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24 May 2022 14:58
Downing Renewables and Infrastructure Trust - Research from QuotedData
24 May 2022
Proving its mettle
With a solid first set of results published, revenue and dividends running ahead of IPO forecasts, a diverse and differentiated portfolio of attractive renewable energy assets, and a growing NAV supported by investments that are helping to build NAV and profits, Downing Renewables and Infrastructure (DORE) is attracting the support of new investors.
On 11 May 2022, the trust announced an NAV as at end March 2022 of 110.1p - up from 103.5p per share as at 31 December 2021; we discuss what drove this uplift on page 15 of this note. The share price is yet to fully reflect the good news, however; currently DORE's shares are trading at asset value, compared to a median premium of over 7% for its peer group (see page 16).
Following its latest acquisition, DORE has drawn down 69% of its £25m revolving credit facility (RCF). The manager has a strong pipeline of investment opportunities (see page 11), and to access that and repay the drawings on the RCF, the directors are considering a fundraise.
Russia's war on Ukraine and the associated spike in energy prices have underscored the need for Europe to rid itself of its fossil fuel dependence and accelerate the switch to renewables. The compelling associated cost-saving (renewable-powered energy tends to be cheaper than gas-powered energy) is an added bonus. DORE deserves to be playing an active part in this.
Full research:
https://quoteddata.com/research/downing-renewables-infrastructure-trust-proving-mettle-qd/
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NB: Marten & Co was paid to produce this note on Downing Renewables and Infrastructure Trust Plc and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the FCA. Marten & Co is not permitted to provide investment advice to individual investors.
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