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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The slide uses a 'decomposition' style to show how a complex metric is built on 'unproven assumptions'.",
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      "kind": "callout",
      "text": "How can Sunnova accurately project Gross Contracted Customer Value with any certainty given the number of variables and limited amount of data over the past 7 years?",
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      "text": "Net Contracted Customer Value is a function of: The life of our solar service agreements, Cancellation rates, Default rates, Production capacity, Expected sun hours, Retail price of electricity, Repairs, Contracted rates, O&M expenses, Financing availability, Interest rates, Cost of debt/equity, Discount rates, Regulation.",
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      "text": "Net Contracted Customer Value is the difference between the total lifetime value of installed solar projects (leases, PPAs and loans) and the costs (debt and tax equity) needed to finance those projects. It is important to note given Sunnova was founded in 2013, the Company only has 7 years of data to estimate the performance of 25 year contracts.",
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      "text": "Source: Company filings",
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