Full Year 2024 Gore Street Energy Storage Fund PLC Earnings Call Transcript
Key Points
- Gore Street Energy Storage Fund PLC (LSE:GSF) reported a near GBP30 million operational EBITDA and a dividend yield of 11.6%, showcasing strong financial performance.
- The company has a diversified portfolio across multiple markets, including GB, Ireland, Germany, Texas, and California, which reduces volatility and increases revenue potential.
- Gore Street Energy Storage Fund PLC (LSE:GSF) maintains a robust balance sheet with over GBP60 million in cash and a low gearing ratio of 6.5%, expected to rise to 15% by year-end.
- The company is on track to significantly increase its operational capacity, with three major projects expected to come online soon, boosting total capacity to 750 megawatts.
- Gore Street Energy Storage Fund PLC (LSE:GSF) has successfully secured investment tax credits for its US projects, potentially bringing in $60 million to $80 million in cash inflow in 2025.
- The company's NAV dropped from 115p to 107p, primarily due to macroeconomic assumptions and a decline in GB market revenue forecasts.
- Revenue assumptions are conservative, with expectations of a prolonged recovery period in the GB market, not anticipated until at least 2028.
- The company faces challenges in raising equity for growth due to the current state of the investment trust market and high interest rates.
- There is a potential decline in revenue in the Irish and ERCOT markets due to anticipated changes in market conditions and asset build-up.
- Gore Street Energy Storage Fund PLC (LSE:GSF) has adjusted its dividend policy to a fixed 7%, reflecting a shift from NAV-based dividends to cash generation-based dividends.
Good morning and welcome to the Gore Street Energy Storage Fund PLC investor presentation (Operator Instructions)
Before we begin, I'd like to submit the following poll. Now, I'd like to hand you over to Alex O'Cinneide, CEO. Good morning to you, sir.
' -
Thank you. Thank you, everybody who has joined uh for our annual results presentation. Today I'm joined by three of my colleagues, Alicja, Principal, on our Technical side; Paula, Principal on our Corporate Development; Suminori, our Chief Investment Officer; and myself, Alex O'Cinneide.
We're very pleased with this set of results. These set of results once again demonstrate a resilience in our portfolio, where we've generated a near GBP30 million of operational EBITDA, delivering also a dividend yield of 11.6%. Now went down slightly quarter-on-quarter as soon we will go through some of the drivers on that. But in essence driven by macro environment in GB.
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