RCS - Triple Point Energy - Edison issues update on Triple Point ET PLC

Triple Point Energy TransitionAnnouncement

07/08/2023 07:00

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RNS Number : 2522I  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
(https://www.edisongroup.com/research/fy23-results-show-fully-covered-9-yield/32427/)
to view the full report.

 

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its website

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