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Feb 27 2025, 08:07 GMT
Greencoat UK Wind
Robust performance with further £100m buyback announced
- Sectors : Renewable Infrastructure
- Companies : Greencoat UK Wind
DAVY VIEW
Despite a more challenging market backdrop, Greencoat UK Wind (UKW) delivered a robust performance in 2024. Net cash generation confirmed as £279m (2023: £406m) equates to a net dividend cover of 1.3x (2023: 2.1x). We also welcome a further £100m buyback programme. Looking forward, it has reiterated that its forward five-year base case implies a dividend cover of >1.9x and >£1bn of excess capital. This provides a strong foundation for its current 11% levered portfolio returns rate via a range of capital allocation options going forward.
