sunrun
Key PointsSolar companies like Sunrun are getting attention from analysts that see a double-digit upside.Rule changes in California may affect near-term demand but long-term fundamentals are sound.The stock shows clear support at critical levels and may rebound when earnings are released.5 stocks we like better than SunrunProposed changes to California’s net-metering rules have cut the share prices for companies like Sunrun (NASDAQ:SUN) and Enphase (NASDAQ:ENPH), but analysts still see a bright future. Net-metering, the ability to sell unused power back to the grid, is critical in selling sola...
ValueWalk
Sunrun Inc (NASDAQ:RUN) continues the grand tradition of consultant-advised responses that largely avoid substance, yet span several pages. We herein focus the discussion on what was unsaid, and the little that was said. Earning AssetsPerhaps Sunrun started this explanation on page 5 because it hoped to lose readers with technicalities about the tax code. In any event, RUN fails to convince us that there is anything remotely conservative – let alone realistic – about assuming that 90% of customers renew at the end of their PPA terms their leases on 20-year old technology that RUN itself admits...
ValueWalk
Muddy Waters is short Sunrun Inc (NASDAQ:RUN) because we see it as an uneconomic business built on three shaky pillars: The equity story of exaggerated “Subscriber Values” and “Gross / Net Earning Assets”, funding growth through abusing tax incentives, and issuing ABS that could be exposed to a RUN bankruptcy. These pillars, in turn, are built on a foundation of dubious financial models. If one of these three pillars wobbles, RUN would likely face a funding gap and would require equity issuances to continue growing. Insiders have already become ultra-wealthy, having net sold shares since July ...
ValueWalk
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