reports
- Pedro Fonseca
Triple Point Energy Transition - Termination of coverage
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web...
- 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
- 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
- Pedro Fonseca
Triple Point Energy Transition - FY23 results show fully covered 9% yi...
Triple Point Energy Transition’s (TENT’s) cash dividend cover ratio was 1.1x (1.2x excluding one-off listing expenses) for FY23, up from 0.14x a year ago when the portfolio was not fully deployed. TENT’s relatively strong dividend yield (9%) and high discount to NAV (32%) have been difficult to explain and have become more anomalous now the dividend is clearly covered by ongoing cash flows. TENT’s 1.1x dividend coverage was ahead of our estimate of 1.0x and our forecasts are now under review. NA...
- Shonil Chande
LIBERUM: Alternatives Daily
Londonmetric Property / CT Property Trust - LMP acquires CTPT in all-share dealHICL Infrastructure - 6.3% total NAV return in FY 23VH Global Sustainable Energy Opportunities - 5.1% total return in Q1 23abrdn European Logistics Income - NAV drops 5.3% on valuation lossesTriple Point Social Housing REIT - NAV rises 2.3% in Q1 due to higher rental income
- Pedro Fonseca
Triple Point Energy Transition - Pitching TENT – a diversified energy ...
Triple Point Energy Transition (TENT) invests in a portfolio of energy transition technologies aimed at reducing CO2 emissions in power Fgeneration, storage and consumption. We view dividends as fully covered by cash flow in FY23 and forecast that dividend cover will reach 1.2x by FY25. NAV return for the 9M to December 2022 was 7.8% and we see scope for growth in NAV/share given TENT is still rolling out its portfolio of cash-generative assets, all else being equal. Its existing investments inc...
- 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
- Shonil Chande
- Shonil Chande
LIBERUM: Alternatives Daily
GCP Infrastructure Investments - Share buyback announcedSDCL Energy Efficiency Income Trust - Company update ahead of CMDSequoia Economic Infrastructure Income - Monthly NAV updateTriple Point Energy Transition - RCF term extendedSupermarket Income REIT - Sale of Sainsbury’s Reversion Portfolio (SRP) interestLiteracy Capital - Portfolio realisation with +3.7% NAV impact
- 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
HICL Infrastructure - Inflation linkage drives further NAV growthHipgnosis Songs Fund / Round Hill Music Royalty Fund - Encouraging read-across from Universal Music Group's FY22 resultsTritax Big Box - Note: FY22 results - NTA in line, Adj EPS a slight missTriple Point Social Housing REIT - 5.7% FY22 total returnOctopus Renewable Infrastructure Trust - 10-year CPI-linked PPA agreement with Iceland Foods
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