Foresight Solar Fund Limited Edison issues flash on Foresight Solar Fund (FSFL)
11 Août 2023 - 8:15AM
RNS Non-Regulatory
TIDMFSFL
Foresight Solar Fund Limited
11 August 2023
London, UK, 11 August 2023
Edison issues flash on Foresight Solar Fund (FSFL)
Foresight Solar Fund (FSFL) released a strong operational
trading update, with production 2.8% ahead of budget, cash receipts
of GBP52.3m, 42% higher year on year, and forward power sales
supporting a 1.5x dividend cover forecast by the company for the
next three years. FSFL's Q2 NAV/share was down 4.3p (-3.4%) from Q1
at 119.9p, with 74% of this move due to 50bp rise in discount rate
assumptions for UK assets to 7.5%. FSFL trades at an attractive 19%
discount to NAV and 8% dividend yield, in our view.
FSFL's June 30 NAV/share was 119.9p, down 4.3p (3.4%) from March
30. 3.2p of this move (74%) was due to 50bp rise in discount rate
assumptions (levered rate assumption for UK assets was raised from
7% to 7.5%, other regions remained unchanged) reflecting rises in
interest rates. Lower forward power price forecasts reduced
NAV/share by 1.4p, offset by 0.9/share positive impact of lower tax
payments under the UK generators levy. FSFL is trading at a 19%
discount to NAV, and we believe that a higher interest rate
environment is already more than reflected in its share price. FSFL
represents an 8% yield and management has confidence in 1.5x
dividend cover in the next three years, underpinned by forward
power sales.
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August 11, 2023 02:15 ET (06:15 GMT)
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