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Prices & Quotes - UK Markets - Contour Global (GLO)

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Share Price:
Up 195.60p
Change Today:
2.60p
Market Cap:
1,282.69m
Sector:
Electricity

ContourGlobal chairman says shares undervalued

By Sean Farrell

Date: Thursday 28 May 2020

LONDON (ShareCast) - (Sharecast News) - ContourGlobal's chairman said the company's shares were undervalued as he stuck to the company's target of a 10% increase in the annual dividend.
In a statement presented at the company's annual general meeting Craig Huff said the performance of ContourGlobal's shares was disappointing and did not capture the company's true value.

Huff said the company was returning capital to shareholders through share buybacks and selling minority stakes in its assets to reflect the gap between the value of those assets and ContourGlobal's share price. The company plans to pay out $108m (88m) in dividends this year, a 10% increase, he added.

"As set out in my letter in the annual report, the performance of the company's share price has been disappointing and is not reflective of the performance of the business, or of the company's intrinsic value," Huff said. "Since listing, we have returned over $227m to shareholders. We maintain our target of a 10% increase in annual dividends."

Huff said the company had only suffered minimal disruption because of Covid-19. He said ContourGlobal's strength was reflected in Standard & Poor's upgrade on its debt issuer rating to BB from BB-.

ContourGlobal buys up and develops wholesale power generation across fuels and geographies. It owns 107 power plants in more than 20 countries.

Huff said the company had received force majeure notices from some suppliers and commercial customers but that these were not material and were not expected to affect future operations. The company is unlikely to go ahead with the proposed sale of its Brazilian assets because of the weak real, he said.

ContourGlobal has bought back 5.5m of shares as part of a 30m buyback plan announced in April. The company's AGM took place on Wednesday and the company issued the statement on Thursday.







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Contour Global Market Data

Currency UK Pounds
Price 195.60p
Change Today 2.60p
52 Week High 219.00p
52 Week Low 154.20p
Volume 600,571
Shares Issued 655.77m
Market Cap 1,282.69m
Beta 0.02

Performance Indicators

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Dividend Yield
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Operating Margin
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What The Brokers Say

Strong Buy 2
Buy 0
Neutral 3
Sell 0
Strong Sell 0
Total 5
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Contour Global Dividends

  Latest Previous
  Q1 Q4
Ex-Div 20-May-21 01-Apr-21
Paid 11-Jun-21 19-Apr-21
Amount 4.46¢ 4.06¢

Trades for 13-May-2021

Time Volume / Share Price
16:41 6,000 @ 195.60p
16:36 334 @ 195.60p
16:36 25,620 @ 195.60p
16:35 139,639 @ 195.60p
16:32 838 @ 194.00p

Contour Global Key Personnel

Chair Craig Huff
CFO Stefan Schellinger