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GRP

Greencoat Renewables PLC

Utilities First-pass screen £725m
440/1000 Overall fit
AI beneficiary 35% 30
Operating leverage 25% 38
Valuation 25% 58
Downside protection 15% 65

First-pass take

Defensive renewable infrastructure with contracted revenues but no AI exposure. NAV declining 10.5% YoY; 30% discount insufficient. Cash generation down 18.6% despite 'strong operations' (suggesting structural cyclicality, not temporary headwind). €1.2bn net debt at 52% gearing.

Flags

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