Shoals Technologies Group Inc Ordinary Shares - Class A

SHLS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$3.00	Pgxs	Tlstwyg

Shoals Earnings: Reduced Outlook Confirms Growth Slowdown

Brett Castelli

May 8, 2024

We lower our fair value estimate for no-moat Shoals Technologies to $7 per share from $10 following first-quarter results. The driver of our lower valuation is a reduced revenue forecast primarily due to lower average selling prices. We view the shares, which are trading down 12% at the time of writing, as fairly valued.

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