Janus Henderson Global Sustainable Equity Fund on Nextpower Inc.
Thesis
Nextpower provides solar trackers and software, and acquisitions are expanding its offerings into energy storage and power conversion. Janus Henderson believes the broader product set enlarges the company’s addressable market and could position it for accelerating solar deployment. Although the shares fell following a revenue miss and investor unease around recent acquisitions, the manager says the long-term investment case is intact. Demand for lower-carbon power from both energy security needs and AI data centres underpins its positive solar outlook.
“We believe our long-term investment thesis stands, while the acquisitions extend Nextpower’s products beyond solar trackers into storage and power conversion”
Key risks
- Revenue falling short of expectations despite higher guidance
- Acquisitions continuing to weigh on investor sentiment and integration expectations
- A slower-than-expected acceleration in solar project deployment
- Higher interest rates depressing valuation multiples of power-related equities