{
  "docId": "019dd923-622c-750b-8b98-fa7fcd640a8d",
  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 73,
  "pageCount": 91,
  "prevPage": 72,
  "nextPage": 74,
  "slideType": "ceo_quote",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a quote to validate the activist's thesis that the stock is expensive and insiders will sell.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-fa7fcd640a8d/73",
  "deckHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d#slide-73",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "As Sunnova's lockup expires, Spruce Point believes insiders will be anxious to reduce their positions at today's inflated valuation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0398-7399-b325-f203ff4523f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.12,
        "x": 0.09,
        "y": 0.4
      },
      "kind": "other",
      "text": "Former Sunnova Executive",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5c9a9b9-8cda-40d0-b225-06ea9a2d488e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "As Sunnova's lockup expires, Spruce Point believes insiders will be anxious to reduce their positions at today's inflated valuation. We have already seen the beginning of this as Energy Capital Partners continues reducing the size of its position. A former Sunnova executive told us he believes Sunnova is \"very expensive\" on a free cash flow and relative valuation basis.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "341c0941-32de-48ce-9ccb-3074378feea3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.75,
        "x": 0.21,
        "y": 0.4
      },
      "kind": "quote",
      "text": "\"It feels very expensive to me. If you go through the three methodologies, valuing the cash flows, on a relative value basis and the third thing is what its worth on a price to book basis if you were to think about it as a financing company. In all three metrics, it's quite expensive.\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59d5a0d0-e153-4ae3-affe-f15cf4f87ab2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"It feels very expensive to me. If you go through the three methodologies, valuing the cash flows, on a relative value basis and the third thing is what its worth on a price to book basis if you were to think about it as a financing company. In all three metrics, it's quite expensive.\" — Former Sunnova Executive",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0398-7399-b325-f49c3249e9b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.68,
        "x": 0.29,
        "y": 0.04
      },
      "kind": "title",
      "text": "Selling Should Accelerate As Lockup Expires",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a492796-38c6-47b8-b720-fbc1f9e3cfd9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "27539164-2f95-45ee-b90a-37e81008daac",
      "evidence": "Uses a quote from an insider to contradict the market's valuation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 73,
      "from": 67,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "f9444652-8e5a-45f3-a861-29cd73df6034",
      "evidence": "The document highlights the risks of not selling Sunnova stock, including the potential for significant losses.",
      "position": 1,
      "objective": "To highlight the risks of not selling Sunnova stock",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}