DAVY VIEW

We hosted a Greencoat Renewables (GRP) sell-side briefing today (March 16th). Our key takeaway was that its pure play European scale and breadth, alongside its proven returns track record, mean GRP is increasingly a unique investment proposition. It looks set to play a key role in the provision of the long-term renewable infrastructure capital required to fund a doubling of the European renewables market to €1 trillion by 2030. When considered alongside current portfolio returns of 9% (the returns opportunity is even higher today for shareholders given the stock is trading at a discount to net asset value), we believe the investment thesis is even more compelling at the current share price. We currently forecast NAV/share to reach 116c/share by the end of 2023 and see no reason why the stock should not reach, at least, similar levels.