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QuotedData’s morning briefing 5 February 2024 – CVCE, INOV, PEY, GSF, HGT, SEIT

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In QuotedData’s morning briefing for 5 February 2024:

  • CVC Income & Growth (CVCE) has announced an increase in its annual dividend targets, increased to 8.25p per ordinary sterling share and 7.25c per ordinary euro share. This means that CVCE’s quarterly dividends will be increased to 2.0625p per sterling share and 1.8125c per euro share.
  • Schroders Capital Growth Innovation Trust (INOV) has announced that it has received a $5.8m distribution related to the first milestone of the Kymab sale to Sanofi, which was initially announced in April 2021. There remains a potential for $21m in further payments.
  • Princess Private Equity Holdings (PEY) has published its December NAV. PEY’s NAV decreased by 2.1% to 14.16 euros per share. Negative revaluations contributed -1.5%, a result of a fall in public company comparables, while currency movements cost – 0.5%. PEY received distributions of €16.6m, of which €9.3m was received from the divestment in Hofmanns, a provider of premium ready-to-eat frozen meals and tailored catering services based in Germany.
  • Gore Street Energy Storage Fund (GSF) has provided a further trading update, in addition to its recent announcement on January 10. GSF comments that its dividend coverage has been trending upwards, and average revenue across all assets for the fiscal year-to-date stands at £15.1 per MW/hr (H1 & Q3). GSF maintains a healthy balance sheet with low debt, with no new drawdowns made of its revolving credit facility (RCF). GSF’s construction programme continues as planned, with its operation fleet on tack to more than double by the end of the year. By the end of 2024, GSF’s US assets will account for 55% of total operational capacity, while the UK will account for less than 30% on a MWh basis.
  • HgCapital Trust (HGT) has published a preliminary trading update for the 12 months ending 31 December 2023. It estimates its NAV per share to be 498.6p, with a 12 month NAV total return of 10.7%, and share price total return of 26.2%. Over the year investments of £71m were made and realisations were worth £343m. The top 20 (77% of the portfolio) companies in its portfolio reported 12 month revenue and EBITDA growth of 25% and 28% respectively. HGT will report its full year audited results for 2023 on 11 March 2024.
  • SDCL Energy Efficiency Income Trust (SEIT) has announced that Cokenergy, a project within its Primary Energy portfolio, has renewed its long term contract with Cleveland Cliffs at the Indiana Harbor Works East steel mill in the US. The contract provides for the onsite supply of steam and electricity, the terms of which align with the assumptions included in the September 2023 valuation and reflect the in principle agreement reported in the interim accounts published in December 2023. SEIT has also announced that aggregate cashflows within its portfolio in the final quarter of the calendar year 2023 have remained in line with expectations. SEIT has also received a number of credible proposals for selected disposals from its portfolio.

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