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Foresight Environmental Infra Ord

FGEN.L
45
Asset Management · Financial Services
Price
90.60 GBp
+0.40 (+0.44%)
Market Cap
£564.7M
Exchange
London Stock Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Strong
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Mixed
Dividends
Good

Share count rising — dilution

+3.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 604.2M (2022) → 626.6M (2026)

Winston Score History

The full picture

Foresight Environmental Infrastructure is a UK-listed investment trust that owns a portfolio of clean energy and environmental infrastructure assets. Its holdings include solar farms, onshore wind projects, anaerobic digestion plants, and battery storage facilities, mostly located across the United Kingdom and parts of Europe. The fund targets assets that help countries reduce carbon emissions and manage waste, making governments and energy regulators its key indirect stakeholders.

The company makes money by collecting income from its underlying assets — mainly long-term energy contracts and government-backed subsidies — and passing most of that income to shareholders as dividends. With a market cap of around £0.5 billion, it is a mid-sized player in the UK renewable infrastructure investment trust space, competing with larger peers like Greencoat UK Wind and JLEN Environmental Assets. The main risk is that falling energy prices or changes to government subsidy schemes could reduce the income generated by its portfolio, putting pressure on dividend payments to investors.

Score breakdown

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Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
109.0%
Excellent — 109.0% operating margin
Return on the money invested
ROCE
5.7%
Weak — 5.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
-21%
Weak — only -21% of profit becomes cash
Spare cash per sale
FCF Margin
-20.2%
Burning cash (-20.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.4x
Fair value — P/E 15.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-3.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
8.90%
Healthy income — 8.90% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+1.8%
Dividend flat

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