DAVY VIEW

Similar to other major operators in the sector, TRIG has confirmed that its net asset value (NAV) declined in Q4 2024 to 127.7p/share. The drivers of the decline are as expected, with the continued normalisation of forward power price assumptions and current levels of inflation both weighing on future cashflow forecasts. Balance sheet management remains a key strategic priority, with the possibility of further asset disposals, initial offers are said to be consistent or above current NAV estimates, facilitating debt repayment and other NAV accretive opportunities.