2025-06-03-Jefferies-Foresight_Environmental_Infrastructure_Limited（FGEN）_远见环境基础设施有限公司_初步观点_战略和资产净值更新_7页_107kb

报告摘要

Rating: HOLD
Price: 76.00p, with no price target specified.
Conclusion: The strategic update may disappoint shareholders due to an absence of near-term asset disposals and the eventual divestment of growth assets, reversing the previously stated strategy. Analysts highlight concerns that limited disposals (e.g., only the Panther rooftop solar portfolio sold) contradict initial engagements, with minimal progress in reducing RCF borrowings (currently £99m). A managed wind-down of assets could be a more shareholder-friendly approach, given the 30% discount to NAV.

Foresight Environmental Infrastructure Limited will refocus on renewable energy generation, wastewater, and water management, avoiding further disposals of established assets in the near term.
Medium-term goal is to exit growth assets once fully ramped up; facilities like Rjukan, Glasshouse, and CNG are progressing as expected.
No additional disposals are targeted, raising questions about the pace of capital recycling and reduction in debt.

NAV per share: 106.5p as of March 31, 2025.
Q1 Total Return: 1.0%, driven by a 1.9% discount rate unwind and 0.4% share buyback accretion, partially offset by higher capex assumptions (-0.7%), portfolio performance (-0.5%), and lower power prices (-0.1%).
Dividend Performance: FY25 dividend cover was 1.32x, exceeding interim guidance; FY26 target is 7.96p (2% year-on-year increase).
Leverage: Total gearing at 28.7%, with £99m of RCF drawings outstanding.

Matthew Hose and Fiona Huang, equity analysts from Jefferies International Limited, certify all views are based on personal analysis and comply with regulations.
Valuation includes adjustments for NAV, with risks noted in higher-risk technologies (e.g., anaerobic digestion) and sustainability uncertainties.

Jefferies Rating System: HOLD implies expected returns of -10% to +15% in 12 months.
Overall Market Position: Jefferies markets include FGEN and may involve conflicts of interest, with investments requiring client discretion based on individual circumstances.