These some of the reasons I invest in this company:
The sector: (Solar) Although Solar has been beaten down lately maybe because of being too over leveraged, maybe it's oil, coal and the conservative agenda, maybe it's sell in May and go away. Maybe it's the fac the entire market is in decline and struggling to maintain the last 5 years of bullishness. Either way, Solar is the future...it beats all the other energy producers hands down because anyone can buy it, scale it and use it.
There's money in the converting sunshine to electricity, it's just a matter of time until there's a good investment opportunity. I think this might be it.
The Management Team: (Nelson, and whoever Nelson trusts) This is a family man who started a business and has grown it to a fairly large size and scale. Bears will argue he's too far from the HQ, but he's a PE guy who's putting together investors and deals, not roofing. So him living far away isn't a problem. He's enriching his friends and family, so what...that's what good business men running for profit companies in a capitalist environment do.
The company structure: (Equity based Accretive Acquisition) Bears will argue this until they are blue in the face, that it's killing this, the market has spoken, you can't etc etc etc... skipping record. The facts are simply the business used equity to grow, and at some point the PPS/Market cap needed to catch up with the OS. I's done that, it will continue to do that. If Nelson continues to use Equity, I'm sure it will be a deal that's in the best interest of the company, AND the shareholders, as he has fiduciary responsibility to do this. Again- bears are loving this one the most right now, but when the question is Debt markets vs Equity, the answer is not a simple one or the other, or they couldn't do it this way, or they couldn't get cheap debt. The answer lies with tax strategies, and how insulated the company will be against financial turbulence, should the market collapse, So anyone saying simple things like "they couldn't get cheap debt" is just trying to pin it on one thing when really it's a small part in a much larger strategy.
The Sales Model: (Vs. Leasing) I've never liked the lease model- It's stinks of "utility"... which I think many feel the same. Sales puts the tax credit in the hands of the owner. It puts the power in the hands of the owner. It forces the installer to do a good job because the owner will be upset if it isn't done well. Nobody still knows if in 20 years the leases will still be getting paid? How much value those systems will still have? How much they will be producing? What the real costs of removal might be? Not to mention how the lease model will fare in the face of ever declining costs in the industry. The Sales model (2.0) as I'm hearing it be referred to is so simple, it's not reliant on the tax incentives to survive, just sales and therefore as costs decline, its even more appealing to buyers, they get to keep the incentives, they get to keep the solar once it's paid off, which means electricity payment savings, or an increased home resale value. This is awesome.
The Balance sheet: (Virtually Debt free) Some people argue they don't have enough assets. They don't have enough debt. They are low on cash... None of these things are really "True or False", it's all relative... If the company was burning cash, sure, cash would "appear" low, but they are running on a solid operating profit, as well as 3 of the last 4 Quarters were a Net profit. People say "where'd did the cash go"? It's being used wisely..it's not being burned, hidden or swindled...it's being used to grow the business. As the business continues on this trend over the next couple Q's, we should see cash continue to grow as well as assets. Debt may or may not grow depending on how continue to acquire companies. There are so many reason to use equity vs debt in accretive acquisitions. If they choose to continue down the road of equity, I'm not concerned. They aren't going to dilute themselves out of business, and at some point because they are profitably running this gig, the EPS will hit a point where investors will rush in, it will be en-vogue and the equity will be the answer everyone see's as "how'd they do this?!?!".
So you see, the negative narrative is trying its best to dismantle this. Maybe they are trying to get a better entry, maybe they are short. Maybe they just want to be right? I don't think they are. However they sure are a noisy chorus these days screaming that us longs are all wrong, and the company is worthless paper. I disagree as many longs do, and I see a solid investable opportunity here. That's what I see, and those a re a few reasons why I like this company.
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