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Monday, Jun 17
SolarCity (SCTY -0.5%) underperforms as Copperfield Research takes aim, arguing the solar panel...
SolarCity (SCTY -0.5%) underperforms as Copperfield Research takes aim, arguing the solar panel installer/electricity seller is "nothing more than a hybrid of a specialty finance company and an engineering & construction company." Among other things, Copperfield asserts SolarCity "materially inflated" its net present value (NPV) via questionable assumptions, and notes the company has been investigated by the IRS and U.S. Treasury Inspector General for possibly overstating the market value of its systems. The firm assigns SolarCity a value of $11.38, or 2x its estimated NPV book value. (full report)