◆ Contrarian Corpus
Campaigns / Spruce Point Capital → Sunnova Energy International Inc.
Spruce Point Capital vs. Sunnova Energy International Inc.

Sunnova Energy International Inc. · NOVA

1 deck published between 2020-09-29 and 2020-09-29 — 91 pages, 91 analysed slides total.

initial thesis

Timeline

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

  1. 2020-09-29 initial thesis

    2020 09 64e7a0a2ce464f906155cf8b_nova_research_thesis_9 29 2020

    91pp · full_deck

    Sunnova is a misbranded 'solar' company that is actually an unprofitable specialty finance business with Enron-alum management and aggressive non-GAAP metrics — fair value $5-$8 vs. $27 today (70-80% downside).