Shoals Technologies Group Inc Ordinary Shares - Class A

SHLS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$9.00	Ynhgq	Kxjvgjcg

Shoals: Next Phase of Growth Likely to Prove More Difficult; Lowering Fair Value Estimate to $15

Brett Castelli

Sep 18, 2023

We lower our fair value estimate for Shoals to $15 from $20 following recent discussions and after reevaluating our financial forecast. The biggest driver of our lower valuation is slower growth estimates for the company's Big Lead Assembly, or BLA, solution in the U.S. market. We see shares as overvalued.

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