Greencoat Renewables

NAV per share boosted by asset life assumption and organic performance

  • Sectors : Energy Transition
  • Companies : Greencoat Renewables

Ratings and price correct at time of issue.

  • Greencoat Renewables

    Closing Price: c

  • RATING 24/08/17

  • PREVIOUS RATING N/A

DAVY VIEW

The increase in net asset value (NAV) (from 96.9c in September 2018 to 103.4c in December 2018) demonstrates the value of the Greencoat Renewables (Greencoat) portfolio in a couple of ways. It confirms that progress made by the company in 2018 is now translating into organic NAV momentum (adding 0.5c per share). Further, its decision to extend the useful life of assets following a third party technical review crystallises the inherent portfolio value, which has been unrecognised to this point (adding 6c per share). With its portfolio, balance sheet and ambitions maturing nicely, we expect NAV momentum to continue. The stock is no longer trading at a premium to NAV (average premium of close to 9% since IPO). We therefore reiterate our ‘Outperform’ recommendation.

Download full report with analyst certification and important disclosures

Jan 31 2019, 12:45 GMT

Download