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  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The slide uses callouts to argue that Sunnova's high valuation is unjustified and likely to contract.",
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      "kind": "callout",
      "text": "We believe that as growth slows, Sunnova's industry high multiple will contract",
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      "text": "Spruce Point believes Sunnova's growth rate will compress to be inline with industry peers",
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      "kind": "metric",
      "text": "EV/Revenue: 23.7x",
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      "kind": "paragraph",
      "text": "Sunrun's acquisition of Vivint Solar provides a key data point to assess valuations in the solar industry. While Sunnova generates less revenue per customer than Sunrun and Vivint Solar, its valuation is substantially higher.",
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      "text": "Source: Capital IQ",
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      "kind": "table",
      "text": "Valuation Metrics As Of July, 7th 2020",
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      "kind": "title",
      "text": "Sunrun / Vivint Solar Deal Valuation",
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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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