Shoals Technologies Group Inc Ordinary Shares - Class A

SHLS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$9.00	Qflg	Yvpwhyss

Shoals Technologies Earnings: Strong Start to 2023; Shares Fairly Valued

Brett Castelli

May 9, 2023

We maintain our $20 per share fair value estimate for no-moat Shoals following its first-quarter earnings. While we raise our 2023 estimates following the company's increased guidance, our long-term financial expectations are largely unchanged. We view shares as fairly valued.

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