Sunrun Inc.


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SKU: RUN Category:


This is our first report on Sunrun and the company continues its strong momentum of penetrating the residential solar market. In the last quarter alone, Sunrun added over 29,000 customers, representing over 213 megawatts of solar energy capacity installed, a 27% increase over the previous quarter. The company also achieved a net subscriber margin of more than $7,100, slightly above the management guidance and up from the previous quarter. The company is making significant progress and expects to reveal groundbreaking new technology by the end of 2022, with commercialization beginning this year or early in 2023. Sunrun’s management expects the differentiated products and services to significantly accelerate the company’s growth and expand the customer value proposition. Their focus on multifamily housing for increased penetration of the residential market is a key driver. Among recent announcement, they also collaborated with Solarcycle, a Northern California-based company, and launched a new technology-driven recycling platform. We initiate coverage on the stock with an ‘Outperform’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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