Sunrun Inc.

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Description

Sunrun Inc. delivered mixed results in the quarter, with revenues below analysts’ anticipations but above-par earnings. The company exceeded its volume forecast for solar energy capacity installations this quarter. In Q2, Sunrun added more than 100 megawatt hours of storage capacity, up 35% over the same quarter last year. The company’s installation teams performed well in the quarter, and its affiliate partner channel outperformed dramatically in Q2 as the quality of its subscription model garnered additional share among industry dealers. They have installed over 65,000 solar and storage systems. With a net subscriber value of $12,321 in the quarter, subscriber value was roughly 44,700, and creation cost was approximately $32,400. They continue to base their Q2 subscriber value and net subscriber value on a 30% investment tax credit, eliminating any margin expansion brought on by tax credit adders. Additionally, Sunrun extended its partnership with Pacific Gas and Electric Company to share critical solar energy with California’s grid.

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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