Contour Global (GLO)

Sector:

Electricity Generation and Distribution

Index:

FTSE 250

183.20p
   
  • Change Today:
    -0.20p
  • 52 Week High: 222.50
  • 52 Week Low: 163.00
  • Currency: UK Pounds
  • Shares Issued: 670.71m
  • Volume: 16,373
  • Market Cap: £1,228.75m
  • RiskGrade: 142

ContourGlobal sells minority interest in Spanish solar assets

By Josh White

Date: Thursday 06 Dec 2018

LONDON (ShareCast) - (Sharecast News) - ContourGlobal has reached an agreement to sell a 49% interest in its 250 MW concentrated solar power facilities in the south west of Spain, it announced on Thursday, to a fund advised by Credit Suisse Energy Infrastructure Partners.
The FTSE 250 company said the total consideration payable for the 49% stake would be €134m, to be paid in cash.

That represented a premium of about €65m to ContourGlobal's proportionate net investment in the 49% stake, of €69m.

Completion of the transaction was expected to occur in one or more closings, subject to the satisfaction of various customary closing conditions which the board said were expected to be fulfilled by the end of the second quarter of 2019.

As part of the agreement, ContourGlobal said it would continue to manage, operate and maintain the five assets.

On its current trading, ContourGlobal said its business performance had been "good", despite renewable resources performing below plan in certain markets.

Its board said it remained comfortable with its indicated guidance range for 2018, of adjusted EBITDA falling between $600m and $630m on a constant currency basis.

As at 30 September, the financial metrics specified under the firm's corporate bond indenture were a non-guarantor leverage ratio of 3.8x and a debt service coverage ratio of 7.6x.

The company said it expected its net debt-to-adjusted EBITDA ratio to be about 4.5x as at 31 December.

"We are very pleased to expand our partnership with CSEIP in Europe with our second sale of minority interests this year," said ContourGlobal president and chief executive officer Joseph C Brandt.

"CSEIP is a committed long-term partner and leading investor in the infrastructure field, combining deep industry expertise with unique sourcing and distribution capabilities."

Brandt said the board "looked forward" to extending that partnership into new markets.

"We continue to see opportunities to enhance shareholder returns and redeploy capital into our significant growth pipeline by selling minority stakes in our global portfolio of businesses to dedicated infrastructure investors looking to invest long-term with strategic operating partners."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Contour Global Market Data

Currency UK Pounds
Share Price 183.20p
Change Today -0.20p
% Change -0.11 %
52 Week High 222.50
52 Week Low 163.00
Volume 16,373
Shares Issued 670.71m
Market Cap £1,228.75m
RiskGrade 142

Contour Global Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
59.72% above the market average59.72% above the market average59.72% above the market average59.72% above the market average59.72% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Price Trend
19.59% below the market average19.59% below the market average19.59% below the market average19.59% below the market average19.59% below the market average
11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average
Income
65.36% above the market average65.36% above the market average65.36% above the market average65.36% above the market average65.36% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
51.39% below the market average51.39% below the market average51.39% below the market average51.39% below the market average51.39% below the market average
75% below the sector average75% below the sector average75% below the sector average75% below the sector average75% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Contour Global Dividends

  Latest Previous
  Q3 Q2
Ex-Div 12-Dec-19 15-Aug-19
Paid 31-Dec-19 06-Sep-19
Amount 3.69¢ 3.69¢

Trades for 21-Feb-2020

Time Volume / Share Price
16:35 3,670 @ 183.20p
16:28 48 @ 184.80p
16:28 165 @ 184.80p
16:28 85 @ 184.80p
16:27 38 @ 185.00p

Contour Global Key Personnel

Chair Craig Huff
CFO Stefan Schellinger

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