SDCL Energy Efficiency Income Trust (SEIT)

Sector:

Investment Firms

Index:

FTSE 250

119.40p
   
  • Change Today:
      0.40p
  • 52 Week High: 124.00
  • 52 Week Low: 111.00
  • Currency: UK Pounds
  • Shares Issued: 990.29m
  • Volume: 37,026
  • Market Cap: £1,182.40m

SDCL Energy Efficiency posts solid performance on joining FTSE 250

By Josh White

Date: Friday 10 Dec 2021

LONDON (ShareCast) - (Sharecast News) - SDCL Energy Efficiency Income reported a net asset value of £943.6m in its interim results on Friday, up 36% from £693.8m at the start of the period.
The FTSE 250 firm said its net asset value per share at the period end on 30 September was 104.5p, up 2% from the 102.5p it reported as at 31 March.

Its total net asset value return for the first half was 4.7%, and was 7.1% per annum since its initial public offering.

SDCL recorded a profit before tax of £23m in the period, up 34% year-on-year.

The board declared interim dividends of 2.81p per share in the period, covered by earnings per share and cash from investments.

It said it was on track to deliver 5.62p per share for the year ending 31 March, in line with its previous announcements on the target dividend.

Investment cash flows from the portfolio during the period totalled £27.2m, which was in line with expectations, providing cash cover of 1.2x for interim dividends paid during the period.

The company's portfolio valuation was £785m as at 30 September, up 42% from £553m on 31 March.

New investments and commitments totalled £208m in the first half, and since the first half ended, additional investments of £41m had been made.

The firm completed a successful capital raising of £250m in September, with the proceeds used to repay £70m of revolving credit facility debt, and to commit to new investments.

SDCL was admitted to the FTSE 250 index as its market capitalisation surpassed £1bn, increasing the marketability and liquidity of its stock for shareholders.

"The last six months have been an active period for the company," said chairman Tony Roper.

"Securing new investments has diversified our investment portfolio further.

"The investment manager continues a number of asset management initiatives on the existing portfolio to maintain and enhance value, as well as seeking new investment opportunities that can deliver attractive risk-adjusted returns for investors."

Roper said the company believed it could successfully deploy the remaining funds from the recent capital raise in a timely manner, based on its current identified pipeline of new investment opportunities.

That would include follow-on investments within the existing portfolio, as well as newly-sourced opportunities, a number of which had resulted from the investment manager's existing relationships.

Jonathan Maxwell, chief executive officer of the trust's investment manager SDCL, said it was a "hugely significant time" for the energy efficiency sector.

"Post COP26, there is now widespread recognition of the role it can play in the global effort to tackle the climate crisis," Maxwell added.

"We are very well positioned to continue leading in this market and generate value for our shareholders through expanding our portfolio of projects that deliver cheaper, cleaner and more reliable energy solutions."

At 0929 GMT, shares in SDCL Energy Efficiency Income were down 0.32% at 116.62p.

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SEIT Market Data

Currency UK Pounds
Share Price 119.40p
Change Today 0.40p
% Change 0.34 %
52 Week High 124.00
52 Week Low 111.00
Volume 37,026
Shares Issued 990.29m
Market Cap £1,182.40m

SEIT Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
49.03% below the market average49.03% below the market average49.03% below the market average49.03% below the market average49.03% below the market average
71.82% below the sector average71.82% below the sector average71.82% below the sector average71.82% below the sector average71.82% below the sector average
Price Trend
58.52% above the market average58.52% above the market average58.52% above the market average58.52% above the market average58.52% above the market average
56.16% above the sector average56.16% above the sector average56.16% above the sector average56.16% above the sector average56.16% above the sector average
Income
29.27% above the market average29.27% above the market average29.27% above the market average29.27% above the market average29.27% above the market average
74.55% above the sector average74.55% above the sector average74.55% above the sector average74.55% above the sector average74.55% above the sector average
Growth
85.85% above the market average85.85% above the market average85.85% above the market average85.85% above the market average85.85% above the market average
78.95% above the sector average78.95% above the sector average78.95% above the sector average78.95% above the sector average78.95% above the sector average

SEIT Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 10-Mar-22 02-Dec-21
Paid 31-Mar-22 17-Dec-21
Amount 1.41p 1.41p

Trades for 20-May-2022

Time Volume / Share Price
08:57 8,000 @ 119.11p
08:50 1,315 @ 119.11p
08:50 74 @ 119.40p
08:33 729 @ 119.20p
08:26 5,000 @ 118.82p

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