We view the H1’24 result (+2.6% TR) as positive in a period of lower price forecasts. Our optimism regarding the future reflects the narrative regarding the ongoing asset optimisation programme and positive post period events (see below) that will contribute to H2 performance. Trading on a c33% discount and yielding 7.25%, DORE is trading wider than its 12 month average (30.4%) and the sector (20.7%). As interest rates decline and investors focus on the potential of its hydropower portfolio (45. ....
