DAVY VIEW

Greencoat UK Wind's (UKW) Capital Markets Event (CME) provided greater detail on how management intends to deploy capital over the coming years. While the opportunity set has broadened, the core proposition remains unchanged, with a continued focus on generating attractive shareholder returns from UK wind assets. The addition of construction, repowering and life-extension opportunities should support the longer-term growth story, while stronger power prices remain a near-term support for cash generation and net asset value (NAV). We make no changes to our estimates, with the focus now on execution. We reiterate our ‘Outperform’ rating and 137p price target.