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Campaigns / Muddy Waters → Hannon Armstrong Sustainable Infrastructure Capital
Muddy Waters vs. Hannon Armstrong Sustainable Infrastructure Capital

Hannon Armstrong Sustainable Infrastructure Capital · HASI

2 decks published between 2022-07-12 and 2022-08-25 — 39 pages, 39 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2022-07-12 initial thesis

    2022 07 MW_HASI_07122022

    27pp · research_note

    HASI is a short: its GAAP and non-GAAP 'Distributable Earnings' are inflated by three non-cash accounting tricks and roundtripped SunStrong loans, masking a cash-losing, capital-raise-dependent business.

    N 4 V 2 C 1
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  2. 2022-08-25 follow up

    2022 08 MW_HASI_08252022

    12pp · research_note

    HASI is 'dumb money' in renewables JVs — sponsors cash out while HASI books non-cash HLBV income on investments unlikely to ever pay out, inflating reported earnings over real economics.