Investment Research report

Sunnova Energy International Inc.

Previous Item
All Reports
Sunnova Energy International Inc.
Is There Really Something New Under The Sun?
Download Report
Sunnova Energy International Inc.
Download Report 2
Sunnova Energy International Inc.
Download Report 3
Sunnova Energy International Inc.
Download Report 4
Sunnova Energy International Inc.
Download Report 5
Sunnova Energy International Inc.
Download Report 6
Sunnova Energy International Inc.
Download Report 7

Research Overview

INDEX:
S&P 500
Sector:
Energy
Position:
Short
Date:
Sep 29, 2020

After conducting a forensic financial and accounting review, Spruce Point believes Sunnova Energy International Inc. (NYSE: NOVA), a residential solar financing business, masks its poor and unsustainable economics with potentially misleading and assumption-based non-GAAP metrics and aggressive accounting. Based on our investigation, we estimate an 80% downside risk, or $5 - $8 per share.

The report highlights several key concerns with the company, including:

  • We find that the CEO and CFO’s biographies omit ties to failed businesses 
  • We view Sunnova as a highly over-valued specialty finance business that lacks differentiated offerings and operates in a very competitive industry facing significant secular headwinds.
  • Financial performance shows a continued decline as growth slows and margins erode
Downloads & More

Research Assets & Releases

Join The Mailing List

Spruce Point Alerts & Updates

See the other side of the Wall Street hype machine.