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Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)

NYSE - NYSE Delayed Price. Currency in USD

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Visitors trend2W10W9M

42.62

-0.49

(-1.14%)

At close: 04:00PM EDT

43.01

+0.39

(+0.92%)

After hours:

06:50PM EDT

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S
I am wondering when Yahoo finance is going to have an article about how the "BIG SHORT" on HASI has kind of backfired.
D
the comeback kid;)
S
My best guess is that Muddy Waters must have gotten blind-sided by the Schumer-Manchin deal.
S
Several analysts covering HASI ( Morgan Stanley, Oppenheimer, Reilly Securities) have come out with reports defending the company. I cannot/will not copy these reports but I have read them. They basically refute the main allegations and explain where they believe MW is mistaken.
Apparently HASI is working on a comprehensive response….that’s not really news, everyone knows that’s coming but just repeating what I read.
S
"Bragar Eagel & Squire, P.C. Is Investigating Corcept, Hannon Armstrong, NIO, and Generac ..."

https://www.bakersfield.com/ap/news/bragar-eagel-squire-p-c-is-investigating-corcept-hannon-armstrong-nio-and-generac/article_1bbf83dd-25eb-5764-9626-cc48851a10c4.html

Wondering why nobody is investigating Muddy Waters...
S
Is today the short squeeze?
A
I haven’t seen Dewey, Cheatum and Howe appear yet.
M
Just sent Gil from their media dept asking if Hannon is going to issue a press release regarding the short report from Muddy Waters!
M
How come muddy waters is believable and all the other analysts are not? Is there a conspiracy of analyst to get us to buy? Muddy waters makes money by shorting equities, so they are motivated to drive the prices down. If their claims are false, are there consequences? They are causing me a lot of losses, or are the people who made it sound like a buy opportunity the ones costing me? I just hope that short sellers aren’t rewarded for giving misinformation.
S
I believe HASI auditors are Ernst and Young . Hard to believe that ALL these allegations could escape them.
R
The water is clearing up
Bullish
R
Here's MW short analysis - reminds me of a short attack that hit FPI years ago and was proven false: "

We are short Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) because its accounting is so complex and misleading that its financial statements are effectively meaningless. HASI is a prime example of how public market incentives can warp a company into relentlessly destroying value to feed a Wall Street growth narrative. Most of HASI’s income is both non-cash and unrealizable: It has little relationship with cash to be received in the future. HASI misleadingly inflates GAAP earnings three ways: 1) Through a loophole in the arcana of accounting for renewables subsidies, HASI books non-cash unrealizable income relating to third parties’ tax credits that will be reversed; 2) HASI produces non-cash income by manipulating the discount rate it applies to residual assets to implausibly low levels, thereby inflating its gains on securitizations; and, 3) HASI books interest income from non-cash “Paid in Kind” (“PIK”) interest payments, which are essentially IOUs from stressed borrowers. "
W
Good to see some big names defending Hannon, because those accounting practices are very complex to understand and also some guesswork. But it's all apparently legal. Tomorrow will be interesting
m
SEC passed all of Bernie’s accounting too.
e
So basically a short has put out a conspiracy theory about HASI accounting and people are freaking out... sign of the times I guess. Basically, HASI is a well-run and disgustingly ethical company - an anomaly in the financial world. In case you were wondering, HASI's rebuttal was their earnings report. For those of us who know and trust HASI, I guess this means we get to look forward to a short squeeze down the road. (you think there is 95% institutional ownership or that Vanguard holds 7.8M shares without having peeked at the books? good grief people.)

Going on CNBC and accusing a REIT (or any corporation for that matter) of complex accounting is... well, it is like accusing pope of being Catholic. You are relying on making folks aware that they really have no idea of how a large company is run and how its financials are managed to scare them. We can do that with any company.

As for HASI's response? It was entirely on-brand and was actually far more detailed than I expected. I would have honestly expected them to stop at: 'we won't engage in tit-for-tat.' When this came out Eckel probably just rolled his eyes and said 'I have way more important things to do than deal with this.'
L
Has anyone here gotten the dividends?
Bullish
S
I can’t say that I have answers to the complicated accusations thrown at HASI but what I can comment is this:
HASI has been around profitably for many years. The management running this company have been specialized in this industry and are extremely knowledgeable. There is so much legitimate opportunity available, there really is no reason to act fraudulently. It is exact this that Muddy Waters is accusing them of.
I will maintain faith in HASI but be keeping a keen eye on their response to these accusations
D
Muddy waters on CNBC today, going to put HASI into the downward spiral where it belongs
D
please note that HASI is in the "quiet period" before it's next quarterly earnings report (early August) and as such can't really even comment on the allegations publicly unless they want to delay the quarterly report by at least four weeks from the date of the public comments.
e
The short attack may have revealed a more interesting aspect of HASI's business than their accounting - how important its cash flow is to the solar sector. Given that the attack was very specifically targeted at HASI, I would not have expected drops in other companies. However, SEDG and ENPH dropped in lockstep ~10% with HASI. Maybe it is just bot trading picking up HASI drop and applying it to other things in the category or maybe their project pipeline and cash flow is more important to the US solar sector than they get credit for.