Directors recommended share price

The Directors’ recommended share price is currently £2.28 per share.

It is calculated by taking the discounted cash flows of all operating projects and projects under construction for 20 years from first operation. No value is attributed to projects under exclusivity or pipeline of potential projects. In simple terms, discounted cash flow is a method of working out the value of a company today, based on projections of how much money it’s going to make in the future. It is described as “discounted” cash flow because cash in the future is worth less than cash today. 
The equity calculation is based on a detailed discounted cash flow valuation which is considered appropriate for infrastructure assets such as wind farms which have largely predictable long term cash flows. The Directors rigorously ensure that the method of share price calculation and discount factor used (which reflects the restricted liquidity in the shares) is consistent from one share issue to the next.

The Board is committed to reviewing the valuation of Thrive Renewables plc following material events. Material events include changes in the portfolio (new project acquisitions for instance) and significant market developments.

We're here to answer your questions, so get in touch with the Thrive Renewables team on 0117 428 1850 and


Independent assessment of share valuation

In 2014 Thrive Renewables commissioned Edison to conduct an independent valuation and benchmarking of the Company's share price to substantiate the Directors' recommendation. This will give buyers and sellers additional information on which to base their pricing decision. The summary of their report can be downloaded here. If you’d like to see the full version of Edison’s report please contact us on 0117 428 1850 or

For our latest performance and impact results visit useful documents for annual and half year reports. Full details of our latest performance are also available at Ethex

Historic share prices and dividends paid

Please note that past performance is not an indicator of future performance.

Year  Share price (pence)  Dividend paid per share (pence) *
 2005  140  2.2
 2006  140  1.0
 2007  150  4.0
 2008  165  2.0
 2009  175  2.0
 2010  175  3.0
 2011  180  -
 2012  190  4.0
 2013  200  2.0
 2014  215 (until October 2014);  228 (from October 2014)  4.0
 2015  234 (until July 2015);  218 (from July 2015)  4.0
 2016  227 (until October 2016);  235 (from October 2016)  4.0
 2017  235  4.0
2018  260  7.0
2019 265 (until March 2019); 228 (from March 2019) 40.0p (interim)

Dividends are recommended by the Board of Directors and approved by shareholders at the Company’s Annual General Meeting (AGM). The dividend paid in a given year relates to the performance of the Company in the prior financial year and is payable to the registered holder of a share at the close of business on the day before the AGM.

The 2018 dividend payment of 7 pence per share was approved by shareholders at the AGM on 15 June 2019. This dividend was paid in July 2018 to all shareholders owning shares on the record date of 23 May 2019.

Thrive is making a difference! Visit our Impact section to see how much carbon emissions our investors are saving.