$UKW (+0.38%) The Annual General Meeting (AGM) of Greencoat UK Wind plc took place on April 24, 2025. All 17 resolutions put to the vote were approved with the required majority. Of particular note is the approval to continue as a going concern under resolution 17, despite 11.31% of shareholders voting in favor of termination. The Board plans to enter into dialog with these shareholders to better understand their concerns.

The capital allocation was also discussed at the Annual General Meeting. The company announced a further £100 million share buyback program, doubling the total volume of buybacks to £200 million. This measure is aimed at stabilizing the share price and increasing shareholder value.

Despite a challenging market environment with lower electricity prices and reduced wind availability, Greencoat UK Wind recorded strong cash generation of £278.7 million in 2024. The company paid a total dividend of 10 pence per share and plans to increase this to 10.35 pence per share in 2025, in line with RPI inflation.

In addition, the company sold 40% of its shares in the Dalquhandy and Douglas West onshore wind farms for £41 million. The proceeds were used to repay debt and finance further share buybacks.

Overall, Greencoat UK Wind is robust despite the current challenges and is focusing on strategic capital allocation in order to create long-term value for shareholders.

$UKW (+0.38%)

LONDON - Greencoat UK Wind PLC (UKW) has announced a planned dividend increase and a new share buyback program despite a challenging market environment for alternative investment funds. Although the net asset value (NAV) recorded a total return of -8.5% to 151.2 pence per share for the year, impacted by lower electricity price forecasts and a downward revision to long-term wind speed expectations, the company plans to increase its dividend by 3.5% in line with December's retail price index (RPI). A dividend of 10.35 pence per share is targeted for 2025.

The annual results provided additional detail on the adjustments to long-term power generation expectations, showing a 2.4% decrease due to wind speed data in recent years. Underlying dividend cover for 2024 was 1.3x on a normalized basis.

Despite the challenging environment, UKW's Board of Directors and management emphasize their long-term management approach and shareholder-oriented initiatives. In order to align interests with shareholders, management fees were adjusted from January 1, 2025. They are now based on the lower of market capitalization and NAV - a fee reduction strategy not yet adopted by UKW's competitors.

UKW has already completed an initial £100 million share buyback program and expects to generate over £1 billion of excess cash flow over the next five years, supplemented by further asset disposals. The company plans to use surplus capital for a new £100 million buyback program and then dynamically allocate capital between additional share buybacks and debt repayment to reduce debt.

This strategy underlines UKW's commitment to generating and allocating capital efficiently for shareholders. It continues the company's trend of shareholder-friendly measures. UKW was the first company in the industry to go public, the first to adjust discount rates in response to rising interest rates, and the first to implement a significant share buyback program

Asked, done: I took a look at SmartBroker and what struck me immediately... okay, our former community share $UKW (+0.38%) can be traded in London with a spread of just 1 cent, but something else:

In US dollars Coca Cola is up 17% YTD... In Euros 6.67%.

Apple is down 19% YTD in US dollars... 29% in euros.

@Epi has already clearly pointed out the depreciation of the dollar here, but I found it interesting to see it directly in the broker.

I find it even more serious with the MSCI world: 16.59 to 5.76% YTD... would we normally be talking about a crash at 5%? Some people here certainly would, I would almost chalk it up to market volatility.

But that brings me to the question: how to deal with it? Certainly, if you have a lot of USD in your portfolio, you have to hold it in order to take advantage of any appreciation. (Some may take a different view 😅 possibly also speak of a non-appreciation in perspective)...

But how should you position yourself in the future? 100% EUR hedged? 25% EUR hedged? 50%? And: hedging costs money (0.55 to 0.25 for the Ishares heavyweights)

A hedged ETF is certainly the cleanest way to track the performance of companies, as it is likely to remove the currency effects and is therefore the "cleanest" way to track the actual performance of the company.

If you look at the performance of those heavyweights, you can see that you would have done much better with the unhedged one, but that was also at a time when we were systematically moving from a very strong euro to a devaluation. So there was a double benefit there (strong US equity market + strong USD)...

I don't have an answer for you, but would be very interested to hear your thoughts on this...

Hi everyone, I'm currently looking for high-dividend stocks that I think look undervalued. I would like to introduce you to my favorites and look forward to your additions. Let's get started:

$FMG (+0.84%) - Fortescue Metals Group

Fortescue is one of the world's leading iron ore producers with a dividend yield of 10.7%. The stock currently trades at a favorable P/E of 6.53 and shows upside potential of around 12% based on an intrinsic valuation of AUD 20.45. Despite a share price decline of over 36% last year, FMG remains an attractive candidate for dividend hunters due to its high EBIT margin (46.76%) and solid balance sheet.

$PLSV (+1.88%) - Paratus Energy Services Ltd.

Paratus Energy Services is a specialist in offshore energy infrastructure, particularly in Mexico and Brazil. With a dividend yield of an impressive 21.05% and a forward P/E ratio of just 6.07, the share appears highly undervalued. The current share price is around NOK 44.66, while the fair value is estimated at around NOK 89.49 - an upside potential of over 50%. The high margins (EBIT margin: 46%) and stable cash flows make Paratus an exciting choice.

$KCC (+3.36%) - Klaveness Combination Carriers

KCC is a leading provider of combined cargo ships and offers an exceptional dividend yield of 18.4%. The share is currently trading at a P/E ratio of just 4.19 and is undervalued by around 35% compared to its fair value of around NOK 119. Despite a difficult year (-17.9%), the company impresses with strong net margins (33.29%) and a solid balance sheet.

$BCE (-1.35%) - BCE Inc.

BCE is one of Canada's largest telecommunications companies with a stable dividend yield of just under 12%. After a share price decline of about 14% last year, the stock is considered undervalued (fair value: ~$85). BCE benefits from its market-leading position and continued investment in fiber optic networks, which could support long-term growth.

$NPI (+1.55%) - Northland Power

Northland Power is a global renewable energy provider with a focus on offshore wind power. The share offers a dividend yield of 6.7% and is currently trading well below its fair value (fair value: ~$41). Analysts see upside potential of over 60%, supported by major projects such as Hai Long and Baltic Power.

$UKW (+0.38%) - Greencoat UK Wind

Greencoat UK Wind invests in UK wind farms and offers a stable dividend yield of around 10.5%. The current share price (~126p) is well below the average target price (190p), signaling upside potential of around 50%. Thanks to its inflation-linked dividend policy and solid cash flows, UKW remains an attractive option for long-term investors.

I look forward to your additions or opinions on these stocks!

Preface:

In the following, I would like to present how my portfolio has developed over the course of 2024.

This includes

1) my strategic orientation

2)Return on the portfolio.

The main topics are:

• Moving away from individual stocks
• Entry into gold and bitcoin
• Factor investing

Finally, I will give my own thoughts on how to proceed.

The main changes to my portfolio that have led

to my current strategy are presented below using a short timeline.

timeline:

My timeline

Beginning of 2024

At the beginning of the year, I pursued a 70/30 core satellite

strategy. The 70% ETF core again consisted of STOXX Europe.

MSCI World, Emerging Markets.

The 30% consisted of stocks such as: $CSIQ (+22.98%) , $O (-0.52%) ,$TSM (+0.97%)
$ADM (-0.82%)
$UMI (+0.18%)
$D05 (-0.09%)
$BMW (+1.77%)
$UKW (+0.38%)
$8031 (+0.23%)
$MUV2 (-0.54%)

February

Addition of gold to my portfolio. Target size 10%. Build-up in batches.

The remaining 70/30 strategy therefore only relates to the remaining

90%.

April-June:

Entry into Bitcoin via Trade Republic in several batches

at prices between 50k and 63k.

After exchange with @Epi to the fee schedule at Trade Republic

I sold them there in order to sell Bitcoin on a dedicated crypto exchange.

exchange.

June:

Thanks to @PowerWordChill I got to grips with factor investing. A Gerd Kommer book later, and after some internet research, I decided to

decided to transform my ETF strategy into a factor ETF strategy.

July-August 2024:

Sale of my shares. Concentration on the factor portfolio.

August - September 24:

Renewed build-up of Bitcoin with the aim of making Bitcoin a

a fixed component of the portfolio. Consideration is 5%-10%

of my portfolio.

The idea. Build up an initial position, then make regular

investments of €50 per week with the aim of growing to the target size

to grow to the target size. The rapid rise in October/November led me to

led me to leave it at €50 per week. And individual purchases in

larger tranches at an early stage with a portfolio size of 2.x%.

End of December 2024:

Position size of Bitcoin almost 5%.

I am not yet including Bitcoin in my gold/ETF quota. I'm still running it on the side.

I re-evaluated my factor weighting at the end of the year

and would like to fine-tune it a little. I will briefly present the result in the

following section.

In addition, I have decided to include a small

include a small proportion of real estate stocks. However, this will probably never

part of my strategy worth mentioning and contains - as of today - only

about 3% of my portfolio and only $O (-0.52%) ).

Overall breakdown of my portfolio:

As described above, I do not yet include Bitcoin in my overall strategy

part of my overall strategy so that rebalancing remains easier. This will

change when Bitcoin reaches its target size.

The rest is made up as follows:

ETFs:

$XDEM (+0.96%) 30.3% (MSCI World Momentum)

$XDEB (-0.43%) 10.1% (MSCI World Minimum Volatility)

$XDEV (+1.16%) 10.1% (MSCI World Value)

$ZPRV (-0.24%) 15% (MSCI USA Small Cap Value Weighted)

$ZPRX (+1.01%) 6.5% (MSCI Europe Small Cap Value Weighted)

$PEH (-0.2%) 4.5% (as a quality factor on emerging markets)

$5MVL (-0.19%) 4.5% (Edge MSCI EM Value)

$SPYX (-0.58%) 9% (MSCI EM Small Cap)

Gold

$EWG2 (-0.94%) 10% Gold ETC

Getquin Rewind and own data:

At the end of the post you will find my Getquin Rewind, as I was not able to embed the image in the text:

However, according to my own calculations, this cannot be correct.

My portfolio volume at the start of the year was around €103,500 with a return of €16,693. This would correspond to a total return of 19.2%. However, we are not yet talking about a time-weighted return, as my invested capital has roughly doubled over the course of the year. I therefore estimate my TTWROR to be higher.

My own thoughts and outlook:

I do not expect any major changes in strategy over the next few years. At some point, a strategy will have to be established. If necessary, I will make some adjustments to this strategy.

This includes the fact that I am dissatisfied with the costs of the emerging markets factor ETFs. So far, however, I intend to live with it. Should I

stumble across better products, I will consider switching. Especially as long as I stay within the tax allowance when switching.

I'll also have to decide how big my Bitcoin holding should ultimately be.

If you've been reading carefully, you'll notice that a lot of money has accumulated in the last year. Big profits, big investments. Due to personal circumstances, I will not maintain these rates in the same style, but will reduce them somewhat. I expect to be able to continue investing around 1.5-2k per month. This means that my financial goals are

with an expected return of 5% adjusted for inflation over many years.

I am half hoping for major setbacks in the near future and the associated favorable entries. However, in view of the impact that minor price jolts have had on society as a whole (thanks to populism), I don't really wish for them.

Do you have any suggestions, questions or comments? Is there anything that particularly interests you?

I am also happy to receive suggestions for improvement for future posts.

Best regards,

Your Smurf

PS: @DonkeyInvestor and me, that's love ❤. And now send me your coins! (So I can reward your next post appropriately).

PPS: I hope someone is interested.

The year 2024 is over in stock market terms and I would also like to review the year.

I started with a portfolio value of just over €53,000.

I knew that a reallocation of around €20,000 was still to come and had therefore set my sights on the target of €100,000.

This was very ambitious, as I naturally didn't know what the year would bring. After all, there were already enough economic and political uncertainties at the start of 2024.

As I only really started investing in 2021 and 2022 was therefore my first full year on the stock market, I made a lot of mistakes at the beginning, had fluctuations in my strategy (once one was in place) and of course also made a few losses.

That's why it was important for me to stay true to my strategy in 2024 and not throw everything overboard again. Because, as I always say, going back and forth empties your pockets.

Some of you may also remember my early days, when I had a lot of savings plans in place, but they weren't particularly high and were constantly being changed. At the beginning of 2024, my portfolio contained a total of 47 individual share positions and 3 ETFs.

My goals for 2024 were therefore

• Stay true to the strategy
• No new stocks in the portfolio, rather clear out
• 100,000€ portfolio value
• 2000€ net dividend
• Investment of €17,000 (without reallocation)

2024 went as follows for me:

January: +4.0%

February: +1.3%

March: +3.0%

April: -0.4%

May: +0.5%

June: +1.7%

July: +1.7%

August: +0.9%

September: +1.0%

October: -0.4%

November: +3.4%

December: -1.7%

TTWROR 2024: +15.8%

Dividend (already in the performance): € 1956.56

Invested: €24,900

Reallocation: €21,700

Thanks to a special payment from my old employer, to which I was still entitled, I was surprisingly able to invest around €5,000 more than I had originally thought.

Did I achieve my goals?

Not all of them.

With the dividends, I'm ~€43 below my target. That's a shame, but it motivates me to step on the gas even more and crack the €2400 net dividend in 2025. That would be €200 net per month, which corresponds to an increase of 22.66%. Again, very ambitious, but you should set yourself ambitious goals.

However, I was already able to break the €100,000 barrier in September. This was of course due to the strong market. I ended the year with just over €111,500. I have remained true to my strategy, but a few new stocks have slipped into the portfolio (and a few out).

The cheering contribution to the €100,000 was here:

https://app.getquin.com/de/activity/XGtdQzCdYF

New in the depot:

$NESN (-1.74%) Nestle

$CTAS (+0.18%) Cintas (savings plan)

$RACE (+1.1%) Ferrari

$D05 (-0.09%) DBS

$UNH (-1.3%) United Health

$V (-0.06%) visas

$CSNDX (+1.22%) Nasdaq 100 (savings plan)

$XEON (-0%) As an overnight money substitute for fixed planned money for loan repayment in 6 years or special repayment if the interest rate on the balance falls below the loan interest rate of 0.75%. Is topped up with special payments from the employer during this period.

Left my securities account:

$AAL (+0.12%) Anglo American PLC (+37%)

$IBM (+1.55%) (+26%)

$BAC (+0.34%) Bank of America (+45%)

$UKW (+0.38%) Greencoat UK Wind (0 to 0 due to dividends)

$SBUX (-0.25%) Starbucks (+10%)

$BIGG (-1.5%) Bigg Digital Group (-95%)

Unfortunately, I sold IBM and Bank of America too early, but I am still satisfied.

What else has happened?

• I bought Bitcoin from TR to estimate the costs. Conclusion: savings plan is always around 3-4% higher. Not worth it, if at all then individual purchases
• Weingut Dürnberg: First dividend received and prospects look reasonable. Depending on how the grape harvest turns out next year, a dividend will be paid again and investments can still be made.
• The conservatory and paving the courtyard are done. The house construction is more or less finished, everything else will take time and are small things, but now I have to start saving again as I only have a small nest egg and my deposit. All other funds have been used up as the costs were twice as high as originally planned.
• Podcast with @Koenigmidas is running rather slowly this year due to personal time constraints. You can find the latest episode here: Link zur Folge (also available on Amazon)

Outlook for 2025

So what are my plans for 2025 in terms of finances?

• Investment of €15,000
• Net dividend of €2,400
• One slightly greater focus on high dividend stocks (e.g. to increase $HTGC (+0.7%) to increase the cash flow a little faster)

What are your targets for 2025? Did you reach your 2024 targets and to what extent did you change your targets after reaching (or not reaching) your 2024 targets?

Feel free to let me know in the comments, as I always find it very exciting to see how ambitiously others set/change their goals.

I wish you a good start to 2025 and every success with all your plans and goals.

As with everything, of course, if you're not interested, feel free to keep scrolling and/or use the block function. 😊

A breath of fresh air in the depot

$UKW (+0.38%) Position finally filled. My portfolio now also has a green soul.

Goodbye.

It kind of hurts a little bit. But since I need money, I'm using it to at least tidy up the depot a bit.

Now that @Simpson is already gone, it's time for me to go too.

After all, it's almost zero to zero.

+++Breaking news: CEO @Simpson sold his entire position yesterday+++

The CEO no longer seems to be convinced of the company's success. We in the legal department have little insight into the operational business, so we are following the CEO on his new path.

New addition to the depot. I actually wanted to join this $UKW (+0.38%) club, but find the shovel builder more exciting than the prospectors ;)