Sunrun Inc. Common Stock (RUN) : juste valeur

Thèse ACCE

Sunrun installs and finances residential rooftop solar systems and pairs them with home batteries, selling power to homeowners under long-term leases and power purchase agreements, and it is the largest U.S. home solar installer by its own account. The moat is mostly distribution and capital access: its securitization programs and tax-equity relationships let it fund customer systems at a cost few smaller installers can match, and the 35.3% gross margin reflects that scale. Revenue growth of 52.8% is the headline, and the near-term swing factor is battery attach and the federal tax-credit framework that governs how much of each system's economics can be monetized. At a trailing P/E of 5.2 and a forward P/E of 7.9, the market is pricing in a lot of skepticism; the 4.0% operating margin and negative 19.9% ROE show the business is not yet earning its cost of capital at the equity level, so the case rests on whether growth converts to durable cash generation. The score of 47/100 and absence from any major index argue for a deeper look at the cash flow and financing structure before any position is considered.