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JLEN NAV falls, but dividend remains attractive

JLEN Environmental Assets Group Ltd (LON: JLEN) continues to build up its portfolio of environmental infrastructure assets, although recent changes to UK tax rates have hit the stated NAV. The annualised total shareholder return since flotation is 7.4%.

Wind still dominates the portfolio, accounting for nearly one-third of its value, while anaerobic digestion accounts for 26% and solar for 23%. The company’s assets produced 977GWh of electricity in the year to March 2021.

JLEN generated £39.5m in cash from operations, up from £36.2m the year before. The proposed increase in UK corporation tax from 19% to 25% has reduced the NAV by around £20m due to its effect on deferred tax provisions. NAV was cut from 97.5p a share to 92.2p a share.

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Last year, JLEN acquired four p...

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