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- HydrogenOne portfolio continues to perform despite widening discount
HydrogenOne announced its quarterly net asset value and portfolio update for the period ended 31 March 2023. The company NAV grew 2.8% over the quarter and is up 3.3% year on year. Despite the positive NAV returns, shares were down more than 40%, although they are up 24% since the beginning of May.
Some of the key highlights for the quarter include:
The update also highlighted the current growth within the portfolio with eight of the company’s ten private investments, representing 93% of its invested portfolio by value, already generating revenue, producing equipment and technology solutions for clean hydrogen production. These companies delivered an aggregate £40m in total revenue in the 12 months to March 2023, an increase of 107% compared to the 12 months to March 2022.
[While not extreme, the NAV returns are a positive sign for the company which has battled with the wider risk sell off over the past 12 to 18 months. Despite this, the continued performance of the underlying portfolio continues to impress and reinforces our view that the stock has been somewhat harshly treated. With shares trading at a discount of almost 50% we believe there is considerable value for the long term investor.]
HEGN : HydrogenOne portfolio continues to perform despite widening discount
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