May 5, 2023
We Believe After Adjusting for Accounting Changes Sunnova has Made, Their Recurring Adjusted EBITDA Looks Much Different. Anyone who knows Sunnova (NOVA; NC), knows they are the kings of newly introduced non-GAAP accounting metrics –…
May 2, 2023
Large Asset Manager Provides Insights into What One Should do If the Fed is Going to Hike 25bps and Signal No Pause Yet this Wednesday. In our discussion with one of the largest U.S. hedge…
April 25, 2023
Fireside Chat with Steel Industry Veteran Provides Insights into what to Expect Looking Forward. In light of the forward May U.S. spot HRC contracted price falling -6.4% over the past month (Ex. 1), Chinese spot…
April 14, 2023
Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 10-11), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China…
April 12, 2023
Is the Current Labor Market Tighter than Even the “Feel Good Times” Pre-Pandemic? The question on the minds of many is, given an (amazingly) still-tight labor market means consumers are still working/making money, incomes are…
April 4, 2023
The U.S. Treasury’s Cash on Hand is Running Very Low; Should This Scare Equity Bulls? As displayed in Ex. 1 below, following last week’s drain of $76.0bn, the federal government is running dangerously low on…
March 29, 2023
Should One be Buying Steel Stocks (i.e., US Steel and Cleveland Cliffs), or Selling them? In light of our recent double downgrades of both US Steel (X; SELL) and Cleveland Cliffs (CLF; SELL), we wanted…
March 28, 2023
Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 2-3), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend and PVInsights, respectively. This week, price changes in China for…
March 22, 2023
Graphite Electrode Prices “Quiet” this Week After Big Declines; US HRC Prices Appear to be Stabilizing. Below, in Ex. 1, we provide 2023 (i.e., WoW, MoM, YoY, and YTD) pricing gyrations for a number of different graphite…
March 22, 2023
Commentary from 3/22/23 – PVInsights. “Surging supply keep weakening polysilicon and solar modules. Polysilicon prices weakened this week as suppliers worried about a potential escalation of inventories amid rising supply, and Chinese buyers stayed their expectation…
March 20, 2023
We Have Updated our 35-Page Solar Deck. In short, the core themes detailed in our updated solar pitch book include: (1) our view that pol-Si will return to oversupply this year, crashing prices back down…
March 19, 2023
Skimming Sunnova’s 8-K Filings this Morning, we Made a Significant Discovery. Skimming NOVA’s website today, we found a groundbreaking 8-K filing that seems to be flying under the radar. That is, we found that: (a)…
March 15, 2023
Graphite Electrode Prices “Quiet” this Week After Big Declines; US HRC Prices Appear to be Stabilizing. Below, in Ex. 1, we provide 2023 (i.e., WoW, MoM, YoY, and YTD) pricing gyrations for a number of different graphite…
March 15, 2023
Commentary from 3/15/23 – PVInsights. “Polysilicon struggles between sales and pricing amid rising inventories and surge downside risks. Polysilicon prices tumbled on Wednesday as the disappointing stockpile drawdown raised fears of the glut and weighed on…
March 10, 2023
Should Investors Worry that US M2 is Officially Falling as the Velocity of M2 Stages a Violent Resurgence? As we’re seeing with Silicon Valley Bank (SIVB; NC), free money, while attractive when it’s flowing, can…