London-listed renewables investor Foresight Solar Fund Ltd's (LSE:FSFL) strong cash position was highlighted in a Wednesday broker note from RBC Capital Markets.
"The balance sheet remains the key positive,” said RBC. “Record cash generation in 2023 and progress on (revolving credit facility) repayment leaves the balance sheet well-placed in a £6.2 million current group net cash position at year-end."
RBC did note that construction delays and a likely reduction in power price assumptions are impacting Foresight’s Australian net asset values.
But broadly speaking, a large buyback initiative and progress in the disposal program of 200MW assets justify a 'sector perform' rating.
“The strategy is similar to peers, and nil current net debt is a strong positive in the current environment,” said analysts, giving the stock a 110p price target against an 88p price at publication.