Member Info for cautioustone

Mention of RM funds and GSF.

https://moneyweek.com/investments/energy-stocks/renewable-energy-trusts-is-there-any-hope-for-the-sector

Jrlse

Forgive my ignorance, but could you explain why we have to wait until June for the ITC payment ?

Thanks

T

RBC raises HIK to outperform, target 2375.

From the half year results

Capital allocation and dividend

The Group's net debt position (pre-IFRS 16) was at £542 million as at 29 September 2024 (£142 million at 24 September 2023, £328 million at 31 March 2024).

As previously indicated, the Board is proposing a special dividend of 8 pence per share, conditional upon completion of the transaction with EP Group.

---------------------------

This could be read as EP Group will pay itself an 8p dividend when the takeover is successful. Why not just increase the offer by 8p ? ( Stationery costs aside !! )

Does anyone have a better understanding of when and how this dividend is payable. Houndog are you about ?

Berenberg sets ICG target at £26.

Deutsche bank target at £25.50.

One of the 4 leading battery energy storage groups was Harmony.

From an article in the FT a few days ago.

Ageing computer systems and an outdated electricity network means National Grid is often unable to use batteries designed to deliver cheap green power, it has admitted.

Batteries were being overlooked by Britain’s network operator up to 30 per cent of the times when they are cheaper than other power sources, Craig Dyke, from National Grid’s electricity system operator, said.

“We do still acknowledge we still have more work to do,” he said, blaming a range of technical factors including outdated computer equipment at the network operator and not enough cables to send electricity to where it was needed.

The company has plans to lower the rate at which batteries are sidelined to single figures by early next year, he said, calling current levels “higher than where we want them to be”.

Dyke’s comments came in response to a letter from four leading battery storage groups which said National Grid’s “electricity system operator” or ESO division was making the country’s power costlier and dirtier by failing to use their technology properly.

“Consumers are paying more, clean renewable energy is being wasted, and fossil fuel generation is being used instead,” they said.

Courtesy of MarketScreener, I'll suggest the following as a reason for the spike upwards.

ICG, the global alternative asset manager, has held the final close for the fifth vintage of its flagship direct lending strategy, Senior Debt Partners ("SDP"). The fund and associated vehicles* raised a total of $17bn (approximately €15.2bn), significantly exceeding the initial target of $11-12bn. To date, the fund has invested circa 45% of the capital raised.

Why the 3% spike up just after 11 this am. ??

UBS upgrades AV. to 580, from 555. Courtesy of Proactive Investor.

Thought I'd put a post up, as there hasn't been anything since the nmemonic change from ICP to ICG.

Courtesy of Citywide

Buy’ Intermediate Capital, says Peel Hunt

Intermediate Capital Group (ICG) has delivered ‘positive momentum’ in its results, which can provide a tailwind for the share price, says Peel Hunt.

Analyst Robert Sage retained his ‘buy’ recommendation and increased his target price from £21.41 to £27 on the private equity group, which climbed 1.1% to £23.16 on Thursday.

It reported strong full-year 2024 results, with revenues up 57% in the year to the end of March, while pre-tax profits more than doubled to £598m and was 23% above consensus.

‘Ongoing positive momentum in the results provide a tailwind for the share price and we expect growth to accelerate as and when market conditions improve,’ said Sage.

‘Valuations multiples provide support as we see scope for the low double-digit price to earnings to rise to at least mid-teens levels in the medium term.’"

Other broker targets are Citygroup £26

and Canacord Genuity £30.36

Ft.com has a median target of £25.50

Roll on the next update on July 16th , (from memory ?)

Courtesy of Modo Energy.

https://modoenergy.com/research/gb-benchmark-index-battery-energy-storage-april-2024-revenue

This is looking much better, revenues seem to have recovered from Dec - Feb lows.

Citywire snippet including brief broker comment

https://citywire.com/investment-trust-insider/news/11-yielding-gore-street-sees-global-revenues-rise-amid-uk-downturn/a2438665

I bought in here after reading Ian Cowie's column in The Sunday Times, big mistake I am massively down, I do however receive an OK dividend. Cowie has since sold his holding, mentioning a lack of skin in the game, by directors and the fact that output was tied up in ppa offtake agreements for an average of 14 years and so did not benefit from jump in energy prices after start of Ukraine conflict. Also note from RNS, company was effectively up for sale earlier in the year, but no takers or investors.

I notice from the chart that volume leapt in December and the share price has ticked up for the first time in over a year, perhaps with interest rates expected to fall in 2024 this is the bottom.

I will continue to hold as I do envisage some sort of recovery. Most importantly DYOR as I have found to my cost here.

T

BlackRock picks up Intermediate Capital in share price blip

BlackRock manager Adam Avigdori has picked up a stake in Intermediate Capital (ICP) after recent weakness in the private equity group’s shares.

The Citywire Elite Company was added to Avigdori’s £37m BlackRock Income & Growth (BRIG) investment trust, which he runs with David Goldman.

‘Intermediate Capital has demonstrated the resilience of its business model while trading on an attractive valuation,’ Avigdori said.

‘Recent weakness in the share price has given us an opportunity to regain exposure here having sold it in the past at a higher valuation.’

More generally, Avigdori said domestic-facing UK companies have been impacted by rising inflation and fiscal policy, with financials being one of the hardest-hit sectors.

‘The valuation of the UK market continues to be extremely low in absolute terms but particularly versus other developed market indices with many companies, notably the domestic earners trading at Covid or Brexit lows in share price or valuation terms,’ he said.

‘Although we anticipate further volatility ahead as earnings estimates moderate, we know that in the course of time, risk appetites will return and opportunities are emerging.’

Thanks JB
It's a pity there wasn't some form of canvassing by the CWU, of the workforce's opinion on what changes & pay rise they would accept; after all it is the workforce who actually have to go on strike. It could also be useful to RMG.
I was not impressed by Dave Ward at the Labour conference saying they were involved in strike action at RMG , BT & PO. Far too macho to justify their existence !

'The better news is employees should actually find out out what their union are asking for.,..................
.,.............. next week at long last.'

WHY next week ??
Thanks

How could RMG have job losses when they're struggling to cope with workload at the moment?
1. Srrip all / or all large parcels out of the network and give them to Parcel force which would become the UK arm of GLS. Very possibly using white van man as a stop gap.
2. Get the USO reduced from 6 days to 4 days, this would need Parliamentary approval but I'm sure mad Lizzie would be up for it. Delivering less mail to a growing number of addressees becomes more economical if you do it on a reduced number of days.
This is what the CWU are are afraid of, and facilitating at the same time.

Were already delivering parcels on Sunday in some offices, unfortunately about half of this work is done by temps.

Anger we have now established That ST has said IA might cause redundancy’s now can someone explain to me where 4 offices I know are not clearing the Mail on a regular bases because the office are short staffed why would they make postman redundant and July and August is when Mail is at its lightest I also I believe ispy said the same about his office .

Redundancies among posties could n't be put in place straight away, but they could be possible down the line; by reducing the number of days on which mail is delivered. ST has already hinted at dropping Saturday's mail as a quid pro quo for delivering parcels on Sunday. I would think the Government would push OFCOM to make Royal Mail's job as easy as possible if GLS were spun out and they were staring at a loss making postal system.