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  "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",
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  "pageNumber": 85,
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  "notes": "The slide highlights the valuation discrepancy between Sunnova and its peers, suggesting an overvaluation.",
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      "text": "Sunnova's business model aligns itself closer to specialty finance / leasing peers than solar businesses. Despite its undifferentiated offerings and lagging financial metrics, Sunnova trades at a premium to peers across all metrics.",
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      "text": "EV/Sales: 25.0x",
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      "kind": "paragraph",
      "text": "Sunnova’s business model aligns itself closer to specialty finance / leasing peers than solar businesses. Despite its undifferentiated offerings and lagging financial metrics, Sunnova trades at a premium to peers across all metrics. Spruce Point believes it is only a matter of time until Sunnova’s growth contracts inline with industry peers.",
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      "text": "Source: Company financials, Wall Street Estimates",
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      "text": "Valuation comparison table of Sunnova vs Solar Peers and Specialty Finance/Leasing Peers.",
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      "kind": "title",
      "text": "Perplexing Relative Valuation",
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      "evidence": "Direct comparison of valuation multiples between target company and two peer groups.",
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      "evidence": "The document provides a solution, recommending that investors sell their Sunnova stock to avoid significant losses.",
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