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2.2% increase in quarterly dividend for FY 2022 

Mkt Cap £752m | Prem/(disc) 10.3% | Div yield 5.1%

Event

SDCL Energy Efficiency Income Trust has increased its dividend target by 2.2% for FY 2022 (March period end) to 5.62p. The company is currently on track to distribute 5.5p for the period to March 2021 and the uplift is in line with the progressive dividend policy. Cash flow generation from the portfolio has been robust since launch. Operating cash flows generated by the portfolio in the six-month period to September 2020 were £20.0m (5.3p per share), representing dividend cover of 1.9x on dividends declared for the period.

• Interim dividend: Q3 dividend in respect of the three month period ended 31 Dec 2020 of 1.375 pps (XD 11 March 2021).
• Guidance: “target an annual dividend of 5.62 pence per Ordinary Share for the 12 month period commencing 1 April 2021 and a progressive dividend thereafter. The annual dividend target will continue to be paid in equal quarterly instalments.”

Cerno Capital’s Fergus Shaw says that rather than investing in “blue sky” renewables, this trust uses existing technology to deliver cheaper, cleaner and more reliable energy.

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