...
- Pedro Fonseca
HydrogenOne Capital Growth - Hydrogen options maturing
HydrogenOne (HGEN) holds a distinctive and concentrated portfolio of assets across the entire hydrogen value chain (95% private, 2% public). In its FY23 results, its NAV and NAV per share increased 6% y-o-y to £132.7m and 103p, respectively. Total revenue from its portfolio companies grew 125% y-o-y to £74m. Throughout FY23 the fund continued with follow-on investments, totalling £10.6m. It had a cash position of £4.6m at end-FY23 and an additional £2.3m in listed hydrogen companies. The fund cu...
- Nigel Hawkins
Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infra...
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no...
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
3IN 3I INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
ORIT OCTOPUS RENEWABLES INFRASTRUCTURE TRUST
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
GSEO VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
AEET AQUILA ENERGY EFFICIENCY TRUST PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
ROOF ATRATO ONSITE ENERGY PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
SEIT SEEIT
FSFLL FORESIGHT SOLAR
INPP INPP
AEIT ASIAN ENERGY IMPACT TRUST
- James Carthew
- Matthew Read
HydrogenOne Capital Growth – Sky is the limit for HGEN
It appears that a disconnect has arisen between HydrogenOne Capital Growth (HGEN)’s NAV, current and (according to its managers) prospective track record, and its share price. The discount is now 44%, despite a flat NAV. The recent spike in bond yields seems to have impacted on renewable energy funds. It may be that higher rates have increased concerns around the availability and cost of financing. In addition, there is added competition for investors’ capital from money market funds, which are...
- James Carthew
- Matthew Read
HydrogenOne Capital Growth – Sky is the limit for HGEN
The disconnect between HydrogenOne Capital Growth (HGEN)’s NAV, current and prospective track record and its share price is hard to rationalise. The recent bond rout has added insult to injury for renewable energy investors as higher rates have increased concerns around the availability and cost of financing, in addition to the added competition from money market funds, which are now providing steady returns without the associated credit and duration risks. Even so, discounts now appear to be o...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Nigel Hawkins
The Hardman & Co Monthly: August 2023
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
GCP GCP INFRASTRUCTURE INVESTMENTS LTD GBP
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
HAT H&T GROUP
UKW GREENCOAT UK WIND PLC
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
APAX APAX GLOBAL ALPHA
3IN 3I INFRASTRUCTURE PLC
ICGT ICG ENTERPRISE TRUST
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
ONEM 1LIFE HEALTHCARE
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
ROOF ATRATO ONSITE ENERGY PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
TLEI THOMASLLOYD ENERGY IMPACT TRUST PLC
GSEO VICTORY HILL VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES PLC
ORITL OCTOPUS RENEWABLES
SEIT SEEIT
FSFLL FORESIGHT SOLAR
L5M ATRATO ONSITE ENERGY
INPP INPP
DGI9L DIGITAL 9 INFRASTRUCTURE
- Shonil Chande
- Andrew Courtney
- James Carthew
HydrogenOne Capital Growth – Funding a green revolution
HydrogenOne Capital Growth (HGEN) is the only pure play green hydrogen fund available on the London listed market. It offers diverse exposure to nine private hydrogen investments and a hydrogen production facility that is being developed in Germany. Spurred on by the need to tackle climate change and improve energy security, globally, governments are devoting considerable resources to jump-starting the green (renewables-powered) hydrogen industry. The investment advisers believe that HGEN is we...
- Andrew Courtney
- James Carthew
HydrogenOne Capital Growth – Funding a green revolution
HydrogenOne Capital Growth (HGEN) is the only pure play green hydrogen fund available on the London listed market. It offers diverse exposure to nine exciting private hydrogen investments and a hydrogen production facility that is being developed in Germany. Spurred on by the need to tackle climate change and improve energy security, globally, governments are devoting considerable resources to jump-starting the green (renewables-powered) hydrogen industry. HGEN is well-positioned to benefit as ...
- Shonil Chande
LIBERUM: Alternatives Daily
Fair Oaks Income - Resilient performance as investor sentiment swings in favour of CLOsInternational Public Partnerships - Debt facility extendedHydrogenOne Capital Growth - Cranfield Aerospace Solutions to merge with Britten-NormanTriple Point Social Housing - Enforcement notice relating to Auckland Home Solutions
- Liberum Research Team
- Liberum Research Team
- Joseph Pepper
LIBERUM: CEO Video: Richard Hulf, HydrogenOne Capital Growth plc
In this video, HydrogenOne Capital Managing Partner, Richard Hulf, shares his view on the key catalysts for growth in HGEN's green hydrogen portfolio companies. He also outlines how its private valuations are derived and how it assesses future pipeline opportunities throughout the hydrogen value chain.
- Shonil Chande
- Shonil Chande
LIBERUM: Alternatives Daily
EJF Investments - Additional disclosure should reduce fearsBH Macro - Deserves to trade at a higher premium to NAVOctopus Renewables Infrastructure - 6.5% FY 1 dividend yield with 1.7x cover through to FY 27HydrogenOne Capital Growth - Directors confirm no company-specific factors impacting share price
- Nigel Hawkins
Hardman & Co Insight: Higher interest rates overshadow IIC/REIF prospe...
Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.
UKW GREENCOAT UK WIND PLC
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
3IN 3I INFRASTRUCTURE PLC
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
GSEO VICTORY HILL VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES PLC
ORITL OCTOPUS RENEWABLES
SEIT SEEIT
FSFLL FORESIGHT SOLAR
L5M ATRATO ONSITE ENERGY
INPP INPP
DGI9L DIGITAL 9 INFRASTRUCTURE
- Shonil Chande
LIBERUM: Alternatives Daily: CHRY | FSFL | HGEN | CSH | CREI
Chrysalis Investments - Value accretive investment in Starling BankForesight Solar - NAV mostly flat as power price assumptions are offset by inflation increasesHydrogenOne Capital Growth - Modest Q4 NAV return increases discount to 21%Civitas Social Housing - Valuation holding up relatively wellCustodian REIT - -11% NAV TR in Q4 2022 and -8% for the calendar year
- Shonil Chande
LIBERUM: Alternatives Daily: III | JLEN | HGEN | RHM | GABI
3i Group - Strong NAV growth due to excellent results at Action investmentJLEN Environmental Assets - First hydrogen project announcedHydrogenOne Capital Growth - First investment in green hydrogen projectBattery Storage - Positive read-across from SMSRound Hill Music Royalty Fund - Royalty income pushes NAV up 11.3% YoYGCP Asset Backed Income Funding - Further devaluation of Co-Living Group loan and additional asset put on watchlist
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