Stem Inc Class A

STEM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$3.52	Cxc	Hglg

Stem Earnings: Progress Toward Profitability, but Balance Sheet Likely to Limit Long-Term Growth

Brett Castelli

May 5, 2023

We have lowered our fair value estimate for no-moat Stem to $5 per share from $6 following the company's first-quarter results. The decrease is a result of reducing our long-term deliveries forecast due to balance sheet constraints. We view the shares as fairly valued.

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