Great quarter and the thesis clearly strengthened. Great analysis. My own model is a bit more conservative, especially on long-term $/MW pricing, asset-light margins and the pace at which contracted power converts into active capacity.
I also prefer to anchor the 2030 valuation more on EBIT and free cash flow, rather than EBITDA, given how important depreciation and financing costs are for this business.
Great quarter and the thesis clearly strengthened. Great analysis. My own model is a bit more conservative, especially on long-term $/MW pricing, asset-light margins and the pace at which contracted power converts into active capacity.
I also prefer to anchor the 2030 valuation more on EBIT and free cash flow, rather than EBITDA, given how important depreciation and financing costs are for this business.
Thanks.
FCF is difficult to estimate, though for such a business, especially at this stage of ramping.