Octopus Renewables Infra Trust PLC Results analysis from Kepler Trust Intelligence
26 Septembre 2023 - 1:24PM
RNS Non-Regulatory
TIDMORIT
Octopus Renewables Infra Trust PLC
26 September 2023
Octopus Renewables Infrastructure (ORIT)
26/09/2023
Results analysis from Kepler Trust Intelligence
Over the six months to 30 June 2023, total shareholder return
(TSR) and NAV total return were -4.9% and 0.9% respectively. Since
IPO in December 2019, the TSR is 6.1% and NAV TR 27.0%.
The board increased the target dividend to 5.79p for FY 2023,
representing an increase of 10.5% over FY 2022, which is in line
with CPI inflation. Targeted dividends are expected to be fully
covered by the operating portfolio's cashflows.
Once fully invested, the portfolio has the potential to power
the equivalent of 536,000 homes with clean energy, an estimated
598,000 tonnes of carbon emissions avoided, up from 521,000 homes
and 482,000 tonnes of carbon in 2022, respectively.
In our view ORIT, with its diversified strategy not only across
technologies and geographies, but also development stages, is
well-placed, even as the discount means that for almost all
investment trusts there is a hiatus for raising new capital. ORIT's
ability to recycle capital into projects at development and
construction stages means that a relatively small amount of capital
can, over the long-term, make a big difference to its portfolio.
This means the team won't simply have to wait things out until a
new cycle of capital raising begins, but can continue to develop
the portfolio. It's an interesting coincidence that ORIT's results
were published the same day that the Bank of England didn't raise
UK interest rates, after 14 consecutive rate hikes. This was on the
back of an unexpected drop in inflation. This doesn't necessarily
mean we can conclude that rising rates are over, but it's a
positive sign, and if this trend establishes itself, we think it
could be a positive catalyst for ORIT's discount to narrow towards
NAV.
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