Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
In item 4, shareholders are called to an advisory vote on the Annual Remuneration Report. The overall remuneration amounts are reasonable, the cash bonus is capped at 50% of the fixed remuneration and severance payments are equal to 2 years of cash remuneration (fixed plus bonus). However, we strongly regret that the Company has adopted a stock option plan not depending on any performance conditions, and 60% of the annual cash bonus depends on a qualitative assessment of the Nominations and Remu...
The general evaluation of SAETA YIELD (ES), a company active in the Alternative Electricity industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date June 19, 2018, the closing price was EUR 12.18 and...
Iberian electricity demand reached 24TWh in Apr-18, +6.5% yoy, with YTD demand up 4% yoy. Rainfall levels were significant – like in March -, which allowed companies to replenish reservoirs (water reserves in Portugal and Spain are now close to 10Y avg levels) and produce 7.3TWh from hydro, more than doubling the Apr-17 output, and 21% above the 2013/17 April monthly avg. YTD hydro output is now 58% up yoy, but still 10% below the 5Y avg. Following a very strong March, wind output was more nor...
Electricity demand reached 26.8TWh in Mar-18, +5.5% yoy, influenced by the cold weather in Iberia (coldest March since 2000 in Portugal; third coldest since 2001 in Spain), bringing 1Q18 demand evolution to +3.3% (3.4% above the 5Y avg). High rainfall levels in March (about 4x/3x March avg in Portugal/Spain respectively) finally alleviated the drought in Iberia over the last year, with hydro output up 81% yoy to 7.2TWh, 15% above the 5Y avg. 1Q18 hydro output was up 28% yoy, but still 21% below ...
Electricity demand reached 25.6TWh in Feb-18, +6.9% yoy (Feb-17 was warmer than avg in Iberia), bringing YTD demand evolution to +2.2% (and 2.5% above 5Y - 2013/17 - avg). The drought situation still prevailed in Iberia in February, thus having a significant impact on hydro output, down 1% yoy to 3.3TWh but 44% below the 5Y avg (YTD output is 41% below the 5Y avg). Unlike in January, the wind output in February was down yoy (5.8TWh, nearly -7% yoy). Consequently, the thermal gap increased 11% yo...
Saeta Yield: 2017 results preview: We expect a strong RECAFD Saeta Yield (“Saeta”) will report its 2017 results on 28th February before the market opens. There will be a conference call at 12:00h CET Expect higher sales … and sound operating results The strong RECAFD is the name of the game We recommend to accept the take-over bid
Iberian electricity demand reached 27.3TWh in Jan-18, down 1.8% yoy due to the warmer than avg month in Spain, but still 1.4% above the 5Y (2013/17) avg value. The pool price (weighted avg) in January was Eur50.49/MWh (-29% yoy), as lower demand, normalized conditions in gas markets vs Jan-17 and higher wind output more than offset the effects of the 2017 drought in Iberia. Hydro output was 6% down yoy to 3.1TWh, (despite January national rainfall levels in Spain being in line with historical le...
Brookfield launches a take-over bid at €12.20 Take-over bid at €12.20 per share No adjustment to quarterly dividends Hence, the bid increases to €12.3967 Our target price is €12.65 We recommend to accept the bid from Brookfield and sell at the TOB or in the market if the share price rises above €12.40.
Iberian electricity demand reached 26.7TWh in Dec-17 up 4.1% yoy, while FY17 demand reached 302.4TWh, up 1% vs last year. Avg pool price in December was Eur57.9/MWh (-4% yoy), reaching approx. Eur52.4/MWh in FY17 (+32% vs FY16), impacted by the severe drought in Iberia and some upward pressure in fuel costs (namely coal). Hydro production in Dec-17 reached 2.1TWh (-25% yoy) bringing FY17 Iberian hydro output to 27.9TWh, -50% yoy and 42% below 2012/16 avg - in Portugal, 2017 was one of the four d...
Iberian electricity demand reached almost 25TWh in Nov-17 (+1.1% yoy), while YTD demand is now up 1.4% yoy. The avg pool price during November was Eur56.2/MWh, +5% yoy. The weighted avg price YTD is now close to Eur51.9/MWh (+38% yoy). As a result of one of the worst droughts on record, hydro production remains at very low levels, with YTD output down 52% yoy and 43% below the 2012/16 avg. Wind output reached nearly 4.9TWh, -3% yoy (following some months of positive yoy evolution). As of Nov-17,...
Saeta Yield: 9M17 results are positive, with the RECAFD exceeding the year target Higher pool prices drive sales growth Positive surprises on the RECAFD Cash for acquisitions Third interim DPS announced €0.19 (+0.5%) Our Buy recommendation is unchanged Our Buy recommendation and target price of €12.65 are unchanged. Conference call 8-Nov, 12:00 CET
Saeta Yield: We expect a strong RECAFD in the 9M17 results Expect lower generation and higher sales … and sound operating results The strong RECAFD is the name of the game Our Buy recommendation is unchanged The expected strong 9MH17e results and the recent acquisitions demonstrate the success of Saeta’s business model and equity story and reinforce our Buy recommendation. Our target price is unchanged at €12.65.
Closes the acquisition of Lestenergia from ACS: 144 MW of wind plants in Portugal The metrics compare favourably with Saeta’s Spanish wind assets We expect the debt to be refinanced and the tenor increased, this is another positive Our target price increases to €12.65 per share Our calculations consider an 11% cash yield and a 2.5% cost of debt (in-line with recent acquisitions), €30mn EBITDA and an incremental CAFD of €2.4mn. At an 85% payout, dividends would increase by €2mn or €0.03 p...
Higher pool prices drive sales growth Cash flow before financing is also in-line The RECAFD is solid, but we expected more Conference call on 21st September Our Buy recommendation is unchanged The strong results and the recent acquisitions demonstrate the success of Saeta’s business model and equity story and reinforce our Buy recommendation and target price of €12.39.
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