Financial Performance - Second quarter 2024 revenues reached $52.5 million, a 13% increase compared to $46.5 million in the same period of 2023[4] - GAAP net income for the second quarter 2024 was $33.1 million, significantly up from $3.4 million in the second quarter of 2023[4] - Adjusted EBITDA for the second quarter 2024 was $31.2 million, reflecting a 2% increase from $30.6 million in the same quarter of 2023[5] - Operating revenues for the three months ended June 30, 2024, increased to $52,460 million, up 12.6% from $46,513 million in the same period of 2023[26] - Net income attributable to Altus Power, Inc. for the six months ended June 30, 2024, was $45,154 million, a significant increase from $12,442 million in the same period of 2023[26] - Net income for the three months ended June 2024 was $33,149 thousand, a significant increase from $3,370 thousand in the same period of 2023[32] - Adjusted EBITDA for the six months ended June 2024 reached $50,868 thousand, compared to $46,681 thousand for the same period in 2023, reflecting a year-over-year growth of 4.0%[32] - Adjusted EBITDA margin for the three months ended June 2024 was 59%, down from 66% in the same period of 2023[33] - Operating revenues for the three months ended June 2024 were $52,460 thousand, an increase from $46,513 thousand in the same period of 2023, representing a growth of 12.6%[33] Guidance and Projections - The company revised its FY2024 revenue guidance to a range of $196-201 million and adjusted EBITDA guidance to $111-115 million[6] - Altus Power reaffirmed its three-year guidance of 20-30% CAGR on megawatts and 20-25% CAGR on revenue and adjusted EBITDA[6] Portfolio and Operations - The company's portfolio size increased by 42% compared to the second quarter of 2023[2] - Altus Power generated 364 million kilowatt hours of clean electric power, avoiding approximately 254,000 metric tons of carbon dioxide annually[2] - The increase in revenues was primarily due to a greater number of solar energy facilities placed in service over the past twelve months[4] - The company is the number one owner of commercial-scale solar with a portfolio nearing 1 gigawatt in size[2] Assets and Liabilities - Total current assets decreased to $119,941 million as of June 30, 2024, compared to $228,797 million as of December 31, 2023[28] - Cash and cash equivalents decreased to $78,379 million as of June 30, 2024, down from $160,817 million as of December 31, 2023[28] - Total liabilities increased slightly to $1,568,700 million as of June 30, 2024, from $1,565,338 million as of December 31, 2023[28] - Total stockholders' equity increased to $540,356 million as of June 30, 2024, from $498,967 million as of December 31, 2023[28] Cash Flow and Expenses - Net cash used for operating activities for the six months ended June 30, 2024, was $(1,078) million, compared to $25,491 million in the same period of 2023[29] - Capital expenditures for the six months ended June 30, 2024, were $(40,497) million, compared to $(61,982) million in the same period of 2023[29] - Proceeds from the issuance of long-term debt for the six months ended June 30, 2024, were $131,895 million, compared to $269,850 million in the same period of 2023[29] - Cash paid for interest for the six months ended June 30, 2024, was $28,387 million, up from $15,299 million in the same period of 2023[30] Expenses and Other Financial Metrics - Interest expense for the three months ended June 2024 was $17,865 thousand, compared to $8,524 thousand in the same period of 2023, indicating a rise of 109.5%[32] - The company reported a tax benefit of $(21,039) thousand for the three months ended June 2024, compared to an expense of $1,129 thousand in the same period of 2023[32] - Depreciation, amortization, and accretion expense for the three months ended June 2024 was $17,166 thousand, up from $12,959 thousand in the same period of 2023, marking a 32.5% increase[32] - Stock-based compensation expense for the three months ended June 2024 was $(4,227) thousand, compared to $4,256 thousand in the same period of 2023, reflecting a significant change in expense recognition[32] - The company incurred CEO transition costs of $2,203 thousand during the three months ended June 2024[32] - The change in fair value of Alignment Shares liability was $(11,881) thousand for the three months ended June 2024, compared to $(2,805) thousand in the same period of 2023, indicating a substantial increase in liability[32] Non-Cash Gains - The significant increase in GAAP net income was driven by a non-cash gain from the remeasurement of alignment shares[4]

Core Insights - Edly, Inc. has appointed Lars Norell as Executive Chairman to enhance leadership as the company expands its funding solutions for students and college athletes [1][2] - Norell brings over 30 years of experience in capital markets and asset origination, having previously co-founded Altus Power and served in executive roles at major financial institutions [2][3] - Edly is recognized for its investor-friendly approach and innovative funding solutions, including outcomes-based lending and a new Name, Image and Likeness (NIL) funding solution for student-athletes [4] Company Overview - Edly is a fintech platform that facilitates funding solutions for students and college athletes, aiming to reshape education financing [4] - The company pioneered outcomes-based lending for private student loans, aligning interests among students, schools, and investors [4] - Edly's NILLY funding solution, co-founded by NBA champion Kendrick Perkins, has gained significant attention and provided funding for multiple athletes [4] Leadership and Growth - Lars Norell's appointment is seen as timely to leverage his extensive experience in scaling businesses and navigating capital markets [2][3] - Norell has been involved with Edly since its inception in 2019 as a non-executive director and early investor through Start Capital [2] - The company aims to capture a greater market share with its current growth in asset flow and strong team [3]

Core Insights - The article discusses the potential of "millionaire-maker penny stocks" while emphasizing the inherent risks associated with investing in them [1] Group 1: Accuray Inc. (ARAY) - Accuray reported a loss of $6.3 million, or six cents per share, compared to a profit of one cent per share a year ago, which was wider than analyst expectations [2] - Revenue fell 14.3% year over year to $101.1 million, missing the forecast of $113.65 million [2] - Despite the losses, gross orders increased by 21% to $89.1 million, improving the book-to-bill ratio from 1.2 to 1.8 [2] - Board Chair Joseph Whitters purchased 100,000 shares at $1.56 each, totaling approximately $156,050 [2] - The stock showed strong support around $1.50 and was last traded at $1.85, with a target to refill the gap at around $2.10 [2] Group 2: BigBear.ai (BBAI) - BigBear.ai's stock price declined from a high of about $4.75 in March to a low of $1.40 [4] - The company reported a 21.4% drop in revenue to $33.1 million, with losses tripling to 67 cents per share, exceeding forecasts of a six-cent loss [4] - The acquisition of Pangiam, which specializes in facial recognition, is expected to broaden BBAI's client base beyond government sectors [4] - Director Pamela Braden bought 140,939 shares at $1.49 each, totaling about $210,000 [4] - The stock may have potential for recovery given the negativity priced in and the expansion of client reach [4] Group 3: Altus Power (AMPS) - Altus Power, a clean electrification company, last traded at $4.40 and is beginning to break out from consolidation [5] - The company reported a 38% year-over-year revenue increase to $40.7 million, with adjusted EPS of five cents, up 66.7% year over year [5] - CEO Gregg Felton purchased 33,285 shares at an average price of $4 each, totaling about $133,140, following previous purchases in late May and March [5] - The stock is expected to refill its bearish gap at around $6 [5]

Core Insights - Solar energy companies are facing significant challenges due to volatile non-renewable energy prices and elevated interest rates, leading to a decline in solar stock performance [1] - The Global X Solar ETF (RAYS) has dropped over 40% in the past year and 54% over the last five years, indicating a tough market for solar stocks [1] Company Summaries Sunnova Energy International (NOVA) - Sunnova operates a fleet of residential solar panels across more than 438,000 customers in all 50 states, offering a holistic energy management platform [2] - The company experienced triple-digit growth in 2022 due to rising energy prices, but sales growth has declined in Q4 2023 and Q1 2024, reflecting a lack of demand [3] - NOVA shares have fallen over 70% year-to-date, with potential for further decline if market pressures continue [3] JinkoSolar (JKS) - JinkoSolar designs and develops photovoltaic products but does not manufacture solar panels directly, maintaining a comprehensive product portfolio [4] - The company saw strong growth in 2022, but growth has slowed in 2023, with solid double-digit sales growth reported [5] - JinkoSolar's share price has decreased over 30% year-to-date, influenced by geopolitical tensions, particularly between the U.S. and China [5] Altus Power (AMPS) - Altus Power specializes in solar energy generation and energy storage systems, continuing to show solid double-digit sales growth despite macroeconomic challenges [6] - In Q1 2024, Altus reported a 38% year-over-year revenue increase and a 23% rise in adjusted EBITDA to $19.7 million [6] - Despite positive financial results, AMPS shares have fallen nearly 39% since the start of the year, with inflation concerns impacting future performance [6]

Financial Data and Key Metrics Changes - In Q1 2024, the company generated revenues of $40.7 million, a 38% increase from $29.4 million in Q1 2023, driven by portfolio growth and increased sales of clean electricity [20] - Adjusted EBITDA for Q1 2024 was $19.7 million, up 23% from $16 million in Q1 2023 [20] - GAAP net income for the quarter was $4.1 million, compared to $3.8 million in the same quarter last year [20] Business Line Data and Key Metrics Changes - The company generated 210 million kilowatt hours of clean electricity from its portfolio, primarily from 896 megawatts in place at the start of the year [13] - The portfolio is now approaching 1 gigawatt in size, with an expected addition of approximately $13 million to annual recurring revenue (ARR) from the recent acquisition of 84 megawatts from Vitol [14] - The company serves over 24,000 community solar customers, an increase of 4,000 during the first quarter [14] Market Data and Key Metrics Changes - New York remains the largest market for the company, with 205 megawatts of operating assets [22] - The company anticipates that higher retail power prices will accelerate demand for commercial scale solar projects, benefiting its existing portfolio [12] Company Strategy and Development Direction - The company aims to build long-term shareholder value, establish strong customer relationships, and acquire assets that strategically expand its market position [9] - The management is focused on improving the execution of its development pipeline, which has been slower than anticipated due to negotiation and contracting challenges [15][16] - The company is positioned to capitalize on the growing demand for electricity driven by trends such as artificial intelligence and electric vehicles [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the annual guidance for revenue and adjusted EBITDA for 2024, reaffirming a revenue range of $200 million to $222 million and adjusted EBITDA of $115 million to $135 million [22] - The management highlighted the importance of community solar programs in driving overall solar power adoption and the need for education in the market [43] Other Important Information - The company ended Q1 2024 with a cash balance of $204 million and successfully executed a $101 million draw from its Blackstone facility at a fixed rate of 6.45% [25] - The company is preparing for its inaugural Investor Day, where it will provide further insights into its growth strategy and market position [28] Q&A Session Summary Question: What are the key hurdles in programmatic deals? - Management noted that the sales cycle has proven longer than anticipated, with various factors affecting the pace of transactions [32] Question: What is the current landscape for operating portfolio acquisitions? - Management indicated that there is a robust opportunity in the market, with healthy returns available, and consolidation is occurring [35] Question: What is embedded in the guidance from a new build perspective? - Management stated that the existing operating portfolio will contribute significantly to full-year earnings, with an ARR of $196 million [37] Question: What is the status of assets under construction? - Management confirmed significant client activity but acknowledged delays in development timetables, which will be evaluated in the ongoing review [39] Question: How is the community solar opportunity expanding? - Management highlighted that many states are making opportunities available for community solar, and there is a need for education in the market [43]

Core Insights - Altus Power, Inc. reported a quarterly loss of $0.08 per share, matching the Zacks Consensus Estimate, compared to a loss of $0.05 per share a year ago [1] - The company generated revenues of $40.66 million for the quarter ended March 2024, exceeding the Zacks Consensus Estimate by 3.90% and up from $29.38 million year-over-year [1] - Altus Power's stock has declined approximately 34.4% year-to-date, contrasting with the S&P 500's gain of 8.8% [2] Financial Performance - The company has not surpassed consensus EPS estimates over the last four quarters, with a previous expectation of a loss of $0.02 per share turning into an actual loss of $0.04, resulting in a -100% surprise [1] - The current consensus EPS estimate for the upcoming quarter is breakeven on revenues of $57.01 million, while the estimate for the current fiscal year is -$0.11 on revenues of $213.46 million [4] Market Outlook - The earnings outlook for Altus Power is unfavorable, leading to a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [3] - The Alternative Energy - Other industry, to which Altus Power belongs, is currently in the top 35% of over 250 Zacks industries, suggesting a favorable industry backdrop [4]

Solar Energy Portfolio - As of March 31, 2024, Altus Power has installed a total of 981 megawatts (MW) of solar PV, representing a 45% increase from 678 MW as of March 31, 2023[188]. - The company generated 210,000 megawatt hours (MWh) in the three months ended March 31, 2024, a 53% increase from 137,000 MWh in the same period of the previous year[192]. - Approximately 54% of the current installed portfolio consists of variable rate contracts, while fixed rate contracts account for 28% and fixed rate with escalator contracts for 18%[180]. - The company has long-term power purchase agreements (PPAs) with over 450 enterprise entities and contracts with over 24,000 residential customers[177]. - Altus Power's pipeline includes 14 MW of assets in construction and pre-construction in Maryland, with additional potential new build assets in Illinois[185]. - The partnership with CBRE provides access to a significant customer base, including 90% of the Fortune 100 companies[182]. - The company operates in 25 states, providing clean electricity equivalent to the consumption of over 100,000 homes, displacing over 550,000 tons of CO2 emissions annually[177]. - The average remaining life of the company's current contracts is approximately 15 years[180]. Financial Performance - Net income for the three months ended March 31, 2024, was $4,055,000, compared to $3,845,000 for the same period in 2023, representing an increase of approximately 5.5%[198]. - Adjusted EBITDA for the three months ended March 31, 2024, was $19,717,000, up from $16,040,000 in the prior year, reflecting a growth of about 22.3%[199]. - Operating revenues for the three months ended March 31, 2024, reached $40,659,000, compared to $29,378,000 in the same period of 2023, indicating an increase of approximately 38.3%[199]. - The Adjusted EBITDA margin decreased to 48% in Q1 2024 from 55% in Q1 2023[199]. - Net income attributable to Altus Power, Inc. was $7.5 million, a 33.7% increase compared to $5.6 million in the prior year[221]. - Total operating expenses increased by $13.1 million, or 45.1%, to $42.3 million for the three months ended March 31, 2024[221]. Operational Costs - The company expects its cost of operations to grow alongside business growth, but as a percentage of revenue, these costs are anticipated to decrease over time[208]. - General and administrative expenses are expected to increase as the company grows but are projected to decrease as a percentage of revenue over time[209]. - Cost of operations rose by $4.9 million, or 82.7%, to $10.9 million during the same period, primarily due to an increased number of operating solar energy facilities[222]. - General and administrative expenses increased by $2.7 million, or 36.1%, to $10.0 million, mainly due to higher personnel costs from increased headcount[223]. - Depreciation, amortization, and accretion expenses grew by $4.8 million, or 41.8%, to $16.1 million, attributed to the expanded solar energy facilities[226]. - Stock-based compensation expenses increased by $1.4 million, or 49.9%, to $4.3 million, primarily due to restricted stock units granted under the Omnibus Incentive Plan[230]. Debt and Financing - The outstanding principal balance of the APAF Term Loan was $471.5 million as of March 31, 2024, down from $474.6 million as of December 31, 2023[248]. - The outstanding principal balance of the APAF II Term Loan was $111.8 million as of March 31, 2024, compared to $112.8 million as of December 31, 2023[250]. - The APAF III Term Loan has a fixed interest rate of 6.03% after amendments made on December 20, 2023, with a maturity date of October 31, 2047[255]. - The APAF IV Term Loan, which matures on March 26, 2049, has an outstanding principal balance of $101.0 million as of March 31, 2024, with a fixed interest rate of 6.45% per annum[258][259]. - The Company borrowed $100.0 million under the APAGH Term Loan on December 27, 2023, to fund future growth needs, with an outstanding principal balance of $100.0 million as of March 31, 2024[260][261]. - As of March 31, 2024, the APAG Revolver had $65.0 million outstanding, with a total committed capacity of $200.0 million[263]. - A significant portion of the company's outstanding debt has a fixed interest rate, but there is modest risk from floating-rate borrowings based on LIBOR plus a specified margin[283]. - The company manages interest rate exposure on floating-rate debt through derivative instruments, but does not engage in trading or speculative derivatives[284]. Cash Flow and Liquidity - As of March 31, 2024, the company had total cash and restricted cash of $203.5 million[240]. - The company expects to have sufficient cash and cash flows from operations to meet working capital and debt service obligations for at least the next 12 months[242]. - During the three months ended March 31, 2024, cash provided by operating activities was $4.5 million, a decrease from $14.2 million in the same period of 2023[272]. - Net cash used in investing activities for the three months ended March 31, 2024, was $141.9 million, compared to $319.4 million in the same period of 2023[273]. - Net cash provided by financing activities was $122.0 million for the three months ended March 31, 2024, down from $190.0 million in the same period of 2023[274][276]. Tax and Other Expenses - The company recorded an income tax expense of $4.9 million for the three months ended March 31, 2024, resulting in an effective tax rate of 54.7%, compared to $0.9 million and an 18.8% rate for the same period in 2023[235]. - The change in fair value of Alignment Shares liability resulted in a loss of $26.1 million, compared to a loss of $17.0 million in the prior year, reflecting a 53.2% increase[231]. - Other income was $0.7 million for the three months ended March 31, 2024, compared to an expense of $0.1 million for the same period in 2023, primarily due to interest income[232]. - Interest expense increased by $3.7 million, or 30.1%, to $16.2 million for the three months ended March 31, 2024, compared to $12.4 million in the same period in 2023, mainly due to increased outstanding debt[233]. - Net loss attributable to redeemable noncontrolling interests increased by $1.7 million, or 94.9%, to $3.5 million for the three months ended March 31, 2024, compared to the same period in 2023[238].

Financial Performance - First quarter 2024 revenues reached $40.7 million, a 38% increase compared to $29.4 million in the first quarter of 2023[1][4] - GAAP net income for the first quarter of 2024 was $4.1 million, up from $3.8 million in the same period of 2023[1][4] - Adjusted EBITDA for the first quarter of 2024 was $19.7 million, representing a 23% increase from $16.0 million in the first quarter of 2023[1][4] - Operating revenues for Q1 2024 were $40,659 million, a 38.4% increase from $29,378 million in Q1 2023[26] - Net income attributable to Altus Power, Inc. was $7,509 million in Q1 2024, compared to $5,617 million in Q1 2023, reflecting a 33.8% increase[26] - Basic net income per share attributable to common stockholders rose to $0.05 in Q1 2024 from $0.04 in Q1 2023[26] - Adjusted EBITDA for Q1 2024 was $19,717 million, an increase from $16,040 million in Q1 2023[32] - Adjusted EBITDA for the three months ended March 31, 2024, was $19,717,000, compared to $16,040,000 for the same period in 2023[33] - Adjusted EBITDA margin decreased to 48% in Q1 2024 from 55% in Q1 2023[33] Customer and Portfolio Growth - The company added approximately 4,000 Community Solar customers, bringing the total to over 24,000[2][3] - The portfolio size increased by 45% to 981 MW compared to the first quarter of 2023[2] Guidance and Future Outlook - The company reaffirms its 2024 guidance for operating revenues in the range of $200-222 million, and adjusted EBITDA in the range of $115-135 million, indicating 36% and 34% growth at midpoints, respectively[5] Cash and Assets - The quarter ending cash balance was $204 million, supporting the financing plan[2] - Cash and cash equivalents increased to $173,266 million as of March 31, 2024, compared to $160,817 million at the end of 2023[28] - Total assets grew to $2,218,476 million as of March 31, 2024, up from $2,090,349 million at the end of 2023[28] - Long-term debt increased to $1,253,819 million as of March 31, 2024, compared to $1,163,307 million at the end of 2023[28] Operational Activities - Net cash provided by operating activities was $4,525 million in Q1 2024, down from $14,225 million in Q1 2023[29] - Net cash used for investing activities was $141,924 million in Q1 2024, compared to $319,435 million in Q1 2023[29] Leadership Changes - Alison Sternberg has joined as Head of Investor Relations, bringing over 25 years of experience[6] New Projects - New projects with CBRE Investment Management have begun construction in Maryland[2] Company Position - Altus Power is the largest owner of commercial scale solar assets in the US[2] Operating Expenses - Total operating expenses increased to $42,275 million in Q1 2024, up from $29,127 million in Q1 2023, representing a 45.1% rise[26]

Core Insights - Investing in quality small-cap companies early in their growth stages can yield significant returns, particularly through undiscovered penny stocks [1][2] - Targeting penny stocks with strong growth potential and sound financials can improve the chances of achieving multibagger gains [2] Company Summaries Altus Power (AMPS) - Altus Power is focused on providing clean electric power across the U.S. and is positioned to benefit from increasing electricity demand due to EV usage and AI data centers [3] - Analysts predict a turnaround in financial performance by 2025, with earnings growth expected to reach 140% in 2026, resulting in a forward P/E ratio of around 18 times estimated earnings [4] Pinstripes (PNST) - Pinstripes operates in the "eatertainment" sector and plans to expand from 13 locations to over 100 [5] - Sales are projected to grow from $122 million in 2023 to $233 million by 2025, with manageable losses under $10 million annually [6] Wishpond Technologies (WPNDF) - Wishpond offers an all-in-one platform for online business solutions and is expected to see annual sales growth accelerate from 12% in 2023 to 31% by 2025 [7][8] - The company has a cash position of $900,000 and zero debt, with management anticipating record results this year [8] NanoXplore (NNXPF) - NanoXplore specializes in high-volume graphene powder, with the global graphene market projected to grow from $790 million in 2024 to $4.84 billion in 2029, at a CAGR of 43.64% [9][10] - Revenue is expected to increase from $96 million in 2024 to $189 million in 2027, with the company well-positioned to capture market share [10] SmartRent (SMRT) - SmartRent provides smart home automation solutions and is expected to reach near breakeven in 2024, with profitability anticipated in 2025 [11][12] - The company has $215 million in cash and negligible debt, with projected revenue of $260-$290 million in fiscal 2024 [12] Copperleaf Technologies (CPLFF) - Copperleaf offers software solutions for optimizing asset investment decisions, benefiting from increased infrastructure spending [13] - The company has $88 million in cash and is projected to achieve over 20% annual revenue growth [13] ZOO Digital (ZDGGF) - ZOO Digital provides cloud-localized digital distribution solutions and is expected to return to growth with forecasted free cash flow and revenue growth rates of 144% and 36.3%, respectively [14] - The stock is currently trading at $0.46, significantly below its fair value estimate of $1.60 [14]

Core Viewpoint - Altus Power (NYSE:AMPS) is positioned as a hybrid player in the solar energy sector, focusing on the development, construction, and management of photovoltaic systems for commercial and industrial customers, with a capacity of 896MW as of December 2023. The company has demonstrated strong financial performance and growth potential, making it an attractive investment opportunity despite recent stock price volatility [2][19]. Business Overview - Altus Power operates in two main segments: the construction and management of photovoltaic systems for corporate clients, and the development of systems for energy communities, serving approximately 450 corporate customers and 20,000 residential customers respectively [4][5]. - The company benefits from net metering contracts that allow it to sell excess electricity back to the grid, as well as from the sale of Solar Renewable Energy Certificates (SRECs) based on its electricity production [4][5]. Financial Performance - In FY23, Altus Power reported total revenues of $155.16 million, a 53.38% increase from FY22, driven by a 114.87% rise in power sales under Power Purchase Agreements (PPAs) [5][6]. - The revenue per MWh for Altus Power in FY23 was $199, significantly higher than the median of $92 for comparable companies, indicating a strong pricing strategy [3][6]. - The company experienced a net loss of $9 million in FY23, primarily due to increased operational costs and non-cash items, but achieved a breakeven result when excluding these items [11][12]. Growth Strategy - Altus Power's growth strategy includes a mix of in-house development and acquisitions, with 74MW installed in-house and 352MW acquired in FY23. The company aims to increase its in-house capacity while continuing to leverage acquisitions for growth [7][12]. - The recent acquisition of Vitol's 84MW solar portfolio for $119 million exemplifies the company's commitment to expanding its operational footprint [7]. Partnerships and Funding - Strategic partnerships with Blackstone and CBRE, each holding approximately 15% of the company, provide significant advantages in capital raising and operational support, enhancing Altus Power's growth prospects [8][10]. - The company has a financial structure that allows for 60-70% of project capital to be raised through debt, minimizing the need for equity financing in the short term [10][19]. Market Outlook - The renewable energy market targeted by Altus Power is currently valued at $5 billion, with potential growth to $46 billion, indicating substantial future revenue opportunities [10]. - The company's unique business model and strong revenue per MWh position it favorably against competitors, suggesting continued growth and market share expansion [19]. Valuation - A Discounted Cash Flow (DCF) analysis estimates Altus Power's intrinsic value at $7.23 per share, representing a 55-60% upside from the current market price, reinforcing the bullish investment thesis [16][19].