Shoals Technologies Group Inc Ordinary Shares - Class A

SHLS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7.00	Ffrjs	Syjnwcbh

Shoals' 2023 Guidance Is Down the Fairway of Our Expectations

Brett Castelli

Mar 1, 2023

Shoals reported fourth-quarter results and unveiled its 2023 outlook, which was in line with our expectations. We maintain our $20 fair value estimate given limited changes to our prior forecast and view shares as overvalued. We remain impressed by Shoals' near-term margin profile but have concerns on the durability of these margins given our no-moat rating.

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