Summaries of presentations from Canaccord Genuity Global Growth Conference: Sustainability Part I (AMSC, BMI, ELON, ENOC, ESE, FSYS)
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Rating Summary:
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Up: 11 | Down: 15 | New: 13
Rating Summary:
7 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
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Summaries of presentations from Canaccord Genuity Global Growth Conference: Sustainability
Analyst, John Quealy, said, "In sum, the Sustainability sector continues to offer compelling growth opportunities, even though the risk/reward for specific sub-sector and individual stocks varies significantly...Alternative Fuels remains a key area of focus, as investors await the deployment of natural gas refueling stations and the announcement of future OEM platform wins in H2/12. Smart Grid continues to show attractive value, as sentiment is troughed and earnings and cash flow resilience improves for certain names. Biofuels stays more variable near term, as high corn prices and regulatory uncertainty remain a headwind for that group."
For Buy-rated Ameresco (Nasdaq: AMRC): Contract conversion remains slower/extending, as backlog trends stay compressed into Q4 (~$100M of revenue gets deferred into 2013 given timing of construction season window). That said, Ameresco appears very well positioned longer term within the $5B energy services market.
Hold-rated Badger Meter (NYSE: BMI): Most noteworthy (our view), is a fresh look by management at international markets via solid state meter offerings. The strategy here appears to be more private label-like, with tentative agreements already in place. Badger is currently working on radio designs, with introduction likely sometime next year.
Hold-rated Echelon (Nasdaq: ELON): No surprise, near-term headwinds keep visibility low (with tough comps upcoming). That said, management continues to seed the market for expected pick-up H2\13 into 2014 as the pipeline remains healthy.
Buy-rated EnerNOC (Nasdaq: ENOC): With over 8,300MWs of capacity spread across 13,000 C&I sites, EnerNOC continues to solidify its leadership position in the growing demand response market. Visibility is very strong, with ~$1.6B in future contracted revenues (~90% to be recognized before May 2016)...International growth looks set to ramp...
Hold-rated ESCO Technologies (NYSE: ESE): The company’s diversity of end markets (Utility/Filtration/Test) and geographies helps to weather downturns, with international markets offering significant growth potential (Central/South America and Asia). SoCalGas remains on track for ramp-up in ’13, while demand response and distribution automation offer good longer-term growth opportunities, in our view.
Hold-rated Fuel Systems Solutions (Nasdaq: FSYS): A continued focus on growing OEM support\programs is evident, with relationships now established in all key geographies. The opportunity remains significant, with less than 3% penetration of LPG\CNG for the global market of 900M+ vehicles. Notably, the organic and acquisition strategy remains firmly intact.
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Analyst, John Quealy, said, "In sum, the Sustainability sector continues to offer compelling growth opportunities, even though the risk/reward for specific sub-sector and individual stocks varies significantly...Alternative Fuels remains a key area of focus, as investors await the deployment of natural gas refueling stations and the announcement of future OEM platform wins in H2/12. Smart Grid continues to show attractive value, as sentiment is troughed and earnings and cash flow resilience improves for certain names. Biofuels stays more variable near term, as high corn prices and regulatory uncertainty remain a headwind for that group."
For Buy-rated Ameresco (Nasdaq: AMRC): Contract conversion remains slower/extending, as backlog trends stay compressed into Q4 (~$100M of revenue gets deferred into 2013 given timing of construction season window). That said, Ameresco appears very well positioned longer term within the $5B energy services market.
Hold-rated Badger Meter (NYSE: BMI): Most noteworthy (our view), is a fresh look by management at international markets via solid state meter offerings. The strategy here appears to be more private label-like, with tentative agreements already in place. Badger is currently working on radio designs, with introduction likely sometime next year.
Hold-rated Echelon (Nasdaq: ELON): No surprise, near-term headwinds keep visibility low (with tough comps upcoming). That said, management continues to seed the market for expected pick-up H2\13 into 2014 as the pipeline remains healthy.
Buy-rated EnerNOC (Nasdaq: ENOC): With over 8,300MWs of capacity spread across 13,000 C&I sites, EnerNOC continues to solidify its leadership position in the growing demand response market. Visibility is very strong, with ~$1.6B in future contracted revenues (~90% to be recognized before May 2016)...International growth looks set to ramp...
Hold-rated ESCO Technologies (NYSE: ESE): The company’s diversity of end markets (Utility/Filtration/Test) and geographies helps to weather downturns, with international markets offering significant growth potential (Central/South America and Asia). SoCalGas remains on track for ramp-up in ’13, while demand response and distribution automation offer good longer-term growth opportunities, in our view.
Hold-rated Fuel Systems Solutions (Nasdaq: FSYS): A continued focus on growing OEM support\programs is evident, with relationships now established in all key geographies. The opportunity remains significant, with less than 3% penetration of LPG\CNG for the global market of 900M+ vehicles. Notably, the organic and acquisition strategy remains firmly intact.
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