Edison issues update on Triple Point ET PLC

Triple Point Energy Transition PLC
07 August 2023
 

London, UK, 7 August 2023

 



Edison issues update on Triple Point Energy Transition (TENT)

Triple Point Energy Transition's (TENT's) cash dividend cover ratio was 1.1x (1.2x excluding one-off listing expenses) for FY23, up from 0.14x a year ago when the portfolio was not fully deployed. TENT's relatively strong dividend yield (9%) and high discount to NAV (32%) have been difficult to explain and have become more anomalous now the dividend is clearly covered by ongoing cash flows. TENT's 1.1x dividend coverage was ahead of our estimate of 1.0x and our forecasts are now under review. NAV per share was 99.44p, up from 99.12p a year ago, and virtually flat on September 2022 (99.53p), with a total NAV return of 9.2% for the year.

 

Clearing 1.0x dividend cover by a 20% margin to 1.2x (including one-off listing costs 1.1x) is clearly a good result. TENT has set a target of a 5.5p dividend for 2024, which is flat on 2023, but given the 9% yield and continued attractive risk-adjusted yields in its pipeline, seem a sensible strategy. Given the long-term (92% contracted over 10 years) and inflation-protected (47% linked to inflation) nature of its income, TENT shares trade at an unwarranted discount to NAV in our view.

 

Click here to view the full report.

 

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

www.edisongroup.com

About Edison: Edison 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 company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington.

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:

Andrew Keen +44 (0)20 3077 5700 investmenttrusts@edisongroup.com
Harry Kilby +44 (0)20 3077 5724 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.

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
 
 
UK 100

Latest directors dealings