INE has been closely tracking to the broader 'clean energy' industry (PBW as a proxy). The PBW ETF peaked in early 2021 as 'green' stocks flourished, but the ETF and industry has since made a new 52-week low. The stock is a $2.1B company that has demonstrated strong top-line growth and a decent amount of free cash flows. It pays a solid yield of 7%, but is highly leveraged, with a net debt of $5.9B. It trades at an OK valuation of 2.0X forward sales and 1.9X book. A lot of high growth, unprofitable names have been impacted recently with renewed recession fears as bond yields spike and inflation re-accelerated in recent readings. We would like to see the company achieve profitability, and we feel that this could help support its share price, particularly as it grows its top-line at a strong rate.
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