March 7, 2024
So… is Jinko Solar Still a Good Short, or Has that Train Left the Station? In the analysis that follows, we update our views on global solar wafer/cell/module bellwether Jinko Solar, to include: (a) our…
February 29, 2024
The Cost of Sunrun’s Recent $475mn Convertible Bond Issue May Surprise You (link). As a reminder to those who don’t have a doctorate in “bond math”, when an investor buys a convertible bond they are…
February 7, 2024
Solar Stocks are Roaring Higher Today, Despite Enphase’s 4Q24 Revs. Missing a Q4 Street Est. that Had Been Cut -51.9% Over the Past 6 Months (yes, you heard that right); Does this Make (Any) Sense?…
February 6, 2024
Looking Past Last Year’s Delayed Recession, the Real Thing Appears Set to Take Hold in 2024. While steel industry CEO’s have maintained a positive bias thru 4Q23 earnings reporting season, contrary to the belief of…
February 1, 2024
We Have Constructed a Model Based on a 7.5kW and 3.5kW Residential Rooftop Solar Home System Financed via a Loan in Greenwich, CT, Using NREL’s PVWatts Calculator; Our Findings were Rather Surprising Given the US…
January 25, 2024
So What Happened, and Why are we Calling the World’s Richest Man a “Sleazy” Used Car Salesman? In this note, we provide what we see as the eight key takeaways from TSLA’s just-reported 4Q23 results,…
January 23, 2024
So, What’s Up Next for Tesla and Electric Vehicle “Jesus” Elon Musk? With a cult-like following among retail investors (see here), exacerbated by the fact that the arguably most-followed sell-side analyst on TSLA came out…
January 17, 2024
So… are Last Night’s Tesla Car Price Cuts a Big Deal? In this note, ahead of a full update to our bottom-up TSLA earnings driver model due out later this week, we use a back-of-the-envelope…
January 16, 2024
In this Note, in Addition to Updating our Extensive Bottom-Up SunPower Earnings Driver Model, We Update our Outlook on the Company. In the analysis that follows, following: (1) the Dec. 22nd, 2023 decision by Atlas…
January 12, 2024
Did Tesla, with its Recent Model 3 “Highland” Refresh, which Pundits Predicted Would Reinvigorate Demand in China (link), Just Slash its China Car Prices Just 12 Days into 1Q24? In short, the answer, resoundingly, is…
January 3, 2024
So… Tesla’s Q4 Delivery Number Came in a Bit Ahead of our Est. (and mostly in line with Consensus); what’s our Quick Take? Yesterday, ahead of the market open, TSLA reported 4Q23 deliveries of 484.507K…
December 19, 2023
Is the Sell-Side Right in Their Recent Claims that the Cost-of-Capital for the Solar Residential Rooftop “Mortgage Companies” (i.e., RUN/NOVA/SPWR/etc.) Has Dropped Given US Treasury Yields are Down, or Does Their Analysis Ignore the Recent…
December 8, 2023
How’d Jinko Solar Fare in 3Q23? In 3Q23, JKS reported rev/GM%/non-GAAP EPS of $4.4bn/19.3%/$2.55 (Street $4.2bn/14.95%/$1.18). And, on those results 10/30/23, we’ll remind our readers that JKS’ share price surged +10.3% (while the lion’s share…
December 5, 2023
The Spread Between US HRC Spot Prices and Foreign HRC Spot Prices Has Exploded Higher Recently; is it Justified? As detailed below (Ex. 1), since 10/13/23, US HRC spot prices have surged +$335/s. ton, vs….
December 1, 2023
Houston, We Have a Problem. As a reminder, when SEDG reported 3Q23 results a few weeks back, despite negatively preannouncing days prior (due to order delays/cancellations as customers double/triple ordered in 2022, primarily in Europe),…