Deep dive on developers
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Edison Investment Research Limited
London, UK, 9 April 2024
Edison issues update on Premier Miton Global Renewables Trust (PMGR): Deep dive on developers The energy developers segment of Premier Miton Global Renewables Trust’s (PMGR’s) holdings accounts for 30.2% of its portfolio (at 29 February 2024). These developers can generate significantly higher returns than other sections of the portfolio (eg yield plays and investment trusts) due to higher initial capital investment and development risk. PMGR’s portfolio remains a diversified approach to renewable energy asset investing, with a mix across technologies, geographies and corporate structures. Asset values in renewables have been under some pressure of late due to rising bond yields and, in some sectors, falling forward power price curves, though these are two trends that have arguably run their course. Bond yields appear to be nearing their cyclical peak and have started to decline. We expect a reversal in the trend seen in 2023 where higher discount rates exerted downward pressures on asset valuations. This should provide PMGR with a tailwind, which, coupled with its portfolio companies delivering strong organic growth and earnings, points to a promising outlook for 2024. PMGR is well-positioned to capitalise on the macroeconomic shift in global aims to further increase, enhance and speed up renewable energy production in 2024. Click here to view the full report. All reports published by Edison are available to download free of charge from its website About Edison: As a content-led investor-relations business, Edison helps companies stand out and meet the right shareholders. Edison’s integrated investor relations solution combines expert analyst content, digital targeting and active investor engagement. This drives liquidity and valuations by building bigger, better informed and more engaged investor audiences globally. Edison has a proven history of increasing liquidity and valuations for its clients. Edison’s content can be viewed by all investors, anywhere in the world. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Andrew Keen +44 (0)20 3077 5700 investmenttrusts@edisongroup.com Harry Kilby +44 (0)20 3681 5724 investmenttrusts@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube http://www.youtube.com/edisonitv
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1876587 09-Apr-2024
