Via Renewables, Inc. (VIA) | Investment Case

1. Company Snapshot

1.a. Company Description

Via Renewables, Inc., through its subsidiaries, operates as an independent retail energy services company in the United States.It operates in two segments, Retail Electricity and Retail Natural Gas.The Retail Electricity segment engages in the transmission and sale of electricity to residential and commercial customers.

The Retail Natural Gas segment is involved in the transportation, distribution, and sale of natural gas to residential and commercial customers.As of March 2, 2022, the company operated in 101 utility service territories across 19 states and the District of Columbia.It has approximately 408,000 residential customer equivalents.

The company was formerly known as Spark Energy, Inc.and changed its name to Via Renewables, Inc.in August 2021.

Via Renewables, Inc.was founded in 1999 and is headquartered in Houston, Texas.

Show Full description

1.b. Last Insights on VIA

Via Renewables, Inc.'s recent performance was impacted by Via Transportation's IPO, which raised $492.9 million, potentially diverting investor attention. The company's dividend announcement on its Series A Preferred Stock may have had a neutral effect. The IPO market's busyness in September, with several large deals filed, could be affecting investor sentiment. Via Transportation's CEO discussed the company's expansion plans, which might not directly impact Via Renewables. The company's lack of recent earnings release makes it difficult to assess its current financial health.

1.c. Company Highlights

Last Price	32.56
Change Percentage	-1.69%
Open	33.15
Previous Close	33.12
Market Cap ( Millions)	2512
Volume	189410
Year High	56.31
Year Low	31.27
M A 50	45.46
M A 200	46.15

FCF Yield	-1.60%
Dividend Yield	0.00%
ROE	13.47%
Debt / Equity	-8.81%
Net Debt / EBIDTA	-17.27%
Price To Book	-2.33
Price Earnings Ratio	-29.19
Price To FCF	-62.65
Price To sales	6.52
EV / EBITDA	-42.59

2. Transcript Summary

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3. NewsRoom

Via Transportation: Underlying Fundamentals Remain Sound

Nov -29

Source: seekingalpha.com

The Transit OS: Why Koch Is Betting on Via's Rewrite of Public Mobility

Nov -24

Source: fool.com

Via Transportation (NYSE:VIA) Sets New 12-Month Low After Earnings Miss

Nov -15

Source: defenseworld.net

Via Transportation, Inc. (VIA) Q3 2025 Earnings Call Transcript

Nov -13

Source: seekingalpha.com

Via Announces Third Quarter 2025 Results

Nov -13

Source: businesswire.com

Recent IPO Earnings In Focus The Final Peak Week Of The Q3 Season

Nov -11

Source: seekingalpha.com

Via Transportation: Large TAM And Solid Moat

Oct -23

Source: seekingalpha.com

Via Renewables, Inc. (NASDAQ:VIASP) Sees Significant Drop in Short Interest

Oct -20

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.15%)

6. Segments

Retail Electricity

Expected Growth: 10.2%

Growing demand for renewable energy, increasing adoption of clean energy solutions, and government incentives for sustainable practices drive the growth of Retail Electricity from Via Renewables, Inc.

Retail Natural Gas

Expected Growth: 10.2%

Growing demand for eco-friendly energy solutions, increasing adoption of renewable energy sources, and government incentives for sustainable practices drive the growth of Via Renewables' retail natural gas market.

Corporate and Other

Expected Growth: 5.2%

Driven by increasing corporate expenses, interest income, and miscellaneous items, Via Renewables' Corporate and Other segment is expected to grow steadily, fueled by the company's expanding operations and investments in renewable energy.

7. Detailed Products

Renewable Energy Certificates (RECs)

Via Renewables, Inc. offers Renewable Energy Certificates (RECs) that represent the environmental attributes of one megawatt-hour of renewable energy.

Solar Renewable Energy Certificates (SRECs)

Via Renewables, Inc. provides Solar Renewable Energy Certificates (SRECs) that represent the environmental attributes of one megawatt-hour of solar energy.

Wind Renewable Energy Certificates (WRECs)

Via Renewables, Inc. offers Wind Renewable Energy Certificates (WRECs) that represent the environmental attributes of one megawatt-hour of wind energy.

Carbon Offsets

Via Renewables, Inc. provides carbon offsets that represent the reduction of one metric ton of greenhouse gas emissions.

Renewable Natural Gas (RNG)

Via Renewables, Inc. offers Renewable Natural Gas (RNG) that is produced from organic waste, such as food waste, agricultural waste, or wastewater treatment plants.

Sustainability Consulting

Via Renewables, Inc. provides sustainability consulting services to help companies and organizations develop and implement sustainable energy strategies.

8. Via Renewables, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Via Renewables, Inc. is medium due to the availability of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for Via Renewables, Inc. is low due to the lack of negotiating power of individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Via Renewables, Inc. is medium due to the presence of multiple suppliers of renewable energy equipment.

Threat Of New Entrants

The threat of new entrants for Via Renewables, Inc. is high due to the relatively low barriers to entry in the renewable energy industry.

Intensity Of Rivalry

The intensity of rivalry for Via Renewables, Inc. is high due to the presence of multiple competitors in the renewable energy industry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	41.87%
Debt Cost	10.29%
Equity Weight	58.13%
Equity Cost	10.29%
WACC	10.29%
Leverage	72.03%

11. Quality Control: Via Renewables, Inc. passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Entergy

A-Score: 6.5/10

Value: 4.8

Growth: 3.6

Quality: 4.7

Yield: 7.0

Momentum: 9.0

Volatility: 10.0

1-Year Total Return ->

Edison

A-Score: 6.4/10

Value: 8.3

Growth: 5.3

Quality: 7.5

Yield: 9.0

Momentum: 1.0

Volatility: 7.3

1-Year Total Return ->

Duke Energy

A-Score: 6.4/10

Value: 5.5

Growth: 4.7

Quality: 4.6

Yield: 7.0

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

Suburban Propane

A-Score: 6.2/10

Value: 6.4

Growth: 2.4

Quality: 5.1

Yield: 10.0

Momentum: 4.5

Volatility: 8.7

1-Year Total Return ->

Genie Energy

A-Score: 4.7/10

Value: 4.6

Growth: 6.1

Quality: 5.4

Yield: 5.0

Momentum: 2.0

Volatility: 5.0

1-Year Total Return ->

Via Renewables

A-Score: 4.7/10

Value: 8.0

Growth: 4.7

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

47.14%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.29%

Via Renewables, Inc. - US92556D3044

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on VIA

1.c. Company Highlights

Cheaper

Better Quality

Lower Growth

Revenues Miss

Strong Momentum

Medium Volatility

Stable Momentum

More Volatile

Higher Growth

Lower Yield

Earnings Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.15%)

6. Segments

Retail Electricity

Expected Growth: 10.2%

Retail Natural Gas

Expected Growth: 10.2%

Corporate and Other

Expected Growth: 5.2%

7. Detailed Products

Renewable Energy Certificates (RECs)

Solar Renewable Energy Certificates (SRECs)

Wind Renewable Energy Certificates (WRECs)

Carbon Offsets

Renewable Natural Gas (RNG)

Sustainability Consulting

8. Via Renewables, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Via Renewables, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

32.56$

Current Price

32.56$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA