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Edison Investment Research Limited
SDCL Energy Efficiency Income Trust: Initiation of coverage
29-Aug-2023 / 10:06 GMT/BST
The issuer is solely responsible for the content of this announcement.

London, UK, 29 August 2023

SDCL Energy Efficiency Income Trust: Initiation of coverage
SDCL Energy Efficiency Income Trust (SEEIT) is an investment trust focused on delivering energy and energy efficiency
as a decentralised service directly to end users rather than supplying into the broader power grid. Its income comes
from a range of services and is driven by cutting losses in energy generation, transmission and use. It has delivered a
total NAV return of 7.2% pa (3.5p in NAV terms) since IPO in December 2018 and its 6p/share dividend is 1.2x covered,
representing an attractive 8.9% yield.

SEEIT presents an attractive potential return to investors, in our view. We see possible further upside to NAV possible
from management improvements within its current portfolio (eg efficiency improvements, utilisation of idle capacity and
small capital projects), which we believe could provide 12-13% upside to NAV/share over two to three years. Assuming
dividends at a CAGR of 3% could add a cumulative 27% to returns over three years, taking three-year returns to 39-40%
(or 13-13.3% per year). This is before any potential closure of the discount to NAV, which stands currently at a
significant 31.3%, providing an additional potential 45% return if this discount is closed over time (see Exhibit 14
for further detail). If all these factors were realised, this would present a combined potential 85% total return over
three years.
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www.edisongroup.com
About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the
widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions,
family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the
darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.
Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector.
Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in
Athens, Johannesburg and Sydney.
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solicitations to buy or sell any securities.
For more information, please contact Edison:
Andrew Keen +44 (0)20 3077 5700 investmenttrusts@edisongroup.com
Harry Kilby +44 (0)20 3077 5724 investmenttrust@edisongroup.com
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The issuer is solely responsible for the content of this announcement.
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1714025 29-Aug-2023

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END) Dow Jones Newswires

August 29, 2023 05:06 ET (09:06 GMT)