Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

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Equity Bottom-Up

<ul><li>Spruce Power Holding Corporation (Spruce) is one of the largest third-party owner-operators of residential solar assets.</li><li>The company is not an installer of solar assets and instead grows through the acquisition of mature portfolios of residential solar assets and contracts.</li><li>Spruce’s portfolio consists of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs) and has grown at a 29% CAGR since 2018, reaching 75,000 home solar assets and contracts. </li></ul>

Spruce Power Holding Corporation (Spruce) is one of the largest third-party owner-operators of residential solar assets.The company is not an installer of solar assets and instead grows through the acquisition of mature portfolios of residential solar assets and contracts.Spruce’s portfolio consists of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs) and has grown at a 29% CAGR since 2018, reaching 75,000 home solar assets and contracts. 

Spruce Power Holding Corporation - Initiating Coverage