Section 1: Company Overview and Fundamental Insights

1.1 Company Overview:

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) holds investments in climate solutions, including energy efficiency, renewable energy, and other sustainable infrastructure markets.

1.2 The Key Positives, Negatives, Investment Highlights, and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~39.28% of the total shareholding. The Vanguard Group, Inc. and BlackRock Institutional Trust Company, N.A. holds a maximum stake in the company at ~­­­9.01% and ~6.43%, respectively.

1.4 Key Metrics:

Consistent portfolio value and yield growth have brought forward decent and sustainable profitability trends. The improved pipeline, valuing over USD 4 billion at the end of FY21, may unveil growth prospects for the business.

Section 2: Business Updates and Financial Highlights

2.1 Recent Developments

2.2 Historical Financial Trend

HASI illustrated sustainable top-line historical growth with mostly intact gross margins while keeping the value proposition intact. The Operating revenues have been growing since FY17 with consistent net income increases. Operating revenues grew at a 19.1% CAGR (FY17 – FY21).

2.3 First Quarter FY22 Performance:

Section 3: Key Risks & Outlook

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

4.2 Fundamental Valuation

Valuation Methodology: Price/Earnings Multiple Based Relative Valuation (Illustrative)

Markets are currently trading in a highly volatile zone due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: The reference data in this report has been partly sourced from REFINITIV

Note 2: Investment decisions should be made depending on the investors’ appetite on upside potential, risks, holding duration, and any previous holdings. Investors can consider exiting from the stock if the Target Price mentioned as per the analysis has been achieved and subject to the factors discussed above alongside support levels provided.

Technical Indicators Defined: -

Support: A level where-in the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level where-in the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.