Plug Power Inc

PLUG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$1.90	Zgyk	Gktw

Plug Power Earnings: Execution Challenges Continue; Lowering Fair Value Estimate to $11.50

Brett Castelli

Aug 10, 2023

We lower our fair value estimate for no-moat Plug Power to $11.50 per share from $14 following its second-quarter results. The primary driver of our decreased valuation is lower margins as we now expect a protracted margin ramp in the years ahead. We see shares as slightly undervalued following the share price selloff and we continue to view the company as a high-risk, high-reward investment on the green hydrogen economy.

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