Taking Duke Capital to the next level

Hardman & Co Research on Duke Capital (DUKE): Taking Duke Capital to the next level In our April 2024 initiation , we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference shares, which support DUKE’s high, covered and growing dividend yield (2025E 10.0%, 2026E 10.7%, 2027E 11.4%); iii) early exit fees; and iv) equity stakes. Here, we update investors on how management will take DUKE to the next level, noting i) a £20.2m+ equity issue to fund short-term growth, and ii) the progress made towards a third-party capital model, negating the need for further raises. Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/taking-duke-capital-to-the-next-level/ If you are interested in meeting the company, you can register your interest by clicking on the above link. To contact us: Hardman & Co 9 Bonhill Street London EC2D 4DJ www.hardmanandco.com Follow us on X @HardmanandCo Contact: Mark Thomas mt@hardmanandco.com Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement. About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.