Edison review on Premier Miton Global Renewables

RNS Number : 5317E
Premier Miton Global Renewables
14 March 2022
 

 

London, UK, 14 March 2022

 

Edison issues review on Premier Miton Global Renewables Trust (PMGR)

Premier Miton Global Renewables Trust (PMGR) has reported a strong performance for FY21 (to 31 December), with NAV and share price total returns of 19.8% and 30.7% respectively, compared with a 22.5% decline in its new benchmark, the S&P Global Clean Energy Index. The divergence is largely down to PMGR's greater exposure to generation and distribution, in a year when capital goods and technology companies struggled against a backdrop of higher input costs and deteriorating investor sentiment. Manager James Smith points to Chinese exposure and UK 'yieldcos' as points of interest, given China's push towards greater self-reliance, and the attractive inflation-linked revenues and high yields on offer in the UK.

 

PMGR's pivot from a broad utilities mandate to a focus on renewable energy has been beneficial for shareholders in the past three years, with manager James Smith's bottom-up and valuation-aware investment process feeding into a global portfolio of assets that should benefit from the current power price environment as well as the push towards energy security and net zero emissions. The dividend has been rebased to a lower level as a result of the smaller pool of total assets following the ZDP rollover in late 2020, but the FY21 dividend was fully covered by income and has scope to grow. Although the fund is small and highly geared (both of which may be seen in a negative light by potential investors), we see the current 17.5% discount to NAV as unwarrantedly wide given the trust's strong performance record under its refreshed mandate.

 

Click here to view the full report or here to sign up to receive research as it is published.

 

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: E dison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Sarah Godfrey +44 (0)20 3077 5700 investmenttrusts@edisongroup.com

Victoria Chernykh +44 (0)20 3077 5700 investmenttrusts@edisongroup.com

Learn more at   www.edisongroup.com and connect with Edison on: 

LinkedIn          www.linkedin.com/company/edison-group-/

Twitter    www.twitter.com/Edison_Inv_Res  

YouTube          www.youtube.com/edisonitv

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRAGPUCPWUPPGPG
UK 100

Latest directors dealings