2024-02-16 14:25:08 ET
Summary
- Hannon Armstrong transitioned from a REIT to a C-Corp to better align with investment goals and leverage tax benefits in ESG projects.
- The company's underlying business should focus on behind-the-meter initiatives, grid-connected endeavors, and ventures in the fuels, transport, and nature sectors.
- HASI will continue to promote solar energy sources, renewable natural gas facilities, and ecological restoration with over $11 billion in managed assets.
- Management flexibility increases with C-Corp status, which introduces agency risks, though they remain committed to the dividend in 2024.
- The stock is undervalued according to my valuation analysis, making it a "strong buy" with a potential upside of 53.3%.
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Hannon Armstrong Is A Strong Buy: From REIT To C-Corp For Sustainable Growth