The following are notes from Carson Block's best investment idea at the 11th annual J.P. Morgan / Robin Hood Investors Conference took place on October 24 and 25, 2023.
Best Idea: Carson Block (Muddy Waters)
Carson Block, from Muddy Waters, presents a short thesis on Sunrun (NASDAQ:RUN), a company in the residential rooftop solar system industry:
Short Sunrun (NASDAQ:RUN):
- Sunrun is essentially a finance company that finances and “sells” residential rooftop solar systems, with approximately 80% of its systems financed as Power Purchase Agreements (PPAs) or leases.
- Muddy Waters’ short thesis centers on what they perceive as a massive overstatement of the (non-GAAP) subscriber value reported by Sunrun.
- They believe that a realistic range for net earning assets is between $426 million to $1 billion,...
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