DAVY VIEW

Greencoat Renewables’ (GRP) Q4 net asset value (NAV), broadly unchanged at 112.1c/share, confirms its robust financial performance despite more difficult trading conditions in 2023. It has also made important strategic progress. This includes advancing its asset recycling programme, which could facilitate several NAV-accretive options including debt reduction, and enhancing its medium-term contracted cashflow mix to 75%, which in turn reinforces its already sector-leading cash generation potential. We view both as important developments for the stock at a time when the cycle appears to be improving for the industry.