基于强劲的营收增长和合理的PEG估值，Bloom Energy被低估，具有上行潜力。

So, Bloom just went positive. Look at that. Very interesting. So, Bloom's been on a little bit of a downtrend, but uh did just go positive on the day. It was uh I mean that's a quite a bit of a reversal. Let me see here because how much was it down? It was down at Wow. It was down at 185 this morning. I wonder if somebody got liquidated. 185. So 207 divided by 185. That's a 12% swing. That's crazy.

Nancy Pelosi buys Bloom Energy and Intel. And so we've got 1 to5 million in shares for Bloom Energy and then in the money calls at $100 one year about 15,000 shares of Bloom Energy. Wow. Okay. Let's see. Okay, let's take a look. So, 15,000 shares at 207. Now, that's $3.1 million of exposure to Bloom Energy.

Okay. So, Bloom Energy pulling that up. This is taking me a second here to get it. Okay, we got that. We got this. And then we can run evaluation on this puppy too. And then we'll come back. We still have to do like Google debt and stuff like that. Few little things on the table here to work on. Okay, here we go. So Bloom Energy their last quarterly was so she this purchase was done on July 24th. Oh, right during the Leo pulled. So, she bought the dip, did she? July 29th. Yeah. Yeah. Yeah. That's basically right where we are now. Right there. July 24. Right here. So, that was uh high on the day was 218. Low on the day was 183, which is very similar to what we just saw today with the low at 185. And then the high could end up going all the way up to 218. Very interesting. So now the Pelosi trackers got to buy in on the Pelosi uh positioning. Okay. So Bloom, their last quarterly was July 28th. Okay, let's go take a look. Bloom Energy Be 10 Q. Okay. So, okay. Here's the balance sheet and then here's the income statement. And there we go. That's where I want to start. Cash flow. The cash flow statement. All right. Big dollar hollas from their fuel cells. This is expected. Stock comp almost doubled 2x. Okay. So this is inventories. That's fine. Receivables. Okay. Nothing crazy here at first glance. What is this? Investments in unconsolidated affiliates. Subnote 11. What is that? Represents related party investments in unconsolidated affiliates. Okay. So C note 7. What is that? It's in unconsole. Let's go find out. It's note 7. Here it is. The company and Brookfield asset management entered into a joint venture which are housed in an AI infrastructure fund. Okay. AI infrastructure fund. AI fund. We account for each investment portfolio. So, $68 million exposure under the fund and the some additional commitments. I mean, $68 million relative to their income of a billion dollars. That's not that big of a deal. So this is the uh AI fund commitments about call it 227 90 million total exposure with commitments with leftover commitments. Okay, here I've got debt payoff of 11.8, but we're issuing stock. So paid off about 13 14 almost 14 billion in payoff. Uh but 23 billion in stock issued. So, we're issuing stock, which makes sense that you're issuing stock and you're issuing a lot more stock now in the the first six months of 2020 six probably because the stock was at basically highs. Yeah. I mean, you went from a 100 to, you know, now 200. The stock's doubled. Fantastic. Oh, good. Good on them. I don't see 12 million in purchases for Bloom Energy. The filing I have, I see 10,000 shares and 5,000 shares and call options. That's all I'm seeing right now. But either way, it is it's it's millions. So which is a a common theme right now is is energy exposure contract assets inventories plant property equipment. So we do have free cash flow still 222 mil of free cash flow in 6 months which is about 444 mil of free cash flow annualized which a market cap for them $60 billion market cap. So 60 divided by444 equals Okay, I did that wrong. Um 60,000 divided by 444 equals Oh, I guess I'm not doing that wrong. Oh, I know what I'm doing wrong. Duh. 044 divided by 60 equals There we go. Yeah. So less than 1% free cash flow yield lower than uh Palunteer. It's pretty low especially since you know some software companies will have a cash flow yield is like 7 to 13% right now. Okay. So balance sheet is right here. I've got they've raised some nice money man. 2.67 67 billion in cash. Restricted. I care less about those. Here are my bills. I've got deferreds are 327. So, let's add this back in. Okay. 1123 minus 327 about call it 800. 800 mil bills. And if I go over here, I got recourse stat of 2.4. four long 2.4 bill long plus MISK. Okay, so I've got enough cash, plenty of cash to pay my bills. That's why they raised money is because they still have that long-term debt. And you know, now they've got plenty of liquidity to pay their bills. How much did they raise? They raised Oh, they only raised $23 million here. So, it's actually a relatively small set of issuance. It's not that big of a deal. They've got plenty of cash. Okay. So, here's uh let's see here. Looks like Tesla's giving up to a $10,000 tax deduction. Oh, really? I want to finish this analysis, but I want to look at that really quick. Uh let's see here. I am noticing more people using my affiliate link to buy uh the cars. Uh what was it? It's meet Kevin.comtesla. I'm pretty sure that's what it is. Meet Kevin.com because there was a while there where Oh, no, it's not that. Oh, I wonder what happened to it. Oh, I gotta figure it out. It's not that one then. Oh, met kevin.comtesla. Duh. met Kevin.comtesla. Uh, but yeah, they brought it back, which is cool. order with the referral code and then you get I guess now they're only doing they're doing $400 off solar panels and power walls and three months of FSD. I mean it's better than like the one month but referral applied. Oh, that's cool. Okay, so let's see here. If I look at where where did you see this cash? We were looking at the all-wheel drive, right? Oh, that's there are various different all-wheel drive models. Subscription. Where's this $10,000? Show pricing details. Yeah, I guess I don't see that. It's under finance only. Oh, financing credit. Huh. Let me see. So that's really like an interest buy down, huh? Destination fee, order fee. I don't see it here either. Maybe you got some special tax credits in your state. Anyway, let's go back to Bloom here. Okay, so revenue for the company is more than doubled, right? So hop in here. This is we're up divided by 401. We're up 2.65 X on revenue. Cost of revenue is 7097 / 294 2.4x. So um some pricing power there, right? like the the revenue is accelerating faster but not much faster. Product costs went up actually that's negative PP right there. Ooh 2.99x on product costs up. So really service stabilized installation went up divided by 38.2. Oh no installation's only up 33 38%. and service is up a fraction as well, 14%. Uh, so product basically what's happening here is they're able to sell it for a higher price, but the costs are also higher. So they're able to sell for higher prices, but costs are higher at a higher rate than uh price increases. Uh and um install/service not growing as fast makes uh uh gross margin uh look like it's improving because you know obviously the cost of installing those aren't skyrocketing. The labor stays pretty similar. GNA I mean this is fine. 173 divided by 110 more marketing everything. This is fine. and 57% here uh suggest pricing power as well. So that's pretty good. Yeah. Uh let's look at the forecast on on the valuation for them just to see what the suits are forecasting and then we can actually jump in on uh what we think this company's worth. So let's see here. Loom funies. Okay, here we go. So, EPS projected end of 2026 is 255. Forward growth four years is 8475. That's phenomenal. Uh plus 5829 plus 2897 + 253 equals divided by 4 equals I mean projecting 49% growth obviously tapering off to about 25. So call it 50% growth on four years projected tapering to 25%. So if I now uh let's see here margins gross profit their margins are still in like the 35% range. It's very good uh even though they're a manufacturer. So, let's say you could go with like a I don't know, just go with like a 24 maybe. Maybe maybe not that high. Maybe like a 22 peg. That could be interesting. So, let's see what this puppy's worth. Um, if I go with 2.55* 2.4 4 uh times 50 I get to about 306 which is pretty good suggests upside

Okay, here we go. So Bloom Energy their last quarterly was so she this purchase was done on July 24th. Oh, right during the Leo pulled. So, she bought the dip, did she? July 29th. Yeah. Yeah. Yeah. That's basically right where we are now. Right there. July 24. Right here. So, that was uh high on the day was 218. Low on the day was 183, which is very similar to what we just saw today with the low at 185. And then the high could end up going all the way up to 218. Very interesting. So now the Pelosi trackers got to buy in on the Pelosi uh positioning.

Okay. So Bloom, their last quarterly was July 28th. Okay, let's go take a look. Bloom Energy Be 10 Q. Okay. So, okay. Here's the balance sheet and then here's the income statement. And there we go. That's where I want to start. Cash flow. The cash flow statement. All right. Big dollar hollas from their fuel cells. This is expected. Stock comp almost doubled 2x. Okay. So this is inventories. That's fine. Receivables. Okay. Nothing crazy here at first glance. What is this? Investments in unconsolidated affiliates. Subnote 11. What is that? Represents related party investments in unconsolidated affiliates. Okay. So C note 7. What is that? It's in unconsole. Let's go find out. It's note 7. Here it is. The company and Brookfield asset management entered into a joint venture which are housed in an AI infrastructure fund. Okay. AI infrastructure fund. AI fund. We account for each investment portfolio. So, $68 million exposure under the fund and the some additional commitments. I mean, $68 million relative to their income of a billion dollars. That's not that big of a deal. So this is the uh AI fund commitments about call it 227 90 million total exposure with commitments with leftover commitments.

Okay, here I've got debt payoff of 11.8, but we're issuing stock. So paid off about 13 14 almost 14 billion in payoff. Uh but 23 billion in stock issued. So, we're issuing stock, which makes sense that you're issuing stock and you're issuing a lot more stock now in the the first six months of 2020 six probably because the stock was at basically highs. Yeah. I mean, you went from a 100 to, you know, now 200. The stock's doubled. Fantastic. Oh, good. Good on them.

I don't see 12 million in purchases for Bloom Energy. The filing I have, I see 10,000 shares and 5,000 shares and call options. That's all I'm seeing right now. But either way, it is it's it's millions.

So which is a a common theme right now is is energy exposure contract assets inventories plant property equipment. So we do have free cash flow still 222 mil of free cash flow in 6 months which is about 444 mil of free cash flow annualized which a market cap for them $60 billion market cap. So 60 divided by444 equals Okay, I did that wrong. Um 60,000 divided by 444 equals Oh, I guess I'm not doing that wrong. Oh, I know what I'm doing wrong. Duh. 044 divided by 60 equals There we go. Yeah. So less than 1% free cash flow yield lower than uh Palunteer. It's pretty low especially since you know some software companies will have a cash flow yield is like 7 to 13% right now.

Okay. So balance sheet is right here. I've got they've raised some nice money man. 2.67 67 billion in cash. Restricted. I care less about those. Here are my bills. I've got deferreds are 327. So, let's add this back in. Okay. 1123 minus 327 about call it 800. 800 mil bills. And if I go over here, I got recourse stat of 2.4. four long 2.4 bill long plus MISK. Okay, so I've got enough cash, plenty of cash to pay my bills. That's why they raised money is because they still have that long-term debt. And you know, now they've got plenty of liquidity to pay their bills. How much did they raise? They raised Oh, they only raised $23 million here. So, it's actually a relatively small set of issuance. It's not that big of a deal. They've got plenty of cash.

Okay, so revenue for the company is more than doubled, right? So hop in here. This is we're up divided by 401. We're up 2.65 X on revenue. Cost of revenue is 7097 / 294 2.4x. So um some pricing power there, right? like the the revenue is accelerating faster but not much faster. Product costs went up actually that's negative PP right there. Ooh 2.99x on product costs up. So really service stabilized installation went up divided by 38.2. Oh no installation's only up 33 38%. and service is up a fraction as well, 14%. Uh, so product basically what's happening here is they're able to sell it for a higher price, but the costs are also higher. So they're able to sell for higher prices, but costs are higher at a higher rate than uh price increases. Uh and um install/service not growing as fast makes uh uh gross margin uh look like it's improving because you know obviously the cost of installing those aren't skyrocketing. The labor stays pretty similar. GNA I mean this is fine. 173 divided by 110 more marketing everything. This is fine. and 57% here uh suggest pricing power as well. So that's pretty good. Yeah. Uh let's look at the forecast on on the valuation for them just to see what the suits are forecasting and then we can actually jump in on uh what we think this company's worth. So let's see here. Loom funies. Okay, here we go. So, EPS projected end of 2026 is 255. Forward growth four years is 8475. That's phenomenal. Uh plus 5829 plus 2897 + 253 equals divided by 4 equals I mean projecting 49% growth obviously tapering off to about 25. So call it 50% growth on four years projected tapering to 25%. So if I now uh let's see here margins gross profit their margins are still in like the 35% range. It's very good uh even though they're a manufacturer. So, let's say you could go with like a I don't know, just go with like a 24 maybe. Maybe maybe not that high. Maybe like a 22 peg. That could be interesting. So, let's see what this puppy's worth. Um, if I go with 2.55* 2.4 4 uh times 50 I get to about 306 which is pretty good suggests upside