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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.

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<div><div><div><ul style="list-style-type: disc;"><li><p>WTR Sustainable Index: During the week ended July 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.6% W/W versus the S&amp;P 500 Index (up 2.4%), the Russell 2000 Index (up 3.6%), and the Nasdaq Composite Index (up 3.3%). Advanced Transportation Solutions (75.1% of the index) has contributed to the index’s outperformance, rising 2.5%, while Energy Technology (6.7% of the index) was up 6.1% and Industrial Climate and Ag Technology was up 2.0%.</p></li><li><p>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.8x versus 21.0x for the S&amp;P 500.</p></li><li><p>Consensus estimates changes: During the week ended July 14, 2023, there were three increases (two in Advanced Transportation Solutions and one in Industrial Climate and Ag Technology) 2022 revenue estimates. </p></li></ul></div></div></div>

WTR Sustainable Index: During the week ended July 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.6% W/W versus the S&amp;P 500 Index (up 2.4%), the Russell 2000 Index (up 3.6%), and the Nasdaq Composite Index (up 3.3%). Advanced Transportation Solutions (75.1% of the index) has contributed to the index’s outperformance, rising 2.5%, while Energy Technology (6.7% of the index) was up 6.1% and Industrial Climate and Ag Technology was up 2.0%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.8x versus 21.0x for the S&amp;P 500.Consensus estimates changes: During the week ended July 14, 2023, there were three increases (two in Advanced Transportation Solutions and one in Industrial Climate and Ag Technology) 2022 revenue estimates. 

Industry Report Climatetech & Sustainable Investing

<ul><li>The WTR Sustainable Index underperformed the broader market, falling 2.2% W/W versus the S&amp;P 500 Index (down 1.4%) and the Nasdaq Composite Index (down 1.4%), but outperformed the Russell 2000 Index (down 2.9%).</li><li>Advanced Transportation Solutions (74.4% of the index) contributed to the index’s underperformance, falling 2.2%, while Energy Technology (6.5% of the index) was down 5.9% and Industrial Climate and Ag Technology was down 1.1%. </li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.5x versus 20.3x for the S&amp;P 500.</li></ul>

The WTR Sustainable Index underperformed the broader market, falling 2.2% W/W versus the S&amp;P 500 Index (down 1.4%) and the Nasdaq Composite Index (down 1.4%), but outperformed the Russell 2000 Index (down 2.9%).Advanced Transportation Solutions (74.4% of the index) contributed to the index’s underperformance, falling 2.2%, while Energy Technology (6.5% of the index) was down 5.9% and Industrial Climate and Ag Technology was down 1.1%. Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.5x versus 20.3x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor Week Ended June 23, 2023

<ul><li>During the week ended June 16, 2023, the WTR Sustainable Index outperformed the broader market, rising 5.9% W/W versus the S&amp;P 500 Index (up 2.6%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 3.2%).</li><li>Advanced Transportation Solutions (74.4% of the index) drove the index’s performance, rising 7.0%, while Energy Technology (6.8% of the index) was up 5.3% and Industrial Climate and Ag Technology was up 2.0%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&amp;P 500.</li></ul>

During the week ended June 16, 2023, the WTR Sustainable Index outperformed the broader market, rising 5.9% W/W versus the S&amp;P 500 Index (up 2.6%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 3.2%).Advanced Transportation Solutions (74.4% of the index) drove the index’s performance, rising 7.0%, while Energy Technology (6.8% of the index) was up 5.3% and Industrial Climate and Ag Technology was up 2.0%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor : Week Ended June 16, 2023

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<li>WTR Sustainable Index: During the week ended June 9, 2023, the WTR Sustainable Index outperformed the broader market, rising 9.7% W/W versus the S&amp;P 500 Index (up 0.4%), the Russell 2000 Index (up 1.9%), and the Nasdaq Composite Index (up 0.1%).</li>
<li>Advanced Transportation Solutions (73.6% of the index) drove the index’s performance, rising 12.8%, while Energy Technology (6.8% of the index) was up 2.1% and Industrial Climate and Ag Technology was up 2.5%.</li>
<li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 20.0x for the S&amp;P 500.</li>
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WTR Sustainable Index: During the week ended June 9, 2023, the WTR Sustainable Index outperformed the broader market, rising 9.7% W/W versus the S&amp;P 500 Index (up 0.4%), the Russell 2000 Index (up 1.9%), and the Nasdaq Composite Index (up 0.1%).
Advanced Transportation Solutions (73.6% of the index) drove the index’s performance, rising 12.8%, while Energy Technology (6.8% of the index) was up 2.1% and Industrial Climate and Ag Technology was up 2.5%.
Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 20.0x for the S&amp;P 500.


Weekly Sustainable Investing Surveyor : Week Ended June 9, 2023

<ul><li>WTR Sustainable Index: During the week ended April 21, 2023, the WTR Sustainable Index underperformed the broader market, falling 7.3% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (up 0.6%), and the Nasdaq Composite Index (down 0.4%). Advanced Transportation Solutions (67.2% of the index) contributed to the index underperformance, falling 10.2%, while Energy Technology (8.3% of the index) was down 4.4% and Industrial Climate and Ag Technology was up 0.5%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 27.6x versus 18.9x for the S&amp;P 500.</li><li>Consensus estimates changes: During the week ended April 21, 2023, there were four increases (three in Energy Technology, and one in Industrial Climate and Ag Technology) 2022 revenue estimates.</li></ul>

WTR Sustainable Index: During the week ended April 21, 2023, the WTR Sustainable Index underperformed the broader market, falling 7.3% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (up 0.6%), and the Nasdaq Composite Index (down 0.4%). Advanced Transportation Solutions (67.2% of the index) contributed to the index underperformance, falling 10.2%, while Energy Technology (8.3% of the index) was down 4.4% and Industrial Climate and Ag Technology was up 0.5%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 27.6x versus 18.9x for the S&amp;P 500.Consensus estimates changes: During the week ended April 21, 2023, there were four increases (three in Energy Technology, and one in Industrial Climate and Ag Technology) 2022 revenue estimates.

Weekly Sustainable Investing Surveyor : Week Ended April 21, 2023

United States

Nikola Corporation operates as a zero-emissions transportation and infrastructure solution provider. The Company is a designer and manufacturer of battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure.

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Nikola Corp (NKLA US)

Industry Report Climatetech & Sustainable Investing

Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.8x versus 21.0x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor Week Ended June 23, 2023

The WTR Sustainable Index underperformed the broader market, falling 2.2% W/W versus the S&P 500 Index (down 1.4%) and the Nasdaq Composite Index...

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended June 16, 2023

Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended June 9, 2023

Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 20.0x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended April 21, 2023

During the week ended April 21, 2023, the WTR Sustainable Index underperformed the broader market, falling 7.3% W/W versus the S&P 500 Index (down...

Water Tower Research

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