Company Notes

January 6, 2023

Tesla’s ~10.5% “Across the Board” Chinese Price Cuts Last Night Are Much Worse Than You Think

By Gordon L. Johnson II

Are Tesla’s “Midnight Massacre” Chinese (and Japanese) Price Cuts Last Night Much Worse Than Feared? In short, yes. Why? Well, last night’s TSLA China price cuts (Ex. 1) come after: (a) factory production was cut…

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January 5, 2023

It Appears Sunrun Lost its Largest Banker (Credit Suisse) & is Replacing Funding at a ~3% Cost w/ Funding at a ~7% Cost; This is Nothing Short of a Disaster

By Gordon L. Johnson II

Based on Details from Sunrun’s $835M Funding Announced Today, we Believe the Residential Solar Space is Looking at “Big Problems” in 2023E. Today, we learned that RUN closed a $835M funding round, consisting of a…

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January 4, 2023

Did Sunrun Receive an Adverse Outcome Notification Regarding its Ongoing IRS Audit, Implying Material Going Concern Risk?

By Gordon L. Johnson II

Sunrun has Been Under IRS Audit Since 2018, Which is Still Ongoing. By way of background, as per page 32 of RUN’s 3Q22 10-Q filing (Ex. 1), we remind our readers that as of 11/2/22…

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December 6, 2022

As Fundamentals Disappoint the Mkt’s ’23 Goldilocks Scenario we Expect Fireworks; Downgrade to SELL

By Gordon L. Johnson II

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November 30, 2022

The Coming Tsunami of Poly-Si Supply is Not Priced into Consensus Ests.; ’23 EPS Revision Risk High

By Gordon L. Johnson II

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October 14, 2022

GrafTech Fails to Deliver; After Completely Revamping our Model we Maintain SELL Rating & Cut Our PT

By Gordon L. Johnson II

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September 14, 2022

Best House on Bad Block, but Very Rich Valuation; Maintain BUY, But Cautiously Given Solar Euphoria

By Gordon L. Johnson II

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August 31, 2022

SPWR is Hemorrhaging Cash w- Single Family Home Sales Slowing & a Large 2023 Debt Obligation; SELL

By Gordon L. Johnson II

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August 24, 2022

Q2 Earnings Preview: Full Model Revamp Suggest Top–Bottom-Line Miss on Deck This Week; SELL

By Gordon L. Johnson II

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August 17, 2022

Is Cameco the Next Tesla Momo Play & is the Uranium Sector Today Analogous to The EV Sector in ’20?

By Gordon L. Johnson II

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August 15, 2022

Documents from FOIA Request Show Gross Negligence & Incompetence at NHTSA; This Isn’t Sustainable

By Gordon L. Johnson II

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August 3, 2022

Are Iron Ore Bears in the Driver’s Seat & is “Mr. Market” Ignoring Signaling from China’s July Data?

By Gordon L. Johnson II

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July 27, 2022

Overly Bullish Consensus Ests. + an Implied EV-EBITDA Multiple >2x US Steel’s = Downgrade to SELL

By Gordon L. Johnson II

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July 18, 2022

Q2 Preview – We See Positives (Better Margins) & Negatives (Rev & EPS Miss); Q3 Guide Will Be Key

By Gordon L. Johnson II

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July 14, 2022

Daqo Better Enjoy this Poly-Si Price Rally While It Lasts, as We Model a 67% Drop in EBITDA by 2024

By Gordon L. Johnson II

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