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To invest mostly in operating UK wind farms with the aim to provide investors with an annual dividend that increases in line with RPI inflation while preserving the capital value of its investment portfolio.
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I caved, and settled for 131.38p. 😉
Yes, it seems very cheap, though it can always go cheaper in a crash! I already have a lot of UKW, so I've been holding out for 130p before buying any more. Getting close now, and I'm very tempted to go for it.
I've been holding UKW for a couple of years now, I didn't think we would see a return to 131 levels.
UKW/GBCPI shows in real terms where the support is, and that this is a great price to top up at. 2020 and 2016 were the last opportunities at this real price. So, as we are looking at increasing energy prices on the horizon again, I have snapped up some more.
https://www.tradingview.com/chart/UKW/3ofDSMWN-UKW-The-cheapest-it-has-ever-been-inflation-adjusted/
Https://amp.theguardian.com/environment/2023/sep/03/sunak-poised-revoke-ban-onshore-windfarms-report
Usually I seem to be saying it is below the long term average but (perhaps not surprisingly) July was up 17% . Price looked to be close to their anticipated value so it should have been a good month for revenues.
I can't quibble about my (almost) £500 dividend yesterday.
My only complaint is I haven't got these shares tucked away in an ISA, which means I'll have to ignore rhe tax man again....
Good mention/ plug in the ST yesterday
@Monkshood. I'd prefer them not to do any more placements, so maybe it's best if the price stays down (as I'm not planning to sell). Some other renewables companies are starting to do share buybacks at these low prices. If they want pay down debts, they can use the surplus profits.
Here's a link to the Kepler article:
https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-greencoat-uk-wind-retail-aug-2023
I see the UKW price is down to 134 now. That's almost back to the price of 133 that I first paid 2 years ago! I'm so tempted to buy more, but I'll wait for an even lower price as I'm already very heavily into renewables. I bought some Foresight Solar the other day at an 8% yield, for the sake of diversifying a bit.
It's nice to see a £100k Director buy go through.
You can pay me to write a bullish report on a company too!
Do Kepler have a vested interest in UKW as they are always ramping it up? Have held for a few years now am happy to hold for the time being...Tend to sell around the 160p mark then rebuy on the drop...
Very promising report issued by Kepler Trust Intelligence today.
HA! Could pretty much say the same thing about all other energy forms.
I wonder what they say about "defence" subsidies"
Https://www.investorschronicle.co.uk/news/2023/08/10/investing-in-wind-isn-t-the-safe-bet-it-seems/
Https://www.investorschronicle.co.uk/news/2023/08/10/investing-in-wind-isn-t-the-safe-bet-it-seems/
Their argument is that as they generate 2x divi cover the excess after the divi allows the company to grow even without any placing.
However, I am sure that if the price went above nav then they would do a placing to reduce debt and then be in a position using the rcf to finance a further, more rapid, expansion of the portfolio. They prefer to do a placing above nav as they can then argue it is non -dilutive to existing share holders. I think that they still have an eye on moving up to the FTSE 100 which would also be facilitated by a £500M placing.
Plus, Vattenfall have stopped work on Norfolk Boreas wind farm due to spiralling costs. In that case surely it makes Greencoats existing farms more valuable or more expensive to replace. Yet the share price has tanked by over 20p from its highs.
Hi Jim can't answer the question about the NAV and borrowing more money but what i can say is I've held UKW for a few years now have traded a bit and done quite well on the back of that...During that time they have had 3 share issues so if they are struggling to borrow I can see another issue in the offing......This is only my view so don't take this as gospel....
In the latest results the CEO stated that because UKW is trading below NAV it makes it more difficult to borrow for further investment. Could anyone explain to me why that is the case? Also the CEO felt that the share price was trading below NAV currently because the market doesn't quite understand the investment case and he was looking forward to the results and the presentation as an opportunity to clarify that investment case.
What is it that the market is failing to appreciate? If the market continues to fail to give credit to the investment case and the share price remains significantly below the NAV, what, if anything, can the board due to close the gap?
I am long here and remain positive long -term, though holding is currently underwater, and may buy more before the ex-dividend date. Appreciate any answers.
7 mill,very big trade,just there.
RogueRiver - thanks for the link
Many thanks
Merchant is the non forward, fixed price sales - so the auction price - (obviously been quite profitable over the past year).
For your second question this may help-
https://www.sciencedirect.com/science/article/abs/pii/S0140988320300402#:~:text=The%20penalty%20from%20each%20supplier,ROC%20presented%20by%20a%20supplier.
A very positive and well informed 'buy' recommendation from The Times:
https://archive.ph/IgyxO