EVgo Inc Class A

EVGO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7.60	Rhrj	Xhggrxjr

EVgo Earnings: Progress Toward Breakeven Adjusted EBITDA; Funding Remains a Question

Brett Castelli ,

Aug 2, 2024

We are placing no-moat EVgo shares under review as we expect to increase our $2.00 fair value estimate by roughly 25% following second-quarter results. The driver of our expected higher valuation is increased confidence in operating leverage expanding margins as charging revenue scales in coming years. That said, we still view shares as overvalued. We question the long-term differentiation in EV charging site ownership, hence our no-moat rating.

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