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Sunrun Inc RUN

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Cutting Our FVEs for Residential Solar Companies Following California Regulatory Proposal

Brett Castelli Equity Analyst

Analyst Note

| Brett Castelli |

We are lowering our fair value estimates for residential solar companies after incorporating a proposed regulatory ruling in California that could slow rooftop solar growth. We cut our fair value estimates for Sunrun and SunPower by approximately 15% given their relatively large exposure to California. We cut Enphase’s fair value by 5% given its relative concentration within the U.S. residential market. We are reaffirming our fair value estimates for other solar component suppliers such as SolarEdge and Generac given lower revenue exposure.

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Company Profile

Business Description

Sunrun is engaged in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. The company acquires customers directly and through relationships with various solar and strategic partners. The solar systems are constructed either by Sunrun or by Sunrun’s partners and are owned by the company. Sunrun’s customers typically enter into 20- to 25-year agreements to utilize its solar energy system. The company also sells solar energy systems and products, such as panels and racking, and solar leads generated to customers.

225 Bush Street, Suite 1400
San Francisco, CA, 94104
T +1 415 580-6900
Sector Technology
Industry Solar
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 8,500