Hardman & Co Research
Hardman & Co Research on Duke Capital (DUKE): Taking Duke Capital to the next level
In our April 2024 initiation, we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference shares, which support DUKE's high, covered and growing dividend yield (2025E 10.0%, 2026E 10.7%, 2027E 11.4%); iii) early exit fees; and iv) equity stakes. Here, we update investors on how management will take DUKE to the next level, noting i) a £20.2m+ equity issue to fund short-term growth, and ii) the progress made towards a third-party capital model, negating the need for further raises. Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/taking-duke-capital-to-the-next-level/ If you are interested in meeting the company, you can register your interest by clicking on the above link.
Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement. About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. |
2032387 18-Nov-2024
