NextEnergy Solar Fund Limited (GB:NESF)
LSE:NESF
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NextEnergy Solar Fund Limited
(LSE:NESF)
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Rating:48Neutral
Price Target:
54.00 p
▲(2.86% Upside)
Action:N/ADate:01/19/26
The score is primarily held back by sharply deteriorating operating results (collapsing revenue and two years of net losses) and weak technical momentum (below key moving averages with negative MACD). These negatives are partly offset by strong, improving operating cash flow, a debt-free balance sheet in 2025, and a very high dividend yield, but not enough to outweigh the earnings and trend weakness.
Positive Factors
Debt eliminated (2025)
Elimination of total debt materially lowers refinancing and interest-rate risk, increasing balance sheet flexibility. Over the next 2–6 months this reduces default and covenant pressure, improves capacity to fund operations or dividends from internal cash, and supports resilience.
Negative Factors
Severe revenue collapse
A multi-year, dramatic drop in revenue signals structural scaling back, asset disposals, contract expiries or market disconnects. Loss of scale reduces operating leverage, jeopardizes fixed cost coverage, and materially weakens the company’s long-term earnings base and strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt eliminated (2025)
Elimination of total debt materially lowers refinancing and interest-rate risk, increasing balance sheet flexibility. Over the next 2–6 months this reduces default and covenant pressure, improves capacity to fund operations or dividends from internal cash, and supports resilience.
Read all positive factors
NextEnergy Solar Fund Limited (NESF) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
N/A
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)0.43
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
EmployeesN/A
SectorEnergy
Sector Strength52
IndustryAsset Management
Share Statistics
EPS (TTM)-0.02
Shares Outstanding575,200,100
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio-1.18
Price to Book (P/B)0.72
Price to Sales (P/S)373.30
P/FCF Ratio6.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£65.00Price Target Upside23.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.06
Revenue Forecast (FY)£130.00M
NextEnergy Solar Fund Limited Business Overview & Revenue Model
Company Description
NextEnergy Solar Fund Limited specializes in investments in operational solar photovoltaic (PV) assets. The fund intends primarily to acquire operating assets, but may invest in assets that are under development, that is, at the stage of originati...
How the Company Makes Money
NESF makes money primarily from the electricity and contracted revenues generated by the solar PV assets it owns (directly or through project companies). Key revenue streams include: (1) Sale of electricity: NESF earns revenue by generating electr...
NextEnergy Solar Fund Limited Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2025 | Mar 2023 | Mar 2022 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.54M | 1.06M | 3.58M | 60.20M | 138.68M | 51.42M |
| Gross Profit | 26.55M | 1.06M | 3.58M | 54.37M | 133.63M | 46.26M |
| EBITDA | -7.11M | -10.72M | 0.00 | 57.95M | 137.14M | 49.89M |
| Net Income | -5.60M | -10.86M | -8.36M | 48.32M | 127.55M | 40.22M |
Balance Sheet | ||||||
| Total Assets | 712.40M | 748.62M | 819.61M | 875.23M | 878.34M | 802.66M |
| Cash, Cash Equivalents and Short-Term Investments | 7.77M | 3.22M | 8.86M | 14.35M | 19.61M | 10.81M |
| Total Debt | 198.54M | 0.00 | 198.34M | 198.20M | 198.06M | 197.92M |
| Total Liabilities | 201.45M | 201.25M | 200.99M | 2.34M | 209.84M | 23.95M |
| Stockholders Equity | 510.95M | 547.37M | 618.62M | 674.42M | 668.50M | 580.79M |
Cash Flow | ||||||
| Free Cash Flow | 60.67M | 64.24M | 51.46M | 46.44M | 58.14M | 33.24M |
| Operating Cash Flow | 60.67M | 64.24M | 51.46M | 46.44M | 58.14M | 33.24M |
| Investing Cash Flow | 9.35M | 0.00 | 0.00 | -26.10M | 6.86M | -19.50M |
| Financing Cash Flow | -62.90M | -69.89M | -56.94M | -51.90M | -49.34M | -47.56M |
NextEnergy Solar Fund Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
Performance Comparison
NextEnergy Solar Fund Limited Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
NextEnergy Solar Fund completes £119m capital recycling drive with UK solar sale
Positive
Mar 10, 2026
NextEnergy Solar Fund has completed its Capital Recycling Programme with the £46.2m sale of a 100MW operational UK solar portfolio, comprising the Grange and South Lowfield subsidy-free assets, to Atrato Onsite Energy. This final phase delive...
Business Operations and StrategyDividendsFinancial Disclosures
NextEnergy Solar Fund Holds Dividend Line as Power Prices Dent NAV
Negative
Feb 18, 2026
NextEnergy Solar Fund reported a decline in unaudited Q3 net asset value, with NAV per ordinary share falling to 84.9p, largely due to lower third‑party power price forecasts and weaker winter irradiation that pushed UK generation 12.9% belo...
Business Operations and StrategyDividendsFinancial Disclosures
NextEnergy Solar Fund Maintains Dividend Trajectory With Third Interim Payout
Positive
Feb 5, 2026
NextEnergy Solar Fund has declared a third interim dividend of 2.11p per ordinary share for the quarter ended 31 December 2025, maintaining its trajectory toward a full-year dividend target of 8.43p for the financial year ending 31 March 2026. The...
Business Operations and StrategyFinancial Disclosures
NextEnergy Solar Fund Warns of NAV Hit from UK Shift to CPI Indexation
Negative
Jan 28, 2026
NextEnergy Solar Fund has flagged a modest negative impact from the UK government’s decision to switch indexation of Renewable Obligation Certificates and Feed‑in Tariffs from RPI to CPI from April 2026, estimating a reduction of aroun...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.