桑诺瓦能源国际公司（NOVA）停止覆盖

USA | Clean EnergySunnova Dropping Coverage We are dropping coverage of NOVA following the company's recent Chapter 11bankruptcy filing effective immediately. Recent developments:On Sunday Sunnova announced it had filed for Chapter 11 bankruptcy,entering into agreements with Atlas SP Partners and Lennar Homes to sell certain assets to eachcompany. Our last published rating was Hold with a price target of $2.00. Julien Dumoulin-Smith * | Equity Analyst+1 (281) 774-2066 | jds@jefferies.com Paul Zimbardo * | Equity Analyst+1 (212) 778-8497 | pzimbardo@jefferies.com Dushyant Ailani, CFA * | Equity Analyst1 (212) 778-8318 | dailani@jefferies.com Hannah Velasquez * | Equity Associate+1 (347) 982-6038 | hvelasquez@jefferies.com Whitney Mutalemwa * | Equity Associate+1 (212) 707-6413 | wmutalemwa@jefferies.com Qudrat Qureshi * | Equity Associate(646) 530-5925 | qqureshi@jefferies.com Brian Russo, CFA * | Equity Analyst+1 (212) 778-8559 | brusso@jefferies.com Jamieson Ward, CFA * | Equity Analyst+1 (281) 774-2081 | jamieson.ward@jefferies.com Tanner James, CFA * | Equity Analyst+1 (212) 788-8667 | tjames@jefferies.com Ethan Corcoran * | Equity Associate+1 (212) 284-2462 | ecorcoran@jefferies.com Spark Li * | Equity Associate+1 (713) 308-4573 (office) | sli8@jefferies.com Company Description Sunnova Sunnova Energy International Inc. provides renewable energy solutions. The Company offers solar systems and battery storage units, as well asmaintenance, monitoring, and management services. Sunnova Energy International serves customers in the United States and Northern MarianaIslands. Company Valuation/Risks Sunnova Our valuation is based on a Sum of the Parts approach in which we value the existing business (lease/PPA + loans), future business "DevCo" (lease/PPA+ loans) and the other businesses, less corporate overhang via a discounted cash flow analysis.Downside risks: (-)Political risks;(-)interest rates;(-)refinancing risk;(-)lack of recovery in solar.Upside risks:(+)Refinancing/addressing 2026 maturites such that higher level of interest expense ismanageable;(+)IRA policies intact;(+)full rebound in resi solar market;(+)cost reductions and positive cash generation even after servicing debt/interest expense Analyst Certification: I, Julien Dumoulin-Smith, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Paul Zimbardo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Dushyant Ailani, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Hannah Velasquez, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Whitney Mutalemwa, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Qudrat Qureshi, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Brian Russo, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Jamieson Ward, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation