Carson C. Block · research-note
Sunrun Inc. (RUN)
33 pages · 3 arc beats · 2 loops
Sunrun Inc. (RUN)
Carson C. Block · 2022-07 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 31 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster 3 slides 100% 3/3 slides 100% 3/3 slides · 28 hits — 0/3 slides
— 0/3 slides
100% 3/3 slides 100% 3/3 slides 33.3% 1/3 slides The Struggle 15 slides 100% 15/15 slides 100% 15/15 slides · 130 hits — 0/15 slides
26.7% 4/15 slides · 5 hits 26.7% 4/15 slides 100% 15/15 slides 40% 6/15 slides The Victory 13 slides 100% 13/13 slides 100% 13/13 slides · 92 hits — 0/13 slides
46.2% 6/13 slides 23.1% 3/13 slides 100% 13/13 slides 38.5% 5/13 slides Slide inventory
33 every slide · same image gating as the playbook
03
The slide uses a 'three pillars' framework to structure the short thesis. It includes direct quotes from a former employee to bolster credibility.diagnose_problem
Open slide detailBeat · The Monster
04
The slide uses a combination of expert quotes, quantitative valuation adjustments, and a qualitative argument regarding ABS bankruptcy risk.expose_contradiction
Open slide detailBeat · The Monster
05
This is a research note page focusing on financial modeling critique.expose_contradiction
06
The slide details specific adjustments to valuation inputs like panel degradation, default rates, and developer margins.preempt_rebuttal
07
The slide uses quotes from industry experts and former employees to undermine the credibility of the company's valuation models.expose_contradiction
08
The slide uses a quote from a former employee to cast doubt on financial reporting and argues that the business model is economically irrational for customers aexpose_contradiction
09
Includes a chart on PV efficiency improvements to support the argument that existing systems will be obsolete by the time renewal contracts are due.expose_contradiction
10
Includes specific references to footnotes 19, 20, and 21. Contrasts RUN's accounting practices with Sunnova's.expose_contradiction
11
The slide functions as a forensic accounting critique of a company's valuation methodology.expose_contradiction
Open slide detailBeat · The Struggle
12
The slide argues that current industry practice regarding ITC calculation is aggressive and potentially subject to future IRS challenge.show_valuation_bridge
Open slide detailBeat · The Struggle
13
The slide uses a process diagram to illustrate how ITC proceeds are incorrectly categorized in some industry practices.expose_contradiction
Open slide detailBeat · The Struggle
14
Includes a quote from a former executive to support the thesis of aggressive accounting practices.show_valuation_bridge
Open slide detailBeat · The Struggle
15
Includes two tables comparing company-claimed values vs. analyst-adjusted values, with supporting text explaining the methodology for the adjustments.show_valuation_bridge
Open slide detailBeat · The Struggle
16
The slide uses a critical tone to challenge the company's valuation methodology, specifically citing IRS guidelines and comparing their findings to a Kroll repopreempt_rebuttal
Open slide detailBeat · The Struggle
17
The slide serves as a methodological disclosure for financial adjustments made to the company's reported figures.diagnose_problem
Open slide detailBeat · The Struggle
18
The slide argues that Sunrun's reported costs are inflated, leading to an overstated Fair Market Value (FMV) for tax purposes.show_valuation_bridge
Open slide detailBeat · The Struggle
19
The chart compares Sunrun's creation cost against NREL residential PV installed cost benchmarks.name_villain
Open slide detailBeat · The Struggle
20
The slide uses a cost comparison table to establish a baseline for 'reasonable' costs, then pivots to a thesis about aggressive accounting and regulatory risk.expose_gap
21
Includes a quote from a former executive and details on potential financial liabilities ($948 million).preempt_rebuttal
22
The slide uses a quote from a Norton Rose Fulbright memo to support the thesis that tax equity investors in solar may be viewed as lenders rather than partners.expose_contradiction
23
The slide argues that insurance is insufficient due to potential fraud exclusions and valuation gaps between claimed FMV and market/cost approaches.preempt_rebuttal
24
Includes a specific citation of a PPA agreement clause to support the argument of anti-consumer/anti-investor risk.expose_contradiction
25
The slide discusses the mechanics of Partnership Flips, Warehouse Lines, and ABS, as well as the role of Tax Equity Investors.analyze_data
26
The slide highlights systemic fragility, noting that RUN sells 15% of its PV systems below creation cost.summarize
Open slide detailBeat · The Victory
27
This appears to be a continuation of a sentence from a previous page, likely part of a larger argument regarding the company's liquidity or business model risk.diagnose_problem
Open slide detailBeat · The Victory
29
The slide argues that the partnership flip structure is used to circumvent tax regulations by inflating fair market value (FMV) for IRS audit purposes.expose_contradiction
Open slide detailBeat · The Victory
30
The slide critiques the valuation validity of PV system transfers by highlighting the sponsor's control and the guaranteed nature of tax equity returns.expose_contradiction
Open slide detailBeat · The Victory
31
The slide provides a critical perspective on the underlying economics of Sunrun's (RUN) tax equity financing structures.analyze_data
Open slide detailBeat · The Victory
32
The text performs a critical analysis of the valuation gap between RUN's reported FMV and Kroll's rated bond issuance, suggesting overvaluation by the company.analyze_data
Open slide detailBeat · The Victory
33
The slide argues that Kroll's rating analysis contradicts Sunrun's internal valuation, suggesting an overstatement of assets.expose_contradiction
Open slide detailBeat · The Victory