Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul>
<li>WTR Sustainable Index: During the week ended April 7, 2023, the WTR Sustainable Index underperformed the broader market, falling 9.0% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (down 2.7%), and the Nasdaq Composite Index (down 1.1%).</li>
<li>Advanced Transportation Solutions (70.0% of the index) contributed to the index underperformance, falling 10.4%, while Industrial Climate and Ag Technology (22.3% of the index) was down 4.5% and Energy Technology was down 8.9%.</li>
<li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.6x versus 18.8x for the S&amp;P 500.</li>
</ul>


WTR Sustainable Index: During the week ended April 7, 2023, the WTR Sustainable Index underperformed the broader market, falling 9.0% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (down 2.7%), and the Nasdaq Composite Index (down 1.1%).
Advanced Transportation Solutions (70.0% of the index) contributed to the index underperformance, falling 10.4%, while Industrial Climate and Ag Technology (22.3% of the index) was down 4.5% and Energy Technology was down 8.9%.
Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.6x versus 18.8x for the S&amp;P 500.


Weekly Sustainable Investing Surveyor : Week Ended April 7, 2023

<ul><li>The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&amp;P 500 Index (down 2.7%), the Russell 2000 Index (down 2.9%), and the Nasdaq Composite Index (down 3.3%).</li><li>Advanced Transportation Solutions (70.2% of the index) drove the underperformance, falling 6.0% , while Energy Technology (8.3% of index) was down 5.4% and Industrial Climate and Ag Technology was down 1.9%.</li><li>Top 10 Performers: NNOMF, LMRMF, VMC.V, APPH, FIX, AROC, LOOP, KTOS, CUBXF, TPIC</li></ul>

The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&amp;P 500 Index (down 2.7%), the Russell 2000 Index (down 2.9%), and the Nasdaq Composite Index (down 3.3%).Advanced Transportation Solutions (70.2% of the index) drove the underperformance, falling 6.0% , while Energy Technology (8.3% of index) was down 5.4% and Industrial Climate and Ag Technology was down 1.9%.Top 10 Performers: NNOMF, LMRMF, VMC.V, APPH, FIX, AROC, LOOP, KTOS, CUBXF, TPIC

Weekly Sustainable Investing Surveyor: Week Ended February 24, 2023

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 3.4% W/W versus the S&amp;P 500 Index (down 2.1%), the Russell 2000 Index (down 6.7%), and the Nasdaq Index (down 3.1%).</li><li>Energy Technology (14% of the index) was down 8.8%, while Industrial Climate and Ag Technology (45.5% of the index) was down 4.1%, ClimateTech Mining was up 2.7%, and Advanced Transportation Solutions (20.7% of index) was down 3.5%.</li><li>Top 10 Performers: GIP, COMM, WAVE, GRB, CPTN, GCEI, IDEX, PEV, RIDE, NFI</li></ul>

The WTR Sustainable Index was down 3.4% W/W versus the S&amp;P 500 Index (down 2.1%), the Russell 2000 Index (down 6.7%), and the Nasdaq Index (down 3.1%).Energy Technology (14% of the index) was down 8.8%, while Industrial Climate and Ag Technology (45.5% of the index) was down 4.1%, ClimateTech Mining was up 2.7%, and Advanced Transportation Solutions (20.7% of index) was down 3.5%.Top 10 Performers: GIP, COMM, WAVE, GRB, CPTN, GCEI, IDEX, PEV, RIDE, NFI

Sustainable Investing Surveyor - Focus on Canoo, Inc. (GOEV)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, has launched an IPO to raise up to US$368 million.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:117508" rel="noopener">ZEEKR IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:117721" rel="noopener">ZEEKR IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/zeekr-ipo-latest-updates-as-the-ipo-process-restarts" target="_blank" data-smartkarma-citation="insights:136469" rel="noopener">ZEEKR IPO: Latest Updates as the IPO Process Restarts</a>. </li>
<li>The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. </li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has launched an IPO to raise up to US$368 million.  
We previously discussed the IPO in ZEEKR IPO: The Bull Case, ZEEKR IPO: The Bear Case and ZEEKR IPO: Latest Updates as the IPO Process Restarts. 
The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. 


SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Cactus Acquisition Corp 1 Ltd / Equity Bottom-Up

<ul><li>This last week was packed with deals, amendments, and merger breakups.</li><li>A SPAC is set to merge with an electric utility firm, and a blank-cheque firm is taking a critical metals supply chain-focused firm.</li><li>Also, Sam Altman’s SPAC surges as it nears a deal, and a SPAC terminates a merger with a hydrogen energy firm. Read on to find out the latest about all things SPACs. </li></ul>

This last week was packed with deals, amendments, and merger breakups.A SPAC is set to merge with an electric utility firm, and a blank-cheque firm is taking a critical metals supply chain-focused firm.Also, Sam Altman’s SPAC surges as it nears a deal, and a SPAC terminates a merger with a hydrogen energy firm. Read on to find out the latest about all things SPACs. 

United States

Canoo Inc. operates as an electric vehicle company. The Company specializes in cars, mini buses, and commercial vehicles for rental and sharing services. Canoo serves customers in the United States.

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Canoo Inc (GOEV US)

Weekly Sustainable Investing Surveyor : Week Ended April 7, 2023

During the week ended April 7, 2023, the WTR Sustainable Index underperformed the broader market, falling 9.0% W/W versus the S&P 500 Index (down...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended February 24, 2023

The WTR Sustainable Index underperformed the broader market, falling 4.9% W/W versus the S&P 500 Index (down 2.7%), the Russell 2000 Index...

Water Tower Research

Sustainable Investing Surveyor - Focus on Canoo, Inc. (GOEV)

The WTR Sustainable Index was down 3.4% W/W versus the S&P 500 Index (down 2.1%), the Russell 2000 Index (down 6.7%), and the Nasdaq Index (down...

Water Tower Research

ZEEKR (ZK US) IPO: Valuation Insights

The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO.

Arun George

Electrifying the Fleet

A SPAC is set to merge with an electric utility firm, and a blank-cheque firm is taking a critical metals supply chain-focused firm.

subSPAC

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