Stifel upgrades 'M&A target' Gresham House Energy Storage to 'Positive'

Harmony Energy could also attract a bid

Valeria Martinez
clock • 2 min read

The prospect of a bid for the battered shares of the Gresham House Energy Storage (GRID) trust have compelled London-based broker Stifel to upgrade its rating to ‘Positive’ from ‘Neutral’.

In a research note today (23 April), the broker said the trust's shares are "comfortably" trading below replacement cost, which could make it a corporate "M&A target", as would be the case for fellow battery storage trust Harmony Energy Income. The trust's shares sold off last week, after confirming it would be suspending dividends for the remainder of 2024 to focus on repaying debt. The trust is currently trading at a 67.8% discount to net asset value, according to the Association of Investment Companies. Gresham House Energy Storage suspends dividends and further buybacks for 2024 ...

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