Company Reports

We maintain our $2 fair value estimate for no-moat EVgo following its first-quarter results. We view the shares as fairly valued.

We are lowering our fair value estimate for no-moat EVgo to $2 from $3 after updating our long-term assumptions. The primary driver of our decreased valuation is lower assumed long-term market share in electric vehicle fast charging. We view shares as fairly valued.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

We maintain our $3 fair value estimate for no-moat EVgo following its fourth-quarter results. We view shares as fairly valued.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

Clean energy stocks have had a roller-coaster 18 months. Optimism following the passage of the Inflation Reduction Act in August 2022 gave way to rising interest rates in 2023. We highlight three key themes for investors to focus on in 2024: interest rates, U.S. policy, and profitability.

We maintain our $3 fair value estimate and no-moat rating for EVgo following the company's third-quarter results. We view shares as fairly valued.

In 2022, battery electric vehicles represented nearly 10% of global auto sales, up from a little less than 6% in 2021. Much of the growth occurred in China, which has been a leader in EV sales over the past decade. However, with national EV subsidies in China expiring in 2022 and far lower sales in the U.S. and Europe, the market questions if EV sales can continue to grow without subsides.

We maintain our $3 fair value estimate and no-moat rating for EVgo following the company's second-quarter results. We view shares as overvalued.

We maintain our $3 fair value estimate for EVgo following news that the company and its partners have been selected to receive federal funds to build out fast-charging stations in Ohio. The shares reacted positively to the news, up 14% at the time of writing, but we view them as overvalued.

On June 8, General Motors announced a collaboration with Tesla related to electric vehicle charging. As part of the agreement, GM will integrate the North American Charging Standard pioneered by Tesla into its new EVs beginning in 2025. Also, GM customers will gain access to 12,000 Tesla Superchargers beginning in early 2024 (this will initially require the use of an adapter). This partnership follows a similar announcement from Ford last month.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

EVgo shares fell 19% on May 17 after the company announced a $125 million equity offering. We lower our fair value estimate to $4 per share from $5 for no-moat EVgo after updating our financial model projections. Our lower valuation is a result of tweaking our capital expenditure forecast (net of incentives) higher and our long-term gross margin forecast lower. We view shares as fairly valued following the selloff.

EVgo is a leading owner operator of fast charging direct current, or DC, stations in the United States.

We maintain our $5 fair value estimate and no-moat rating for EVgo following the company's first-quarter results. We view shares as slightly overvalued.

We maintain our $5 fair value estimate and no-moat rating for EVgo following the company's fourth-quarter results. We are surprised at the share price reaction (up 20% at the time of writing) given we view results as mixed. We view shares as overvalued following the sharp move higher.

EVgo is a leading owner operator of fast charging direct current, or DC, stations in the United States.

We reduce our fair value estimate for EVgo to $5 from $7.50 after reviewing our long-term financial forecast. The primary drivers of our reduced estimates are lower assumed long-term market share and lower gross margins. We maintain our no-moat, negative moat trend ratings. Shares are still trading in 3-star territory following our fair value estimate cut.

EVgo is a leading owner operator of fast charging direct current, or DC, stations in the United States.

We maintain our $7.50 fair value estimate and no-moat rating for EVgo following the company's third-quarter results. We continue to be optimistic regarding longer-term electric vehicle adoption but believe there are better opportunities elsewhere for investors looking to capitalize on EV adoption.