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Blue Orca released a short report on Enviva last week, knocking the stock down ~20%.
They characterized Enviva as overstating cash flows, EBITDA, and likely to cut the dividend. We point out the realities of their dividend coverage, which is weak, but unlikely to get.
Their claims surrounding deforestation are simply silly in our view.
While we have no idea where EVA might trade in this bear market, this sell-off looks to be an opportunity to pick up shares at a significant discount.
We posit that the long-term upside is well over $100 in 4-5 years.