DAVY VIEW

Greencoat Renewables’ (Greencoat) Q2 net asset value (NAV) decline reflects the completion of a portfolio-wide reset to its P50 energy yield assumptions. Following initial revisions at the time of its Q3 2024 update, this process is now complete – positioning Greencoat for a more robust and stable NAV performance going forward. The stock is now up over 15% from its April low. At 80c/share, it trades at 0.79x its last reported NAV and offers a dividend yield of 8.5% – both broadly in line with the sector average of 0.77x and 9.2%, respectively.