Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index underperformed the broader market, falling 10.3% W/W versus the S&amp;P 500 Index (down 4.5%), the Russell 2000 Index (down 8.1%), and the Nasdaq Composite Index (down 4.7%).</li><li>Advanced Transportation Solutions (67.9% of the index) drove the index underperformance, falling 12.4%, while Industrial Climate and Ag Technology (23.6% of the index) was down 3.4% and Energy Technology was down 10.3%.</li><li>Top 10 Performers: WWR, ABML, EFOI, LPEN, AMYZF, FCSMD, REE, PPSI, JEV.V, TPIC</li></ul>

The WTR Sustainable Index underperformed the broader market, falling 10.3% W/W versus the S&amp;P 500 Index (down 4.5%), the Russell 2000 Index (down 8.1%), and the Nasdaq Composite Index (down 4.7%).Advanced Transportation Solutions (67.9% of the index) drove the index underperformance, falling 12.4%, while Industrial Climate and Ag Technology (23.6% of the index) was down 3.4% and Energy Technology was down 10.3%.Top 10 Performers: WWR, ABML, EFOI, LPEN, AMYZF, FCSMD, REE, PPSI, JEV.V, TPIC

Weekly Sustainable Investing Surveyor: Week Ended March 10, 2023

<ul><li>WTR Sustainable Index: During the week ended February 10, 2023, the WTR Sustainable Index outperformed the broader market, rising 0.2% W/W versus the S&amp;P 500 Index (down 1.1%), the Russell 2000 Index (down 3.4%), and the Nasdaq Composite Index (down 2.4%). Advanced Transportation Solutions (70% of the index) drove the outperformance, rising 1.7% , while Energy Technology (9% of index) was down 5.0% and Industrial Climate and Ag Technology was down 2.2%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.5x versus 18.4x for the S&amp;P 500.</li><li>Consensus estimates changes: During the week ended February 10, 2023, there were five increases (three in Energy Technology and two in Industrial Climate and Ag Technology) 2022 revenue estimates. There were decreases in 2022 revenue estimates for two companies each in Advanced Transportation Solutions and Industrial Climate and Ag Technology.</li></ul>

WTR Sustainable Index: During the week ended February 10, 2023, the WTR Sustainable Index outperformed the broader market, rising 0.2% W/W versus the S&amp;P 500 Index (down 1.1%), the Russell 2000 Index (down 3.4%), and the Nasdaq Composite Index (down 2.4%). Advanced Transportation Solutions (70% of the index) drove the outperformance, rising 1.7% , while Energy Technology (9% of index) was down 5.0% and Industrial Climate and Ag Technology was down 2.2%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.5x versus 18.4x for the S&amp;P 500.Consensus estimates changes: During the week ended February 10, 2023, there were five increases (three in Energy Technology and two in Industrial Climate and Ag Technology) 2022 revenue estimates. There were decreases in 2022 revenue estimates for two companies each in Advanced Transportation Solutions and Industrial Climate and Ag Technology.

Weekly Sustainable Investing Surveyor: Week Ended February 10, 2023

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> priced its H Share at HK$48.00 per share to raise net proceeds of HK$6,057.4 million (US$772 million). The H Share will start trading tomorrow.</li>
<li>The H Shares of peers posted no first-day gains and are currently below the listing prices. Market sentiment on peers has remained weak since the release of the prospectus.</li>
<li>Leapmotor, at best, should trade in line with median peer multiples. Leapmotor is fairly valued at the IPO price. We continue to remain on the sidelines.</li>
</ul>



Leapmotor (9863 HK) priced its H Share at HK$48.00 per share to raise net proceeds of HK$6,057.4 million (US$772 million). The H Share will start trading tomorrow.
The H Shares of peers posted no first-day gains and are currently below the listing prices. Market sentiment on peers has remained weak since the release of the prospectus.
Leapmotor, at best, should trade in line with median peer multiples. Leapmotor is fairly valued at the IPO price. We continue to remain on the sidelines.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a> has launched its HKEx listing at HK$48.00-62.00 per share to raise up to US$1.0 billion. Books are open from 20 to 23 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/leapmotor-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:79449" rel="noopener">Leapmotor IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/leapmotor-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:79536" rel="noopener">Leapmotor IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/leapmotor-ipo-look-before-you-leap" target="_blank" data-smartkarma-citation="insights:79904" rel="noopener">Leapmotor IPO: Look Before You Leap</a>, <a href="https://www.smartkarma.com/insights/leapmotor-ipo-valuation-first-look" target="_blank" data-smartkarma-citation="insights:80089" rel="noopener">Leapmotor IPO: Valuation First-Look</a>. </li>
<li>Leapmotor, at best, should trade in line with median peer multiples. Leapmotor is fairly valued at the low end of the IPO price range. We pass on the IPO.</li>
</ul>



Leapmotor (2007699D HK) has launched its HKEx listing at HK$48.00-62.00 per share to raise up to US$1.0 billion. Books are open from 20 to 23 September.
We previously discussed the IPO in Leapmotor IPO: The Bull Case, Leapmotor IPO: The Bear Case, Leapmotor IPO: Look Before You Leap, Leapmotor IPO: Valuation First-Look. 
Leapmotor, at best, should trade in line with median peer multiples. Leapmotor is fairly valued at the low end of the IPO price range. We pass on the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>, a Chinese EV manufacturer, is pre-marketing a US$1.5 billion HKEx IPO, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/leapmotor-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:79449" rel="noopener">Leapmotor IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/leapmotor-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:79536" rel="noopener">Leapmotor IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/leapmotor-ipo-look-before-you-leap" target="_blank" data-smartkarma-citation="insights:79904" rel="noopener">Leapmotor IPO: Look Before You Leap</a>. </li>
<li>In this note, we present our forecasts and take the first look at Leapmotor's potential valuation range. </li>
</ul>



Leapmotor (2007699D HK), a Chinese EV manufacturer, is pre-marketing a US$1.5 billion HKEx IPO, according to press reports.
We previously discussed the IPO in Leapmotor IPO: The Bull Case, Leapmotor IPO: The Bear Case and Leapmotor IPO: Look Before You Leap. 
In this note, we present our forecasts and take the first look at Leapmotor's potential valuation range. 


United States

Nikola Corporation operates as a zero-emissions transportation and infrastructure solution provider. The Company is a designer and manufacturer of battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure.

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Nikola Corp (NKLA US)

Weekly Sustainable Investing Surveyor: Week Ended March 10, 2023

The WTR Sustainable Index underperformed the broader market, falling 10.3% W/W versus the S&P 500 Index (down 4.5%), the Russell 2000 Index (down...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended February 10, 2023

Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.5x versus 18.4x for the S&P 500.

Water Tower Research

Leapmotor IPO: Trading Debut

Market sentiment on peers has remained weak since the release of the prospectus. Leapmotor, at best, is fairly valued at the IPO price. We continue...

Arun George

Leapmotor IPO: Valuation Insights

Leapmotor, at best, should trade in line with median peer multiples. Leapmotor is fairly valued at the low end of the IPO price range. We pass on...

Arun George

Leapmotor IPO: Valuation First-Look

Leapmotor recently disclosed that it delivered 12,525 units in August. In this note, we present our forecasts and take the first look at...

Arun George

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