Oversubscription of Gore Street’s PrimaryBid offer is helpful although given the attractions of the energy storage market perhaps not surprising. The larger placing remains open with results announced at the end of the month. Together the c.£70m raise will provide the fund with ammunition to pursue its strong pipeline of storage opportunities.
Companies: Gore Street Energy Storage Fund PLC
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Gore Street continues to show progress with a small increase in the first quarter NAV to 101p. Performance of the operating assets remains strong and opportunities in battery storage continue to look attractive in our view.
As at 30 June 2021, the NAV TR of Gore Street Energy Storage Fund (GSF) was 101p, rising marginally from 100.9p as at 31 March 2021. This follows an NAV TR of 14.1% for the previous year. The performance of operational assets continues to be strong. We note that per hour dynamic containment (DC) prices are still at £17 per MW. GSF expects DC prices to drop by c.20% in the quarter beginning October 2021 and substantially in the following quarter. The modest NAV increase reflects both the signific
Gore Street has had a strong year in our view with the portfolio more than doubling to 440MW against 189MW. Post year end this has increased to 520MW of which 210MW is operational. An 800MW pipeline with 300MW under exclusivity gives shareholders the prospect of continued asset growth and, with a wider geographic spread of sites, allows further diversification.
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
The International Energy Agency (IEA) published its Net Zero by 2050 roadmap. This confirms work by others showing high demand for renewable energy, storage, electric vehicles and hydrogen if we are to reach a position of global net zero emissions by 2050. Given historic criticism of the IEA for failing to recognise the role of renewable energy, we see this report as an important indicator of how far expectations are shifting in favour of clean energy.
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
Gore Street continues to develop its portfolio with the acquisition of a 80MW project in the GB market and a 300MW expansion of its exclusive development pipeline. Extended revenue opportunity in Ireland and well optimised assets in the UK give us confidence that the company can maximise value from this larger portfolio.
Gore Street has raised £135m at a 2.4% premium to NAV almost doubling the size of the fund. With a project pipeline of 1.3GW we expect it to be able to deploy this capital effectively and we think this will allow the company to take its pick of some of the best sites.
Gore Street’s equity raise recognises the wealth of opportunities currently available in energy storage. We see a lot of activity here and to an extent there is a “land grab” for good storage sites, especially in the GB market. New funding can help Gore Street here in our view, taking the fund to a new level.
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Energy storage assets are critical to grid stability as we move to a world where electricity generated from renewable sources is the dominant form of energy. Gore Street Energy Storage Fund (GSF) has, in our opinion, demonstrated its ability to grow by acquiring projects with high IRRs across various geographies and structures and complete them at attractive per MW costs. When acquiring operating assets in Great Britain, GSF has done so at a significantly lower per MW price than its peers. We be
Gore Street Energy Storage (GSF) has announced that its Northern Ireland (NI) assets are now operational (2x50MW). This nearly doubles GSF’s operational assets to 210MW. The highly lucrative DS3 cashflows coupled with the commissioning date should translate to IRRs that are significantly above 10% for these projects. In addition, GSF has announced an increased capacity on its Republic of Ireland (RoI) assets, which should also boost IRRs for these projects. GSF has also secured a £15m Revolving
Gore Street has announced the completion of its two projects in Northern Ireland in time to fully participate in the attractive uncapped DS3 programme. It has also announced a further expansion of capacity in the Republic of Ireland adding an additional 60MW. With a pipeline now standing at 1.3GW, and with financing options including a new revolving credit facility, Gore is making real progress and showing potential for more to come.
In this publication, Hardman & Co’s focus is on the 17 quoted Renewable Energy Infrastructure Funds (REIFs), as we update our publication of February 2020 – the stocks analysed are members of the Association of Investment Companies (AIC). As a group, their combined market capitalisation is now ca.£10.6bn. The most valuable quoted funds are Greencoat UK Wind (£2.5bn) and TRIG (£2.4bn). Comparisons with the seven Infrastructure Investment Companies – a sector worth ca.£12.8bn – are also undertaken
Companies: AERI BSIF DORE RNEW FSFL GSF GRP UKW AMG1L JLEN NESF ORIT SEIT TRIG TEEC USF
Research Tree provides access to ongoing research coverage, media content and regulatory news on Gore Street Energy Storage Fund PLC.
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Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it
Companies: Revolution Beauty Group plc
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Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
Companies: Real Estate Investors plc
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
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Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
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Plutus Powergen has left AIM.
What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
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What’s cooking in the IPO kitchen?
Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s
Companies: ANP DMTR FCRM HUR I3E IGE KWG MTR MEAL POW
Belvoir’s H1 2021 results are exceptionally strong, with adj. EPS up +50%. They were, of course, aided by a very buoyant housing market, but this does not detract from the strategic progress the group continues to make. The group’s growth strategy has supported 24 years of unbroken profit growth and, while 2022 will likely see cooler market conditions, there are increasing signs it will be a gradual return to more normal conditions. The acquisition of Nicholas Humphreys in H1 and The Nottingham
Companies: Belvoir Group PLC
In-line interim results to 30 June 2021 show revenues up 93% to £8.5m, EBITDA up 118% to £2.4m and AUM up 15% to £1.1bn compared with the FTSE All Share, which grew 11.1%. DFM assets outperformed the All Share by almost 4x, increasing 40% to £606m. Recent acquisitions are all performing as initially expected, with the full opportunities that can be realised as a result of the network effects and joined up approach, likely yet to come. While EBITDA is performing very well, reaching 54% of our 202
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AfriTin* (ATM LN) – Conditional credit approval for Uis mine expansion
Altus Strategies* (ALS LN) - BUY – 125p – Numerous artisanal gold workings discovered on new licenses in Egypt
Botswana Diamonds (BOD LN) – Drilling results link two kimberlite ‘blows' at Thorny River
Caerus Mineral Resources (CMRS LN) – Raising £1.5m in placing and subscription
GoldStone Resources* (GRL LN) – Extension of Gold Loan
Rio Tinto (RIO LN) – Battery storage facility to be installed at Queensland mine
Companies: ATM ALS BOD CMRS GRL RIO
Big Technologies (BIG) provides market leading electronic monitoring (EM) systems on a SaaS (Software as a Service) basis primarily to criminal justice systems around the world. EM involves utilising location technologies to remotely monitor and manage people within correctional systems.
Companies: Big Technologies PLC
TR Property (TRY) owns a portfolio of pan-European real estate equities, supplemented with a small physical property portfolio. TRY’s lead manager is Marcus Phayre-Mudge, who aims to invest in high-quality property companies supported by strong bottom-up and top-down fundamentals. His approach is sensitive to valuation, and he uses the flexibility afforded by investing in equities (rather than directly into property) to tactically tilt the portfolio – sometimes swiftly - as the investment outloo
Companies: TR Property Investment Trust PLC Ordinary Shares Class GBP