Our Research


September 24, 2024

We See Tesla’s Q3 Deliveries Coming in Below Consensus’ 461.5K Est. & the Buyside’s >470K “Whispher”; Our Work Points to 456.6K in Q3, Up +2.9% QoQ

By Gordon L. Johnson II

Things Would Be Even Worse Without TSLA’s 1.99% 6yr APR Financing Offer in U.S./Canada. Based on the latest China data from early this morning (discussed below), updates from the 6 countries that report daily sales…

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September 24, 2024

We See Tesla’s Q3 Deliveries Coming in Below Consensus’ 461.5K Est. & the Buyside’s >470K “Whispher”; Our Work Points to 456.6K in Q3, Up +2.9% QoQ

By Gordon L. Johnson II

Things Would Be Even Worse Without TSLA’s 1.99% 6yr APR Financing Offer in U.S./Canada. Based on the latest China data from early this morning (discussed below), updates from the 6 countries that report daily sales…

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September 20, 2024

Iron Ore Price Downside Risk + Pending CAPEX Step-Up = Keep us Cautious on N-Term Outlook/Fundamentals; SELL

By Gordon L. Johnson II

So, Where Do We Stand on Fortescue and How Did its FY24 Results Impact our Outlook? Our SELL rating on FMG has been predicated on our negative 2024E-25E outlook for iron ore prices, as well…

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September 18, 2024

GLJ Solar Weekly – California Solar Initiative “Data Dump” for 2Q24 & Jul. ’24 + U.S. Energy Information Administration (“EIA”) YTD Installs/Prices + Is Lower-Margin Battery Demand Displacing Demand for Inverters Due to NEM 3.0?

By Gordon L. Johnson II

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate, segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. Last week, price changes in China for mono-grade…

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September 12, 2024

Are Attendees at the RE+ Renewable Energy Conference in Anaheim, CA Correct to Say the European Solar Market is a “Mess” – Fireside Chat w/ Head of European Sales for Huawei

By Gordon L. Johnson II

What Are Our European “On-the-Ground” Contacts Saying About the State of Solar Demand in Europe? Following comments from our meetings at RE+ in Anaheim, CA this week (link), we had the opportunity to catch up…

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September 10, 2024

While We Acknowledge Enphase Has Entered the Recovery Phase, at its Current 26.9x NTM P/E Multiple, is it All More Than “Priced in”, Suggesting the Valuation Remains Far Too Rich?

By Gordon L. Johnson II

We Acknowledge Enphase has Entered its Recovery Phase… But Does that Make it a BUY? Enphase reported 2Q24 sales of $303.5mn, missing Consensus’ est. of $309.9mn, but guided 3Q24E to $390mn (at the mid-point), suggesting…

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September 9, 2024

Applying a Sum-of-the-Parts Valuation Approach (Which Values the Company With or Without Nippon M&A) We See Sig. N-Term Upside; Upgrade to BUY w/ $38.57/shr PT

By Gordon L. Johnson II

U.S. Steel’s Stock Price has Come Down a Lot, but Does that Create a Buying Opportunity? Since peaking at $49.59/shr 12/18/23, U.S. Steel’s (X; BUY) shares have fell -36.9% vs. the S&P 500 being up…

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September 6, 2024

Is The State of California “Brewing” Up a Threat that Could Prove Existential for the Residential Rooftop Solar Industry… Unbeknownst to Solar Stock/ABS Investors?

By Gordon L. Johnson II

California is Considering Retroactively Cutting NEM 1.0 and 2.0 Benefits… But Why? As seen here, California is currently considering shifting NEM 1.0 and 2.0 customers, who pay ~2c/kWh for power, to the less advantageous NEM…

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August 29, 2024

GLJ Solar Weekly – May ’24 California Solar Initiative “Data Dump” + Takeaways from “Fireside Chat” w/ Large US Solar Parts Distributor, & Is California About to Hit NEM 1.0 & 2.0 Customers w/ Retroactive Net Metering Cuts?

By Gordon L. Johnson II

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 14-15), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China…

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August 14, 2024

Is Another “Uranium Bull Run” Fated… Sooner, Even, Than Many Realize?

By Gordon L. Johnson II

Is it Time to “Re-Up” the Nuclear Bull Thesis? In this note, we analyze the seasonality associated with the monthly purchase of U3O8 (in both volume and number of transactions, in our attempt to address…

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August 8, 2024

The “Unveiling” of the Sunrun & Sunnova O&M Fraud & Why Sunpower’s Bankruptcy (Potentially) Poses an Existential Threat the Resi Solar Space

By Gordon L. Johnson II

Does the Recent Sale of Resi Solar Loans Suggest NOVA is “Hiding” an Imminent ~$1.6bn Impairment Charge, Does SPWR’s Bankruptcy Pose an Existential Threat to RUN/NOVA, & Why Have 3 U.S. Gov’t Agencies Opened an…

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August 1, 2024

2Q24 Review: Sunnova’s Very Existence Appears to be a Byproduct of its Willingness to (More) Aggressively Inflate the Value of Its Systems in Order to Collect U.S. Tax Credits (This is Not a Real/Sustainable Biz Model)

By Gordon L. Johnson II

Sunnova is in Big Trouble, No Matter What its “Fictional” Non-GAAP Adj.-EBITDA Says (a number so devoid of actual expenses, it more closely resembles revenue – i.e., in 2Q24, Sunnova’s non-GAAP adj.-EBITDA came in at…

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July 30, 2024

GLJ Macro Weekly: J. Yellen Surprises the Market with Yesterday’s 3:00pm EST “Relatively” Hawkish Borrowing Estimates Publication; the Real Fireworks, However, Start at 8:30am EST Tomorrow w/ the Official QRA Details

By Gordon L. Johnson II

Janet Yellen is Always Good For the U.S. Stock Market… Right… Right? In the analysis the follows, we provide our take on Janet Yellen’s announcement around the U.S. Treasury’s estimates for privately-held net marketable borrowing for…

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July 30, 2024

After Recalibrating Our Bottom-Up CSIQ Revenue-Driver Model, Our 2024E Yr-End Price Target Adjusts Higher to $12.28/shr From $9.10/shr Prior; Are Consensus’ 2024E CSIQ Estimates “Stale”? Maintain SELL

By Gordon L. Johnson II

Our Checks Suggests Investors Remain Excited About Canadian Solar’s Ability to Sell its Utility-Scale Solar Pipeline. In recent discussions with solar investors, we’ve learned that many feel CSIQ’s 5.0GW of Recurrent Energy solar project development…

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July 23, 2024

Tesla 2Q24E Earnings Preview – Numerous Puts/Takes this Quarter (Rate Buy Downs + Restructuring Costs + Stronger Energy Profit + Less Chinese Exports + etc.) Make It Hard, But We Expect a “Modest” Earnings Miss

By Gordon L. Johnson II

Admittedly, 2Q24E is Not an Easy Quarter to Model for Tesla. In the below, we consider various moving parts in TSLA’s 2Q24E model, including: (a) 57.146K more cars sold in 2Q24E QoQ (a positive), (b)…

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