21st June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Chamberlin (CMH.L) has delisted from the AIM market. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is...
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...
JLEN Environmental Assets (JLEN) and the wider renewable energy sector have seen discounts widen to unprecedented levels as investor sentiment wavers in the face of higher interest rates. JLEN’s 20.2% discount is hard to fathom given the fundamental strength of its investment case and future growth opportunities. Undeterred, JLEN’s managers are focusing their efforts on laying the foundations for future NAV growth, with investments in green hydrogen, for example. This is a sector that is slated...
JLEN Environmental Assets (JLEN) and the wider renewable energy sector have seen discounts widen as investor sentiment has appeared to waver in the face of higher interest rates. Undeterred, JLEN’s managers are focusing their efforts on laying what they hope to be the foundations for future NAV growth, with investments in green hydrogen, for example. This is a sector that is slated to grow 500 times by 2050, requiring $5trn of infrastructure investment. JLEN has around 10% of its portfolio in a...
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...
Harmony Energy Income - 20MW Farnham BESS project energisedJLEN Environmental Assets - West Gourdie BESS asset enters operationsCordiant Digital Infrastructure - Emitel grows tower business with American Tower Polish subsidiary dealDigital 9 Infrastructure - BBC reportedly makes £22m claim against ArqivaConygar Investment Company - Valuations hold in interim results
Gresham House Energy Storage - £80m gross proposed placing and retail offer to fund 4-hour duration California assetsJLEN Environmental Assets - 13.0% NAV return in FY23Tritax EuroBox - Solid operational performance but valuation dropsConygar Investment Company - Nottingham City Council grants next phase approval
In common with its peers, JLEN Environmental Assets (JLEN) experienced an eventful but fruitful 2022. Volatile power prices, rampant inflation, rising interest rates and new taxes all appeared to buffet the renewables sector but generally acted as a tailwind for NAV growth. Some of these issues look likely to continue to affect the sector in 2023. JLEN’s managers can have little influence on these big macroeconomic factors but they can try, through their investment activity, to lay the foundati...
In common with its peers, JLEN Environmental Assets (JLEN) experienced an eventful but fruitful 2022. Volatile power prices, rampant inflation, rising interest rates and new taxes buffeted the renewables sector but generally acted as a tailwind for NAV growth. Some of these issues will continue to affect the sector in 2023. JLEN’s managers can have little influence on these big macroeconomic factors but they can, through their investment activity, lay the foundations for future NAV uplifts. At ...
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.
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
Greencoat UK Wind - 31% YoY NAV TR as power price assumptions revisedJLEN Environmental Assets - c.1% decline to NAV at Q3 updateUS Solar Fund - Mount Signal 2 sale option exercisedBlackstone Loan Financing and Marble Point Loan Financing - December NAV updatesPrimary Health Properties - Axis Technical Services acquisition
In recent weeks, JLEN Environmental Assets Group (JLEN) has further diversified its portfolio with three new investments, a battery storage project and two investments in the low carbon and sustainable solutions portion of its portfolio; a controlled environment aquaculture facility in Norway; and a UK glasshouse construction project drawing low-carbon heat and power from an existing anaerobic digestion plant owned by JLEN. In an environment of volatile energy prices and uncertainty over the sha...
In recent weeks, JLEN Environmental Assets Group (JLEN) has further diversified its portfolio with three new investments, a battery storage project and two investments in the low carbon and sustainable solutions portion of its portfolio; a controlled environment aquaculture facility in Norway; and a UK glasshouse construction project drawing low-carbon heat and power from an existing anaerobic digestion plant owned by JLEN. In an environment of volatile energy prices and uncertainty over the sha...
Even before its recent acquisitions, JLEN Environmental Assets (JLEN) could already boast the most diversified portfolio of its peers. A change in investment policy, approved by shareholders in March 2021, allowed it to invest in a wider universe of environmental infrastructure assets that supports the transition to a low-carbon economy. Since then, we have seen JLEN’s first investment in a biomass-fuelled combined heat and power plant, a co-investment in a battery storage asset, and the purchas...
Even before its recent acquisitions, JLEN Environmental Assets (JLEN) could already boast the most diversified portfolio of its peers. A change in investment policy, approved by shareholders in March 2021, allowed it to invest in a wider universe of environmental infrastructure assets that supports the transition to a low-carbon economy. Since then, we have seen JLEN’s first investment in a biomass-fuelled combined heat and power plant, a co-investment in a battery storage asset, and the purchas...
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....
JLEN Environmental Assets (JLEN) holds the most diversified portfolio within its peer group. Today, it is asking shareholders to approve a broader definition of environmental assets as well as increased exposure to construction-stage investments. We think that JLEN’s premium reflects its asset mix and the accompanying high proportions of protected revenue streams.
JLEN Environmental Assets (JLEN) holds the most diversified portfolio within its peer group. Today, it is asking shareholders to approve a broader definition of environmental assets as well as increased exposure to construction-stage investments. We think that JLEN’s premium, which is one of the highest within its group of competing funds (see page 24), reflects the breadth of its asset mix and the accompanying high proportions of income from government-backed subsidies, which makes its income m...
It is hard to gauge the true extent of the damage that the pandemic is inflicting on the global economy, but already many companies have been forced to reduce or suspend dividends. For investors reliant on income, the renewable infrastructure sector offers some sense of security. JLEN Environmental Assets Group’s (JLEN’s) diverse portfolio and predictable long-term revenue stream provide some additional reassurance.
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