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.

Equity Research Firm

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 0.8% W/W versus the S&amp;P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 3.4%).</li><li>Energy Technology (12.8% of the index) was down 3.2%, while Industrial Climate and Ag Technology (45.9% of the index) was down 1.6%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (22.1% of the index) was up 0.9%.</li><li>Top 10 Performers<span style="font-size: var(--content-font-size);">: IDEX, NXH, COMM, PGTK, XPEV, NEOV, EXRO, LI, GCEH, BIOF</span></li></ul>

The WTR Sustainable Index was down 0.8% W/W versus the S&amp;P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 3.4%).Energy Technology (12.8% of the index) was down 3.2%, while Industrial Climate and Ag Technology (45.9% of the index) was down 1.6%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (22.1% of the index) was up 0.9%.Top 10 Performers: IDEX, NXH, COMM, PGTK, XPEV, NEOV, EXRO, LI, GCEH, BIOF

Sustainable Investing Surveyor - Focus on OPAL Fuels, Inc. (OPAL)

<ul><li>The WTR Sustainable Index was up 3.5% W/W versus the S&amp;P 500 Index (up 0.6%), the Russell 2000 Index (down 0.1%) and the Nasdaq Index (up 1.1%).</li><li>Energy Technology (13.5% of the index) was up 3.3%, while Industrial Climate and Ag Technology (46.3% of the index) was up 1.1%, ClimateTech Mining was up 4.2%, and Advanced Transportation Solutions (21.0% of index) was up 8.4%.</li><li>Top 10 Performers<span style="font-size: var(--content-font-size);">: VIHD, NNOMF, WAVE, EGT, NVVE, CPWHF, VLI, XPEV, MP, DNMR</span></li></ul>

The WTR Sustainable Index was up 3.5% W/W versus the S&amp;P 500 Index (up 0.6%), the Russell 2000 Index (down 0.1%) and the Nasdaq Index (up 1.1%).Energy Technology (13.5% of the index) was up 3.3%, while Industrial Climate and Ag Technology (46.3% of the index) was up 1.1%, ClimateTech Mining was up 4.2%, and Advanced Transportation Solutions (21.0% of index) was up 8.4%.Top 10 Performers: VIHD, NNOMF, WAVE, EGT, NVVE, CPWHF, VLI, XPEV, MP, DNMR

Sustainable Investing Surveyor - Atlas Lithium Corporation (ATLX)

Thematic (Sector/Industry)

<div><div><div><div><ul><li>RROYF provides a non-dilutive royalty financing solution (through a combination of short-term loans and the acquisition of revenue-based royalties) to privately held and publicly traded renewable energy and clean energy technology companies.</li><li>RROYF’s objective is to acquire a portfolio of long-term, stable, diversified renewable energy royalty and income streams to provide shareholders with capital appreciation and a growing, sustainable, long-term cash distribution.</li><li>RROYF is a pioneer and the first publicly traded company to provide this royalty financing for the renewable energy and clean technology sector.</li></ul></div></div></div></div>

RROYF provides a non-dilutive royalty financing solution (through a combination of short-term loans and the acquisition of revenue-based royalties) to privately held and publicly traded renewable energy and clean energy technology companies.RROYF’s objective is to acquire a portfolio of long-term, stable, diversified renewable energy royalty and income streams to provide shareholders with capital appreciation and a growing, sustainable, long-term cash distribution.RROYF is a pioneer and the first publicly traded company to provide this royalty financing for the renewable energy and clean technology sector.

Weekly Sustainable Investing Surveyor - Week Ended August 25, 2023

<ul><li>During the week ended June 16, 2023, the WTR Sustainable Index outperformed the broader market, rising 5.9% W/W versus the S&amp;P 500 Index (up 2.6%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 3.2%).</li><li>Advanced Transportation Solutions (74.4% of the index) drove the index’s performance, rising 7.0%, while Energy Technology (6.8% of the index) was up 5.3% and Industrial Climate and Ag Technology was up 2.0%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&amp;P 500.</li></ul>

During the week ended June 16, 2023, the WTR Sustainable Index outperformed the broader market, rising 5.9% W/W versus the S&amp;P 500 Index (up 2.6%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 3.2%).Advanced Transportation Solutions (74.4% of the index) drove the index’s performance, rising 7.0%, while Energy Technology (6.8% of the index) was up 5.3% and Industrial Climate and Ag Technology was up 2.0%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor : Week Ended June 16, 2023

<ul><li>WTR Sustainable Index: During the week ended March 17, 2023, the WTR Sustainable Index underperformed the broader market, rising 1.2% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (down 2.6%), and the Nasdaq Composite Index (up 4.4%).</li><li>Advanced Transportation Solutions (69.3% of the index) drove the index performance, rising 3.3%, while Industrial Climate and Ag Technology (22.8% of the index) was down 2.0% and Energy Technology was down 5.8%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended March 17, 2023, the WTR Sustainable Index underperformed the broader market, rising 1.2% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (down 2.6%), and the Nasdaq Composite Index (up 4.4%).Advanced Transportation Solutions (69.3% of the index) drove the index performance, rising 3.3%, while Industrial Climate and Ag Technology (22.8% of the index) was down 2.0% and Energy Technology was down 5.8%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended March 17, 2023

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

Sustainable Investing Surveyor - Focus on OPAL Fuels, Inc. (OPAL)

The WTR Sustainable Index was down 0.8% W/W versus the S&P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down...

Water Tower Research

Sustainable Investing Surveyor - Atlas Lithium Corporation (ATLX)

The WTR Sustainable Index was up 3.5% W/W versus the S&P 500 Index (up 0.6%), the Russell 2000 Index (down 0.1%) and the Nasdaq Index (up 1.1%).

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended August 25, 2023

RROYF is a pioneer and the first publicly traded company to provide this royalty financing for the renewable energy and clean technology sector.

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended June 16, 2023

Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended March 17, 2023

Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&P 500.

Water Tower Research

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