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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)

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<li>During the week ended May 12, 2023, there were four increases (one in Energy Technology, and three in Industrial Climate and Ag Technology) 2022 revenue estimates.</li>
<li>There were four decreases in 2022 revenue estimates for three companies in Energy Technology, and one company in Advanced Transportation Solutions.</li>
<li>One company in Advanced Transportation Solutions and three companies in Industrial Climate and Ag Technology saw increases in 2022 EPS estimates, while two companies each in Energy Technology and Advanced Transportation Solutions saw decreases in 2022 EPS estimates.</li>
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During the week ended May 12, 2023, there were four increases (one in Energy Technology, and three in Industrial Climate and Ag Technology) 2022 revenue estimates.
There were four decreases in 2022 revenue estimates for three companies in Energy Technology, and one company in Advanced Transportation Solutions.
One company in Advanced Transportation Solutions and three companies in Industrial Climate and Ag Technology saw increases in 2022 EPS estimates, while two companies each in Energy Technology and Advanced Transportation Solutions saw decreases in 2022 EPS estimates.


Weekly Sustainable Investing Surveyor : Week Ended May 12, 2023

<ul><li>WTR Sustainable Index: During the week ended March 17, 2023, the WTR Sustainable Index underperformed the broader market, rising 1.2% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (down 2.6%), and the Nasdaq Composite Index (up 4.4%).</li><li>Advanced Transportation Solutions (69.3% of the index) drove the index performance, rising 3.3%, while Industrial Climate and Ag Technology (22.8% of the index) was down 2.0% and Energy Technology was down 5.8%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended March 17, 2023, the WTR Sustainable Index underperformed the broader market, rising 1.2% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (down 2.6%), and the Nasdaq Composite Index (up 4.4%).Advanced Transportation Solutions (69.3% of the index) drove the index performance, rising 3.3%, while Industrial Climate and Ag Technology (22.8% of the index) was down 2.0% and Energy Technology was down 5.8%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended March 17, 2023

<ul><li>WTR Sustainable Index: During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&amp;P 500 Index (up 1.9%), the Russell 2000 Index (up 2.0%), and the Nasdaq Composite Index (up 2.6%).</li><li>Energy Technology (8.5% of the index) drove the index performance, rising 4.4%, while Advanced Transportation Solutions (69.6% of the index) was up 1.2% and Industrial Climate and Ag Technology was up 3.4%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 18.3x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&amp;P 500 Index (up 1.9%), the Russell 2000 Index (up 2.0%), and the Nasdaq Composite Index (up 2.6%).Energy Technology (8.5% of the index) drove the index performance, rising 4.4%, while Advanced Transportation Solutions (69.6% of the index) was up 1.2% and Industrial Climate and Ag Technology was up 3.4%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 18.3x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended March 3, 2023

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was up 3.2% W/W versus the S&amp;P 500 Index (up 2.9%), the Russell 2000 Index (up 4.0%) and the Nasdaq Index (up 2.8%).</li><li>Energy Technology (13.7% of the index) was up 0.9%, while Industrial Climate and Ag Technology (47.2% of the index) was up 4.5%, ClimateTech Mining was up 2.2%, and Advanced Transportation Solutions (21.3% of index) was up 2.7%.</li><li>Top 10 Performers: AZRE, DCFC, FGPHF, IDEX, TMC, IONR, <span style="font-size: var(--content-font-size);">GWTI, LITM, CLIR, EOSE</span></li></ul>

The WTR Sustainable Index was up 3.2% W/W versus the S&amp;P 500 Index (up 2.9%), the Russell 2000 Index (up 4.0%) and the Nasdaq Index (up 2.8%).Energy Technology (13.7% of the index) was up 0.9%, while Industrial Climate and Ag Technology (47.2% of the index) was up 4.5%, ClimateTech Mining was up 2.2%, and Advanced Transportation Solutions (21.3% of index) was up 2.7%.Top 10 Performers: AZRE, DCFC, FGPHF, IDEX, TMC, IONR, GWTI, LITM, CLIR, EOSE

Sustainable Investing Surveyor - Focus on Montauk Renewables, Inc. (MNTK)

Pioneer Power Solutions  / Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 0.7% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (up 1.3%), and the Nasdaq Index (down 0.1%).</li><li>Energy Technology (14.2% of the index) was down by 2.7%, while Industrial Climate and Ag Technology (60.5% of the index) was down 0.4%, ClimateTech Mining was down 6.2%, and Advanced Transportation Solutions (19.7% of index) was down 0.2%.</li><li>Top 10 Performers: HLGN, OPTT, EOSE, ARVL, LTBR, NVVE, EGT, ENVX, FFIE, LICY</li></ul>

The WTR Sustainable Index was down 0.7% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (up 1.3%), and the Nasdaq Index (down 0.1%).Energy Technology (14.2% of the index) was down by 2.7%, while Industrial Climate and Ag Technology (60.5% of the index) was down 0.4%, ClimateTech Mining was down 6.2%, and Advanced Transportation Solutions (19.7% of index) was down 0.2%.Top 10 Performers: HLGN, OPTT, EOSE, ARVL, LTBR, NVVE, EGT, ENVX, FFIE, LICY

Sustainable Investing Surveyor - Focus on Pioneer Power Solutions, Inc. (PPSI) July 2, 2024

United States

Eos Energy Enterprises, Inc. provides energy storage solutions. The Company manufactures clean energy storage equipment for utility, industrial, and commercial customers. Eos Energy Enterprises operates worldwide.

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Eos Energy Enterprises Inc (EOSE US)

Weekly Sustainable Investing Surveyor : Week Ended May 12, 2023

During the week ended May 12, 2023, there were four increases (one in Energy Technology, and three in Industrial Climate and Ag Technology) 2022...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended March 17, 2023

Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended March 3, 2023

During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&P 500 Index...

Water Tower Research

Sustainable Investing Surveyor - Focus on Montauk Renewables, Inc. (MNTK)

The WTR Sustainable Index was up 3.2% W/W versus the S&P 500 Index (up 2.9%), the Russell 2000 Index (up 4.0%) and the Nasdaq Index (up 2.8%).

Water Tower Research

Sustainable Investing Surveyor - Focus on Pioneer Power Solutions, Inc. (PPSI) July 2, 2024

The WTR Sustainable Index was down 0.7% W/W versus the S&P 500 Index (down 0.1%), the Russell 2000 Index (up 1.3%), and the Nasdaq Index (down 0.1%).

Water Tower Research

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