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I agree also. I just bought in at 74.5p. I thought the Q&A on Investor Meet was encouraging PLUS there is the falling interest rate scenario PLUS continuing buybacks from the company.
I'm hoping for a 90p SP within 6 months plus the ongoing 7%+ dividend yield.
Completely agree. I bought my first batch yesterday at 74p and will continue to add from time to time. The last issued NAV for DORE was 118p and even assuming it has come down since then, that is still a big margin of safety at these prices. Other than the yield curve moving down, you have to believe that with these discounts to NAV (throughout the Investment Trust Sector), the smart money will attempt to take these Trusts private and capture some of that discount or there will be consolidation within the sector. DORE being one of the small players ought to be a target.
Invested here on friday, have been steadily in most of the renewable infrastructure stocks over the last two weeks. All are ridiculously oversold in my opinion and hold real capital growth potential when interest rates start to come down ( hopefully in June). If they get back towards current NAVs that will be a start! In the meantime great yields to enjoy, mostly well covered.
Even cheaper now.
Keeping up the monthly buys tho.
Four months since last post and DORE looks oversold and maybe even cheap. Maybe a good entry price.
Three months since last post. SP looking healthier.
I see the SP has dropped 20% YTD. Quite a considerable fall for an industry that should be growing. Anyone got any reasons?
I noticed that the dividend just received was split into two payments. It appears that this is because 65% was deemed to be an interest payment for UK tax purposes. I am not sure as to the detail of this but assume it must be similar to PIDs with REITS? Even then, the dividend comes as one payment. Anyway, I have my DORE dividends set up with AJ Bell for dividend reinvestment. I noticed today that they have only reinvested the smaller compenent of the dividend (the 35%), so have raised a query. I am only noting this so that if anyone else has DRIPs set up for DORE they can check their own account.
According to the financial calendar on the DORE website, these were due on Friday last week.
I think it is a pretty good fund and they seem to be making an effort to provide updates. If you sign up on https://www.investormeetcompany.com/ they have done a couple of investor presentations / Q&As on there.
There have been a lot of fundraisings recently, so perhaps appetite has waned a bit. It's also pretty small, new, and probably not that well known. But I thought it looked pretty good and so bought in through PB.
Looks like the placing failed to raise the 25m they were looking for. Any thoughts as to why? The only assumption I can come up with is that their peers are paying 6-7% yield so 5% here is not seen as particularly attractive. I am happy with this now that it is income producing, but whilst I am utilising drips to reinvest dividends I did not consider taking any through Primary Bid.
Primary Bid raise available at 102.5p
The Issue Price represents a discount of 1.68 per cent. to the Company's closing share price of 104.25 per Ordinary Share on 28 September 2021 (being the last business day prior to the date of publication of the announcement regarding a proposed equity raise on 29 September 2021 (the "Placing Announcement") ) and a premium of 3.33 per cent. to the unaudited ex-dividend net asset value per share as at 30 June 2021. The Company is also conducting a placing of new Ordinary Shares at the Issue Price (the "Placing") as announced in the Placing Announcement.
First dividend announced and increasing to 5p per annum (1.25p per quarter from Dec payment). All looking positive and should start to see this moving to more of a premium in line with the rest of the sector.
It is good to see the price slowly starting to creep up towards NAV. Now that we are almost fully invested I am pleased to see the managers are becoming more active in presenting the investment case. It seems like a lot of investment trusts are doing cash raises at the moment, so I wouldn't be surprised to see the same from DORE in the coming months. The first dividend is also due in September so hopefully that should get some interest whilst at a discount.
hi Swsquires, indeed, we are one of the rare outliers and that's why I cashed in my TRIG and BSIF a few months ago to take part to the IPO. Once they start paying the divi, the penny will drop and we'll realign with the sector. Good option to generate some safe returns imho
Hi magoo, I am glad I checked this board today as for some reason I had not received the RNS despite it being in my subscriptions. It is a good update and very positive. Despite being less than a year since the IPO this has not stopped a number of other ITs trading at a premium, so I am surprised that this is still a rare outlier. It may be that the dividend is still low and in the renewable / infrastructure space everyone seems to want 5%+ yield.
swsquires if you bought at the IPO you should why the SP is where it is. You don't magically acquire renewable assets in a few days and start raking profits immediately after that. I hope the RNS issued this morning reassures though. Seems like their strategy is being executed ahead of the plan and with returns well above expectations. This is a long term investment and I am confident that it will soon trade above NAV
I am starting to wonder myself devonplay. This is one of only two funds in the renewables sector that is trading at a discount. I think that tells us something. The dividend is low compared to the peer group and we are still priced lower than the IPO. Unfortunately this looks like a poor buy - personally I think I'll monitor over the next few months then decide if it is time to sell.
When does DORE show some actual value. I haven't got a price target, but I just feel this has further to fall further. I generally try to avoid Downing listed vehicles, but they do manage some funds for me that are unlisted.
It is worth signing up on the website for news. Three recent articles linked below:
https://www.downing.co.uk/news/dore-acquires-portfolio-of-uk-solar-assets-for-gbp-42-million
https://www.downing.co.uk/news/downing-on-sky-news-tom-williams-discusses-the-future-of-renewables
It was also covered in the FT but you have to be a subscriber to read it (I am not):
https://www.ft.com/content/f5e79984-f8f4-43a7-b5ff-6d2c99870072
Gotta be honest, not sure what i expected from this one, and i’ve been dissappointed ever since.
I bought £10k as part of the IPO and they’ve done nothing i can see.
As an existing investor in Bagnall Energy I'm not sure how I feel about it.
I sort expected DORE would have some impact on the Bagnall, which they've funded by issuing debt with a very, very, very low LTV. I wouldn't be surprised now if there's no more debt issues. or very few going foward.
Overall, I still prefer debt over equity for this sectors, even better when it's secured or very low LTV.