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Bloom Energy: Investor Day Highlights Business Evolution; Lowering Fair Value Estimate 14%

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Securities In This Article
Bloom Energy Corp Class A
(BE)

We lower our fair value estimate for no-moat Bloom Energy BE to $18 from $21 following its May 23 investor day. The primary driver of our lower valuation is the moderation of our longer-term return on invested capital assumptions. We view shares as slightly undervalued.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Brett Castelli

Equity Analyst
More from Author

Brett Castelli is an equity analyst, energy and utilities, for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. His coverage focuses on clean energy companies across renewables and emerging technologies.

Before joining Morningstar in 2021, Castelli spent more than eight years in various analyst roles for TortoiseEcofin, a boutique asset manager. His coverage focused on North America and included companies within traditional energy, electric utilities, and renewables. Additionally, he assisted with the firm's environmental, social, and governance efforts and played an important role in integrating ESG into the investment process. Castelli spent a year at the firm's London office following an acquisition.

Castelli holds a bachelor's degree in finance from the University of Missouri's Trulaske College of Business. He also holds the Chartered Financial Analyst® designation.

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