Shoals Technologies Group Inc Ordinary Shares - Class A

SHLS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$2.00	Vnhgs	Htvzqmn

Shoals Earnings: Cautious Commentary Overshadows Strong Results

Brett Castelli

Nov 8, 2023

We lower our fair value estimate for no-moat Shoals to $11 from $15 following third-quarter results. The driver of our lower valuation is a higher percentage of our long-term revenue from the company’s lower-margin components segment as growth slows in its higher-margin system solutions segment. We view shares as overvalued.

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