{
  "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": 89,
  "pageCount": 91,
  "prevPage": 88,
  "nextPage": 90,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 27,
  "notes": "The table lists analyst ratings, price targets, and valuation methodologies to demonstrate inconsistency and perceived overvaluation.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-fa7fcd640a8d/89",
  "deckHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d#slide-89",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe EBITDA is the incorrect metric for the Company and estimated customer value is calculated with numerous unpredictable assumptions.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0398-7399-b328-11aa77deacd2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: $31",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0398-7399-b328-148780b6dd92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Wall Street analysts primarily use a combination of EBITDA multiple and estimated customer value to assign a price target for Sunnova. We believe EBITDA is the incorrect metric for the Company and estimated customer value is calculated with numerous unpredictable assumptions. Regardless, relative to its solar peers, Sunnova appears overvalued on a revenue and EBITDA multiple basis. We believe neither of these methodologies are appropriate for a financing business like Sunnova and a price-to-book multiple is most relevant.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9c01932-451c-47d7-9187-51553dd84a02",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Note: Upside based on current share price of $26.80\nSource: Bloomberg, Wall Street Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "191b6b7e-ec05-450e-93e3-a8ccc9ce0ca4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.85,
        "x": 0.075,
        "y": 0.37
      },
      "kind": "table",
      "text": "Table showing analyst firms, ratings, price targets, industry coverage, and valuation metrics.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e30c89d4-0f40-43b2-bc65-ab2e951dfc06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "Flawed Methodology Results In Inflated Price Targets",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29480238-6497-4bd2-affd-8f29e842b7c9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e637adfe-fe18-43da-96f2-d46665e7b6ea",
      "evidence": "Critiques analyst methodology to expose overvaluation and flawed logic.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 91,
      "from": 83,
      "beatId": "c0e7f7ae-a178-493a-827c-2ec6d003524e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution, recommending that investors sell their Sunnova stock to avoid significant losses.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}