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May 3 2022, 07:10 IST/BST
Greencoat Renewables’ (Greencoat) Q1 performance further demonstrates its favourable positioning on the current macro landscape – NAV increased by 3.5c/share in Q1 and is now 8.5c/share higher than just 12 months ago. Power prices and inflation continue to provide meaningful tailwinds and result in a further upgrade (the fourth in the past five months) to our 2022 and 2023 NAV forecasts, increasing to 112.2c/share and 114.7c/share respectively. In addition to its stable returns and attractive dividend characteristics, it is now delivering sustained value growth. As such, we reiterate our ‘Outperform’ recommendation.