Friday, July 01, 2016 11:26:21 AM
Management is sound here. The model is sound here. The industry is booming and yet the ticker stagnates. Some claim it's the overhang, some claim it's the management, some claim it's the lack of transparency, most just don't understand and see the chart and say ouch, what's wrong here?
I think it's simply in the wrong key, or a modern art sculpture in the middle of a Bronze Age exhibit. Certain people appreciate it for what it is, but for the most part, the market is confused and has no basis for comparison so they say, "it must be a mistake".
At some point there will be a comparison, and I think Sungevity may be it. A cross cultural bridge that will reconnect wall street proper with SUNW by placing them in context with another profitable installer that focuses on small business.
The sheer fact that "SUNG" is going public now makes me think maybe the solar industry that's been getting hammered for the last 16 months has hit bottom. Otherwise, they would wait for better timing. The last thing they want to do is go and get slaughtered like the rest of the pack. I'm sure the financial powers that be over at Sungevity picked now to move forward for a reason. They must see some solidification or base forming in the industry.
SUNG boasts 13 states, and some European business. SUNW boasts 3 and potentially a foreign patent and some potential for international racking solutions, but has doubled in size the last couple of years to 100M revenue this year. I'm convinced this has now put in a bottom, and that the Q2 report is going to be a prelude to a very solid H2.
The market will correct this, it just needs a reason, and I think that reason is going to come in spades on the Q2 ER, and be reinforced by this SUNG comparison whenever that occurs.
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