DAVY VIEW

Following TRIG's Q2 net asset value (NAV) update last week, there are few surprises in today's H1 results. The combination of solid cash generation, improving dividend cover and a reiterated dividend target remains supportive, although this was partly offset by the NAV decline reported in Q2. At 0.77x P/NAV, TRIG continues to trade at a meaningful discount to NAV, albeit broadly in the middle of the listed renewables peer group range of 0.65-0.86x. Looking ahead, progress against the strategic priorities outlined at its May Capital Markets Seminar, particularly around asset disposals and portfolio optimisation, will be key to driving a sustained re-rating.