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Shareholders have doubled their money in reassuringly resilient JLEN

230615 JLEN ed warner

JLEN Environmental Assets Group has published results for the year ended 31 March 2023. The share price rose from 112.8p to 119.6p, shareholders have now more or less doubled their money since IPO. Shareholders will be able to hear from the managers and ask questions at a special online event to be held next Wednesday (21 June) – details here.

The NAV rose from 115.3p to 123.1p driven by:

NAV at 31 March 2022                                        115.3p

Dividends paid in the period                                  -7.1p

Power prices (net of Electricity Generation Levy)  8.7p

Inflation                                                                 10.2p

Discount rate changes                                          -5.9p

Other movements (including actual performance) 1.9p

NAV at 31 March 2023                                       123.1p

Over the period, the company completed five acquisitions to bring the portfolio to 42 assets split across seven technology sectors.

The new dividend target for 2024 is 7.57p, 6% higher than 2023’s 7.14p. That 7.14p was covered 1.51x, which is the highest dividend cover that the fund has achieved since its IPO.

Ed Warner, the chairman (pictured) said:

“The case for investment in sustainable infrastructure has never been stronger as we focus on delivering on decarbonisation targets and creating energy security. I am very pleased to report that JLEN has delivered a reassuringly resilient performance over the past 12 months, achieving growth in Net Asset Value per share and meeting its dividend target in spite of a backdrop of economic turmoil and regulatory and political challenges.”

“Investment activity in the year has focused on construction and development stage assets in the battery storage, controlled environment and green hydrogen sectors. The higher returns offered by opportunities at this stage are attractive and given the contribution that these technologies will make towards a more sustainable future, we are pleased to provide our investors with access to these important asset classes.”

[Share price discounts to NAV have opened up across the renewable energy sector as investors fret about the effects of higher interest rates. These figures demonstrate that yes, higher rates have had an impact (reflected in the higher discount rate used to value JLEN’s future cashflows), but the reason for the higher rates – higher inflation – has more than offset the effects of this. JLEN, in particular, is thriving, as is also evidenced by the new dividend target and the high dividend cover. It doesn’t deserve to trade at a discount.]

JLEN : Shareholders have doubled their money in reassuringly resilient JLEN

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