The Index
519 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
| A de-risked regulated-utility play on the data-center power buildout — the PSCW's April-2026 verbal approval of the VLC/Bespoke tariffs converts a $37.5B capex plan into a rate-base annuity, but at ~20x forward EPS the re-rating is mostly priced and the upside now lives in 2028 acceleration, not the multiple. | — | 0 | |
| A consolidating monopolist on a leveraged treadmill — RUN's GAAP "profit" is an HLBV mirage, but the OBBBA's asymmetric kill of 25D (not 48E) hands the TPO leader the residential market it can't yet profitably finance; the bet is whether ~$15B of non-recourse debt rolls before rates or a securitization-market hiccup forces a dilutive reset. | — | 1 | |
| A real software-margin turnaround stapled to a ~$332M net-debt stack the ~$10–15M-EBITDA business cannot service from cash — the equity is a ~$67M option on refinancing, not on the operations. | — | 8 | |
| A regulated-utility levered call on the Georgia data-center build-out — the cleanest large-cap way to own AI power demand, but priced as if the affordability politics and equity dilution won't bite; own the growth, respect the ~24x multiple. | — | 1 | |
| A real turnaround that has already been paid for — six straight quarters of margin repair and the return to positive operating cash flow are genuine, but at ~$60 the stock prices in a clean, AMPTC-independent recovery the filings explicitly say does not yet exist (ex-45X credits, SolarEdge is still gross-loss-making), so the asymmetry from here is poor. | — | 1 | |
| A re-accelerating solar-EBOS niche-monopolist (FY26 guided +30%, record $758M backlog, IP win pending) trading at ~27x fwd P/E on a near-empty balance sheet ($1.9M cash, revolver 91% drawn) — the growth is real but the equity is priced for it and the funding runway is the actual risk, not the (now-settled) shrinkback overhang. | — | 1 | |
| A regulated T&D utility wearing a busted-LNG-conglomerate's discount — the KKR/Ecogas sale converts Sempra into a ~pure US wires play levered to the single best load-growth story in America (Oncor's 200+ GW data-center queue), and at ~18.5x forward for 7–9% EPS growth + 3% yield it is the cheapest way to own the AI-transmission build-out. The fork is execution, not story: a Baa3/BBB- balance sheet on negative outlook funding a $65B plan with deeply negative FCF, and a California rate base that just taught shareholders (Feb 2025, −18%) it can reprice them at will. | — | ||
| A 90%-regulated New Jersey wires utility wearing a merchant-nuclear data-center costume — you are paid ~17x for a 6–8% regulated compounder, and the AI-power optionality is real but unpriced *and* unproven; own it as a rate-base bond with a free nuclear call option, not as the next Constellation. | — | 1 | |
| A re-racked pure-US regulated T&D utility levered to a genuine PJM/Kentucky data-center load wave — 10.3% rate-base CAGR and a top-of-range 6–8% EPS algo are real, but at ~19x forward the AI optionality (Blackstone JV, 28 GW PA pipeline) is partly priced and the thesis rests on regulators funding a −$1.4B-FCF capex ramp without an affordability backlash. Quality compounder, not a cheap one. | — | 8 | |
| A real cost-down turnaround grafted onto a structurally unfinanceable business — burn is halving and the going-concern flag is gone, but the company still funds itself by printing ~450M shares a year; the operations are improving faster than the cap table is being destroyed, but not fast enough to own the equity until EBITDAS-positive (4Q26 promise) is on the tape. | — | 8 | |
| "A pure-play Arizona regulated utility levered to a genuine data-center demand super-cycle, but priced for execution it hasn't yet earned — the May–Q4 2026 rate case is binary and Arizona's ACC has burned this name before; rate-base growth is real, the multiple isn't cheap, and the regulator is the whole thesis." | — | 8 | |
| A boring enclosures-and-connectors company that bought and sold its way into the AI data-center build — now growing 50%+ with infrastructure orders up 100% organically; the re-rating to ~28x is largely earned, but the multiple now prices in the build continuing, and the legacy two-thirds of the business is still cyclical late-cycle industrials. | — | 1 | |
| A retail-hedged Texas IPP that bought its way into the data-center super-cycle at 7.5x EBITDA and is buying back $1B/yr of its own stock — the AI-power thesis with the least crowded multiple and the most balance-sheet to prove; long while ERCOT scarcity holds and integration delivers, but the moat is gas + retail switching costs, not nuclear, and the bull case is now an integration-execution bet on a doubled, levered fleet under a brand-new CEO. | — | 8 | |
| A boring Indiana gas/electric utility that quietly became an AI-power landlord — a ~$28B 2026-30 capital plan, ~9GW of hyperscaler demand funnelled through a Blackstone-capitalised ring-fenced GenCo earning an unlevered IRR the 10-K says should BEAT its regulated return, and a 9-10% EPS CAGR the market is paying a deserved ~22-23x for. Own the contracted re-rate; the kill-switch is Amazon exercising its Mar-2029 option to halve the ADS contract. | — | 1 | |
| The dominant solar-tracker franchise (>50% US, ~30% global, 11 straight years #1) with a clean, net-cash balance sheet and a beat-and-raise FY26 — but the FY27 guide already flags margin compression, and the whole bull case rests on developers safe-harboring around the OBBBA placed-in-service cliff (Dec 31 2027) plus a 45X manufacturing subsidy (~$380M, ~10% of revenue) that phases out 2030–2032. Quality is not in question; the multiple (~26x forward P/E, ~3x peer ARRY) and the policy clock are. | — | 1 | |
| A regulated Florida-utility crown jewel (FPL) bolted to the world's largest renewables developer (NEER), trading at a 22x premium that prices the AI-power supercycle as a sure thing while the OBBBA tax-credit cliff and a $95B debt stack sit unpriced — own the moat, but the multiple already pays for the catalyst. | — | 1 | |
| A real operating turnaround (FY25 first positive operating income, +$76M operating cash) trapped inside a busted-SPAC capital structure, a going-concern flag, and a -48% Q1 air-pocket — cheap at ~0.3x sales but the convertible loan and demand lumpiness make it a high-variance WATCHING, not a buy until the next two quarters prove FY25 wasn't the peak. | — | 8 | |
| The purest non-utility way to own the AI-electricity buildout — a #2 infrastructure E&C contractor whose record $20.3B backlog and 34% Q1 growth are real, but the stock already prices ~40x forward EPS, so the bet is on the cycle's *duration*, not its existence. | — | 0 | |
| The best-run business in industrial gases and a near-perfect compounder — but at ~29x forward EPS on a flat-volume, ~mid-single-digit-organic engine, you are paid in quality and capital return, not in upside; the market already knows it is great. | — | 8 | |
| A 28-year-unprofitable, perpetually-dilutive fuel-cell manufacturer re-rated 135% YTD on an AI-data-center pipeline that is still non-binding LOIs — the story is real, the order book is not, and the funding model is the share count. | — | 1 | |
| The best-run solar manufacturer on earth, but ~$1.6B of FY25's $1.5B net income is a US tax credit — you are not buying a module company, you are buying a leveraged, policy-dated bet that the 45X subsidy and the domestic-content wall hold through 2032. | — | 1 | |
| A post-scandal regulated T&D pure-play repricing from "governance-risk discount" to "data-center transmission growth" — owns the right wires (24,000 mi, PJM, +45% peak load) and a credible outsider CEO, but the thesis is a 6–8% EPS-CAGR rate-base compounder, not a multibagger; Householder-related securities litigation (loss "probable", unestimable) and Baa3 balance-sheet tightness are the live tail risks. | — | 8 | |
| A pure-play T&D wires monopoly that is the lowest-beta, highest-quality way to be long the AI/data-center load boom inside PJM — but the multiple is held ~2 turns below peers by genuine Illinois (ICC) regulatory risk, and the EPS only compounds if the $41B+ capital plan clears its rate cases. Own it for the 9-11% regulated total return, not for a re-rating. | — | 8 | |
| A de-risked pure-wires utility trading at a ~15x discount because Connecticut's regulator and FERC keep clipping its allowed returns — re-rates only if the CT "constructive shift" is real and the FERC ROE appeal claws back basis points; the AI-power bid does not apply here. | — | 8 | |
| A real zinc-battery business is finally being born inside a financial engine that mints non-cash "profits" while burning ~$120M/quarter in cash and diluting holders 49% a year — own the inflection only if you believe COGS crosses below revenue before the Cerberus-and-convert capital structure swallows the equity. | — | 1 | |
| A microinverter monopoly-economics business being repriced as an "AI-power" growth story while its core market is in a policy-driven cliff — the hardware/cash flow is real, the data-center narrative is a call option the multiple already pays for. Net NEUTRAL/WATCHING: own the violent rerating only on proof the 45X cash engine survives FEOC and the non-residential mix actually scales. | — | 8 | |
| A pre-commercial silicon-anode battery story trading at ~$1.6B on $32M of lumpy Korean-defense revenue — the entire thesis is one flagship smartphone qualification that keeps slipping; brilliant architecture and an A-list mobile CEO, but until a real OEM ships, this is a binary, dilution-exposed option, not a business. | — | 1 | |
| A finished portfolio transformation now priced as a secular AI-power growth story (~22x FY26 adj. EPS) on a balance sheet that earns ~12% ROE — quality is real, the re-rating has front-run it; WATCHING for a pullback to the low-$120s or an orders stumble. | — | 8 | |
| The purest listed pick-and-shovel on the AI datacenter electrification build-out — net-cash, 28% ROE, record $15.6B backlog — but the easy re-rate is done; at ~26x forward EPS you are now paying full price for a cyclical contractor whose margin and backlog both sit at all-time highs. | — | 1 | |
| A high-quality regulated wire utility (10% authorized ROE, 7% rate-base CAGR, no equity dilution to 2030) trading at a ~12.5x forward core P/E — a ~30% discount to the 18x peer group — entirely because of one un-estimable variable: the Eaton Fire bill. The stock is not a utility, it is a binary option on whether SB 254's $21B Wildfire Fund + the $4.3B Liability Cap actually hold when the CPUC tests them for the first time in 2027. | — | 8 | |
| A bond proxy that quietly turned into an AI-load growth stock — the cheapest large-cap regulated utility (18.9x) is being handed the largest capex plan in the industry ($103B) and a 4.5GW data-center backlog, but the entire re-rate hinges on a hostile North Carolina commission letting it earn on that base. | — | 1 | |
| A de-risked regulated growth utility hiding inside a decade-long value-trap reputation — the Loudoun County data-center boom is the largest demand tailwind in US utilities, but the equity only re-rates once CVOW finishes clean and the dividend finally grows; until then you are paid ~3.9% to wait on a BBB+ balance sheet stretched by a $65B capex plan. | — | 0 | |
| The best nuclear asset base in America, now bolted to a gas fleet and priced as an AI-power call — at ~26x forward the upside is no longer in the price for free, and the Dec-2025 FERC co-location order is the binary the bulls are underweighting. | — | 1 | |
| A flawless, fully-regulated NYC rate-base compounder priced like one — ~17.5x forward earnings and a 9.4% allowed ROE buy you a bond-proxy 6–7% EPS/dividend grower, not alpha; the asymmetric risk is political (NY rate-hike backlash + gas-ban terminal value), not operational. WATCHING, would own on a yield > ~4% reset. | — | 8 | |
| A best-in-class regulated grid-build story (8%+ rate-base CAGR, $25.8B 5-yr capex, ~9 GW data-center pipeline that LOWERS customer rates) trading at a defensible-but-not-cheap ~19x forward P/E — the bull case is sound, but the stock is already a market-rate hold (consensus PT ~$80 vs ~$74), so the edge is timing the data-center contract-signing catalysts, not the multiple. | — | 8 | |
| "A leveraged bet that BlackRock/Total keep feeding cheap drop-downs into a 5.5x-levered yieldco while the OBBBA tax-credit cliff slams shut — the 4.8% yield is safe, the 5-8% growth is sponsor-dependent and policy-exposed. Own it for income, not for the AI-power narrative bulls are pricing." | — | 8 | |
| A high-quality, all-regulated Houston-load-growth compounder whose 8% EPS algo is real and trackable — but at ~23x forward / a clear premium to integrated peers, the market is already paying for the data-center boom while the Beryl/$800M-generator reputational and regulatory tail stays un-discounted. Quality name, full price — WATCHING for a multiple reset or a clean regulatory all-clear. | — | 8 | |
| The only North American sole-source maker of naval reactor cores plus the first US microreactor — a genuine monopoly franchise compounding off a record $8.65B backlog, but the tape has already paid ~43x forward earnings for that quality, so the entire bull case from here is multiple-defense, not business risk. | — | 1 | |
| The best-run pure-play gas LDC compounding rate base ~14%/yr behind a fully-tracked recovery machine — but the NTSB just named its own leak-management program the probable cause of two fatal Mississippi explosions, and the stock already prices the growth at ~20x with a thin 2.25% yield. Quality is real; the entry is not cheap and the safety overhang is a live, uncapped tail. | — | 8 | |
A ASP Isotopescatalyst in 43d | A pre-revenue isotope-enrichment story trading on three real Western-monopoly catalysts (Yb-176, Si-28, HALEU) — but the FY25 "revenue" was construction it has since deconsolidated, the GAAP loss is a $124M convertible-note mark, and the tape is a 22%-short battleground stuck in active securities-fraud litigation. The science could be a generational supply-chain unlock; the accounting and promotion are exactly what shorts say they are. WATCHING, not yet ownable. | — | |
| A profitable-at-the-EBITDA-line, 100%-domestic-content solar-tracker #2 trading at half Nextracker's multiple — but the equity is a thin slice trapped beneath $400M of compounding 6.25%→cash preferred, a collapsed Brazil segment, and a 2026 OBBB safe-harbor cliff that turns its record order book into a coin-flip on timing. | — | 1 | |
| A compounding life-safety roll-up with a genuine recurring-revenue flywheel and a top-tier capital-allocation board — but at ~20x EBITDA / ~25x earnings, ~53% of the balance sheet in goodwill+intangibles, and a thesis fully dependent on Becker's M&A machine never missing, the quality is real and mostly priced. WATCHING; buy the air-pocket, don't chase the print. | — | 8 | |
| A real, first-mover aviation/drone battery franchise inflecting to its first profitable year — but priced at ~17x guided 2026 sales with a China related-party supplier (Berzelius, ~36% of COGS, tied to the founder) now the subject of an active short report; the franchise is bullish, the stock is a show-me on revenue quality. | — | 1 | |
| A regulated transmission monopoly that has accidentally become an AI-infrastructure pure-play — 63 GW of mostly-hyperscaler load (≈80%, 20-year take-or-pay) underwrites a $78B/5yr plan and a hard 7–9% EPS CAGR; the bet is regulatory-execution and balance-sheet, not demand. BULLISH/MEDIUM around $128, the rare utility where the growth is contracted, not hoped-for. | — | 8 | |
| A best-in-class regulated growth utility whose 6–8% EPS CAGR is now under-written by real, contracted data-center load (2.2 GW signed) and ~10.6% rate-base growth — but the market already pays 20x for it, the FCF is structurally negative, and the entire thesis rides on Missouri and Illinois regulators staying constructive. | — | 0 | |
| A clean, de-risked regulated-utility compounder where ~3.4 GW of contracted data-center load underwrites a $13.4B / 12% rate-base plan — but at ~22-24x forward P/E and ~$76.66 (already at consensus target), the data-center optionality is fully priced; the edge is a regulatory-lag / financing-cost stumble, not a re-rating. | — | 8 |
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