ROADSHOWS: Communications / Media / Software - Andrew Freedman & Felix Wang /Hedgeye   •   London 10 - 11 Nov   03 - 11 Nov 26       Behavioural Finance, Portfolio Strategy & Quant - Jim Rocchio /Kailash Capital Research   •   London   05 - 05 Nov 26       US, European and Asian SELL / SHORT Ideas - Robert Prather /Vision Research   •     10 Nov - 15 Dec 26      
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Fortnightly publication highlighting latest insights from IRF providers

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Industrials

Report by Northcoast Research

It has been a tough 2H23 for GNRC investors. However, there is light at the end of the tunnel as Residential sales benefit from the return of HSB normalised shipments in 2024, success within ecobee, and expansion of the beyond standby product set within C&I that will offset cyclical weakness from equipment rental and telecom customers. The late 2024 rollout of new clean energy products is a free call option on the shares at these levels. Northcoast’s TP of $144 (40% upside) places an 18.5 multiple on their FY24 EPS estimate of $7.78.

Edition 173 - 10 Nov 23

Summer of disconnect as energy transition stumbles

Industrials

Renewables are the future but the transition is being fumbled - due to the nature of its products Northcoast sees Generac (TP $292; 20% upside) as having the most near-term opportunity and Chart Industries (TP $209; 20% upside) winning as it benefits from the growth in small-scale LNG projects that are often used for utility load management solutions. Looking over the horizon, Bloom Energy (TP $23; 40% upside) and Capstone Green Energy (TP $7; 160% upside) will find success thanks to their unique power generation solutions.

Edition 136 - 27 May 22