Intrinsic value of Ameresco - AMRC

Previous Close

$14.68

  Intrinsic Value

$29.70

stock screener

  Rating & Target

str. buy

+102%

Previous close

$14.68

 
Intrinsic value

$29.70

 
Up/down potential

+102%

 
Rating

str. buy

We calculate the intrinsic value of AMRC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  848
  991
  1,146
  1,314
  1,493
  1,684
  1,887
  2,100
  2,325
  2,560
  2,805
  3,062
  3,329
  3,607
  3,897
  4,197
  4,510
  4,835
  5,172
  5,523
  5,888
  6,267
  6,662
  7,073
  7,501
  7,947
  8,413
  8,898
  9,404
  9,933
Variable operating expenses, $m
  684
  798
  923
  1,057
  1,200
  1,353
  1,515
  1,686
  1,865
  2,053
  2,244
  2,449
  2,663
  2,885
  3,117
  3,357
  3,607
  3,867
  4,137
  4,418
  4,709
  5,013
  5,329
  5,657
  6,000
  6,357
  6,729
  7,117
  7,522
  7,945
Fixed operating expenses, $m
  105
  108
  110
  112
  115
  117
  120
  123
  125
  128
  131
  134
  137
  140
  143
  146
  149
  152
  156
  159
  163
  166
  170
  174
  177
  181
  185
  189
  194
  198
Total operating expenses, $m
  789
  906
  1,033
  1,169
  1,315
  1,470
  1,635
  1,809
  1,990
  2,181
  2,375
  2,583
  2,800
  3,025
  3,260
  3,503
  3,756
  4,019
  4,293
  4,577
  4,872
  5,179
  5,499
  5,831
  6,177
  6,538
  6,914
  7,306
  7,716
  8,143
Operating income, $m
  59
  85
  114
  145
  178
  214
  252
  292
  334
  378
  431
  479
  530
  582
  637
  694
  754
  815
  880
  946
  1,016
  1,088
  1,164
  1,242
  1,324
  1,409
  1,499
  1,592
  1,689
  1,790
EBITDA, $m
  92
  123
  157
  194
  233
  275
  320
  367
  417
  469
  523
  580
  640
  701
  766
  833
  902
  975
  1,050
  1,128
  1,210
  1,295
  1,383
  1,475
  1,571
  1,672
  1,776
  1,885
  1,999
  2,118
Interest expense (income), $m
  7
  11
  17
  24
  31
  40
  48
  58
  68
  78
  89
  100
  112
  125
  138
  151
  166
  180
  195
  211
  228
  245
  263
  281
  300
  320
  341
  363
  386
  409
  434
Earnings before tax, $m
  48
  68
  90
  113
  139
  166
  194
  224
  256
  290
  330
  367
  405
  445
  486
  529
  573
  620
  668
  719
  771
  826
  883
  942
  1,004
  1,068
  1,136
  1,206
  1,280
  1,356
Tax expense, $m
  13
  18
  24
  31
  37
  45
  52
  61
  69
  78
  89
  99
  109
  120
  131
  143
  155
  167
  180
  194
  208
  223
  238
  254
  271
  288
  307
  326
  345
  366
Net income, $m
  35
  50
  66
  83
  101
  121
  142
  164
  187
  211
  241
  268
  296
  324
  355
  386
  419
  453
  488
  525
  563
  603
  644
  688
  733
  780
  829
  880
  934
  990

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,163
  1,359
  1,572
  1,802
  2,048
  2,311
  2,588
  2,881
  3,189
  3,511
  3,848
  4,200
  4,567
  4,948
  5,345
  5,758
  6,186
  6,632
  7,095
  7,576
  8,077
  8,597
  9,139
  9,703
  10,290
  10,902
  11,540
  12,206
  12,900
  13,625
Adjusted assets (=assets-cash), $m
  1,163
  1,359
  1,572
  1,802
  2,048
  2,311
  2,588
  2,881
  3,189
  3,511
  3,848
  4,200
  4,567
  4,948
  5,345
  5,758
  6,186
  6,632
  7,095
  7,576
  8,077
  8,597
  9,139
  9,703
  10,290
  10,902
  11,540
  12,206
  12,900
  13,625
Revenue / Adjusted assets
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
Average production assets, $m
  442
  516
  597
  685
  778
  878
  983
  1,094
  1,211
  1,334
  1,462
  1,595
  1,735
  1,879
  2,030
  2,187
  2,350
  2,519
  2,695
  2,878
  3,068
  3,265
  3,471
  3,685
  3,908
  4,141
  4,383
  4,636
  4,900
  5,175
Working capital, $m
  80
  93
  108
  124
  140
  158
  177
  197
  219
  241
  264
  288
  313
  339
  366
  395
  424
  454
  486
  519
  553
  589
  626
  665
  705
  747
  791
  836
  884
  934
Total debt, $m
  313
  443
  583
  734
  896
  1,069
  1,251
  1,444
  1,646
  1,859
  2,081
  2,312
  2,553
  2,804
  3,065
  3,337
  3,619
  3,912
  4,217
  4,533
  4,863
  5,205
  5,562
  5,933
  6,319
  6,722
  7,142
  7,580
  8,037
  8,514
Total liabilities, $m
  765
  894
  1,035
  1,186
  1,348
  1,520
  1,703
  1,896
  2,098
  2,310
  2,532
  2,764
  3,005
  3,256
  3,517
  3,789
  4,071
  4,364
  4,669
  4,985
  5,314
  5,657
  6,013
  6,384
  6,771
  7,173
  7,593
  8,031
  8,488
  8,965
Total equity, $m
  398
  465
  538
  616
  701
  790
  885
  985
  1,091
  1,201
  1,316
  1,436
  1,562
  1,692
  1,828
  1,969
  2,116
  2,268
  2,426
  2,591
  2,762
  2,940
  3,125
  3,318
  3,519
  3,728
  3,947
  4,174
  4,412
  4,660
Total liabilities and equity, $m
  1,163
  1,359
  1,573
  1,802
  2,049
  2,310
  2,588
  2,881
  3,189
  3,511
  3,848
  4,200
  4,567
  4,948
  5,345
  5,758
  6,187
  6,632
  7,095
  7,576
  8,076
  8,597
  9,138
  9,702
  10,290
  10,901
  11,540
  12,205
  12,900
  13,625
Debt-to-equity ratio
  0.790
  0.950
  1.080
  1.190
  1.280
  1.350
  1.410
  1.470
  1.510
  1.550
  1.580
  1.610
  1.630
  1.660
  1.680
  1.690
  1.710
  1.720
  1.740
  1.750
  1.760
  1.770
  1.780
  1.790
  1.800
  1.800
  1.810
  1.820
  1.820
  1.830
Adjusted equity ratio
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  50
  66
  83
  101
  121
  142
  164
  187
  211
  241
  268
  296
  324
  355
  386
  419
  453
  488
  525
  563
  603
  644
  688
  733
  780
  829
  880
  934
  990
Depreciation, amort., depletion, $m
  34
  39
  44
  49
  55
  61
  68
  75
  83
  90
  93
  101
  110
  119
  128
  138
  149
  159
  171
  182
  194
  207
  220
  233
  247
  262
  277
  293
  310
  328
Funds from operations, $m
  69
  88
  109
  132
  156
  182
  210
  239
  270
  302
  334
  369
  405
  443
  483
  524
  567
  612
  658
  707
  757
  809
  864
  921
  980
  1,042
  1,106
  1,174
  1,244
  1,318
Change in working capital, $m
  12
  13
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
Cash from operations, $m
  57
  75
  95
  116
  139
  164
  191
  219
  248
  280
  311
  345
  380
  417
  456
  496
  538
  581
  627
  674
  723
  774
  827
  882
  940
  1,000
  1,063
  1,128
  1,197
  1,268
Maintenance CAPEX, $m
  -24
  -28
  -33
  -38
  -43
  -49
  -56
  -62
  -69
  -77
  -84
  -93
  -101
  -110
  -119
  -128
  -138
  -149
  -159
  -171
  -182
  -194
  -207
  -220
  -233
  -247
  -262
  -277
  -293
  -310
New CAPEX, $m
  -68
  -75
  -81
  -87
  -94
  -100
  -105
  -111
  -117
  -122
  -128
  -134
  -139
  -145
  -151
  -157
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -223
  -232
  -242
  -253
  -264
  -275
Cash from investing activities, $m
  -92
  -103
  -114
  -125
  -137
  -149
  -161
  -173
  -186
  -199
  -212
  -227
  -240
  -255
  -270
  -285
  -301
  -318
  -335
  -354
  -372
  -392
  -413
  -434
  -456
  -479
  -504
  -530
  -557
  -585
Free cash flow, $m
  -35
  -28
  -19
  -9
  3
  16
  30
  45
  62
  80
  98
  118
  140
  163
  186
  211
  237
  264
  291
  320
  351
  382
  414
  448
  484
  520
  558
  598
  639
  682
Issuance/(repayment) of debt, $m
  118
  129
  140
  151
  162
  172
  183
  193
  202
  212
  222
  232
  241
  251
  261
  271
  282
  293
  305
  317
  329
  342
  356
  371
  386
  403
  420
  438
  457
  477
Issuance/(repurchase) of shares, $m
  26
  18
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  144
  147
  147
  151
  162
  172
  183
  193
  202
  212
  222
  232
  241
  251
  261
  271
  282
  293
  305
  317
  329
  342
  356
  371
  386
  403
  420
  438
  457
  477
Total cash flow (excl. dividends), $m
  108
  119
  129
  142
  165
  188
  212
  238
  265
  293
  320
  350
  381
  414
  447
  482
  519
  557
  596
  637
  680
  724
  771
  819
  870
  923
  978
  1,036
  1,096
  1,160
Retained Cash Flow (-), $m
  -61
  -67
  -73
  -79
  -84
  -90
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -136
  -141
  -147
  -152
  -158
  -165
  -171
  -178
  -185
  -193
  -201
  -209
  -218
  -228
  -238
  -248
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  47
  52
  56
  64
  80
  98
  118
  138
  160
  182
  205
  230
  256
  283
  312
  341
  372
  404
  438
  473
  509
  546
  586
  626
  669
  714
  760
  808
  859
  912
Discount rate, %
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
  44
  44
  44
  45
  52
  56
  60
  61
  61
  60
  57
  53
  48
  43
  38
  33
  27
  22
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  94.0
  90.7
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5
  89.5

Ameresco, Inc. (Ameresco) is a provider of a range of energy services, including energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco's sustainability services include capital and operational upgrades to a facility's energy infrastructure and the development, construction, ownership and operation of renewable energy plants. Its segments include U.S. Regions, U.S. Federal, Canada, Small-Scale Infrastructure and All Other. Its U.S. Regions, U.S. Federal and Canada segments offer energy efficiency products and services. Its Small-Scale Infrastructure segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy and generated by small-scale plants that it owns. The All Other segment offers enterprise energy management services, consulting services and integrated-photovoltaic (PV).

FINANCIAL RATIOS  of  Ameresco (AMRC)

Valuation Ratios
P/E Ratio 54.3
Price to Sales 1
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow -11.2
Price to Free Cash Flow -4.9
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.4%
Cap. Spend. - 3 Yr. Gr. Rate 23%
Financial Strength
Quick Ratio 1
Current Ratio 0.4
LT Debt to Equity 48%
Total Debt to Equity 54.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 4.1%
Return On Equity - 3 Yr. Avg. 2.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 20.6%
Gross Margin - 3 Yr. Avg. 19.6%
EBITDA Margin 7.2%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 1.2%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. -13.9%
Payout Ratio 0%

AMRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMRC stock intrinsic value calculation we used $717.152 million for the last fiscal year's total revenue generated by Ameresco. The default revenue input number comes from 0001 income statement of Ameresco. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AMRC stock valuation model: a) initial revenue growth rate of 18.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.6%, whose default value for AMRC is calculated based on our internal credit rating of Ameresco, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ameresco.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AMRC stock the variable cost ratio is equal to 80.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $103 million in the base year in the intrinsic value calculation for AMRC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Ameresco.

Corporate tax rate of 27% is the nominal tax rate for Ameresco. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AMRC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AMRC are equal to 52.1%.

Life of production assets of 15.8 years is the average useful life of capital assets used in Ameresco operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AMRC is equal to 9.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $336.62 million for Ameresco - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 27.748 million for Ameresco is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ameresco at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Do Directors Own Ameresco Inc (NYSE:AMRC) Shares?   [Nov-29-18 09:14AM  Simply Wall St.]
▶ Microgrid Industry Leader Will Agate LEED AP Joins Ameresco   [Nov-05-18 11:00AM  Business Wire]
▶ Ameresco (AMRC) Surpasses Q3 Earnings Estimates   [Oct-30-18 07:30AM  Zacks]
▶ Ameresco: 3Q Earnings Snapshot   [06:22AM  Associated Press]
▶ Chelsea Group acquired by Mainland energy services company   [Sep-06-18 08:54PM  American City Business Journals]
▶ Ameresco: 2Q Earnings Snapshot   [06:22AM  Associated Press]
▶ Four Reasons Microgrids Haven't Taken Off Yet   [May-08-18 12:01AM  Forbes]
▶ Ameresco Reports First Quarter 2018 Financial Results   [May-01-18 06:00AM  Business Wire]
▶ Can The Uptrend Continue for Ameresco (AMRC)?   [Mar-22-18 05:40AM  Zacks]
▶ Ameresco posts 4Q profit   [06:15AM  Associated Press]
▶ Ameresco to Present at 30th Annual ROTH Conference   [Mar-02-18 09:30AM  Business Wire]
▶ ETFs with exposure to Ameresco, Inc. : December 14, 2017   [Dec-14-17 12:47PM  Capital Cube]
▶ ETFs with exposure to Ameresco, Inc. : November 20, 2017   [Nov-20-17 11:33AM  Capital Cube]
▶ ETFs with exposure to Ameresco, Inc. : November 9, 2017   [Nov-09-17 11:49AM  Capital Cube]
▶ Ameresco posts 3Q profit   [06:10AM  Associated Press]
▶ ETFs with exposure to Ameresco, Inc. : October 25, 2017   [Oct-25-17 09:48AM  Capital Cube]
▶ ETFs with exposure to Ameresco, Inc. : September 27, 2017   [Sep-27-17 10:23AM  Capital Cube]
▶ ETFs with exposure to Ameresco, Inc. : September 9, 2017   [Sep-08-17 11:35PM  Capital Cube]
▶ Ameresco posts 2Q profit   [Aug-09-17 09:20PM  Associated Press]

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