DAVY VIEW

Greencoat Renewables (GRP) has an attractive and expanding opportunity set ahead aligned with several key megatrends, including AI proliferation. This potential should not be ignored. In the meantime, the business is demonstrating notable resilience, as demonstrated by a sector-leading dividend cover and stable net asset value (NAV) in 2024 against a difficult backdrop. We view existing valuation levels – including a 30% discount to NAV – as compelling for a portfolio of real, renewable assets generating predictable, high-margin and dividend-supporting cashflows.