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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a comparison of two bar charts to show how changing the discount rate from 6% to 4% significantly inflates the reported CCV.",
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      "text": "Creating shareholder value by growing high quality, long-term contracted revenues",
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      "text": "Management presents Gross and Net Contracted Customer Value (CCV) as a key metric to evaluate Sunnova. As seen in the Company's investor presentation, a slight change in the discount rate from 6% to 4% results in a $340 million difference to Gross and Net CCV (a ~15% and ~40% difference). With such slight changes to numerous assumptions, how can this metric be predicted with any confidence?",
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