While Greencoat’s (GRP) results were already understood at a headline level, H1 cash generation/dividend cover is modestly better than its Q2 NAV update suggested. The company appears to be finding its ‘operational stride’, to the benefit of shareholders. The stock price has increased by 18c since IPO, while the total dividends paid of 11.6c/share has resulted in total shareholder return of c.30%. Further, its continued progress in Ireland (a further bolt-on deal announced; pipeline described as “strong”) and the potential to add assets in Europe suggest that there is more to come. We reiterate our ‘Outperform’ recommendation.