Bloom Energy Corp Class A

BE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$94.00	Jnx	Kthvnqqb

Bloom Energy Earnings: Full-Year Guidance on Track, but Watching Cash Flow, Bookings

Brett Castelli

Nov 9, 2023

We lower our fair value estimate for no-moat Bloom Energy to $14 from $18 following third-quarter results. The reduction in our valuation is driven by moderating our medium-term revenue growth for the company’s eEnergy servers and electrolyzers as well as higher working capital needs. We view shares as fairly valued in light of our Very High Uncertainty rating.

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