Intrinsic value of Ameresco - AMRC

Previous Close

$14.85

  Intrinsic Value

$14.13

stock screener

  Rating & Target

hold

-5%

Previous close

$14.85

 
Intrinsic value

$14.13

 
Up/down potential

-5%

 
Rating

hold

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 2017), $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 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  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
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  789
  865
  944
  1,026
  1,112
  1,201
  1,294
  1,390
  1,490
  1,594
  1,702
  1,814
  1,931
  2,053
  2,179
  2,311
  2,449
  2,592
  2,741
  2,897
  3,060
  3,230
  3,408
  3,594
  3,788
  3,991
  4,204
  4,427
  4,660
  4,904
Variable operating expenses, $m
  636
  696
  759
  825
  893
  964
  1,038
  1,115
  1,195
  1,278
  1,358
  1,447
  1,541
  1,638
  1,739
  1,844
  1,954
  2,068
  2,187
  2,311
  2,441
  2,577
  2,719
  2,867
  3,022
  3,184
  3,354
  3,532
  3,718
  3,912
Fixed operating expenses, $m
  106
  109
  111
  113
  116
  119
  121
  124
  127
  129
  132
  135
  138
  141
  144
  147
  151
  154
  157
  161
  164
  168
  172
  175
  179
  183
  187
  191
  195
  200
Total operating expenses, $m
  742
  805
  870
  938
  1,009
  1,083
  1,159
  1,239
  1,322
  1,407
  1,490
  1,582
  1,679
  1,779
  1,883
  1,991
  2,105
  2,222
  2,344
  2,472
  2,605
  2,745
  2,891
  3,042
  3,201
  3,367
  3,541
  3,723
  3,913
  4,112
Operating income, $m
  47
  60
  74
  88
  103
  119
  135
  151
  169
  187
  212
  232
  253
  274
  297
  320
  345
  370
  397
  425
  455
  485
  518
  551
  587
  624
  663
  704
  747
  792
EBITDA, $m
  98
  115
  133
  152
  172
  192
  213
  236
  259
  283
  308
  334
  361
  390
  419
  450
  483
  516
  551
  588
  627
  667
  710
  754
  800
  849
  900
  953
  1,009
  1,068
Interest expense (income), $m
  7
  11
  14
  18
  22
  26
  30
  34
  39
  43
  48
  53
  59
  64
  70
  76
  82
  88
  95
  102
  109
  117
  125
  133
  142
  151
  160
  170
  181
  191
  203
Earnings before tax, $m
  37
  46
  56
  67
  77
  89
  100
  113
  126
  139
  159
  173
  188
  204
  221
  238
  256
  275
  295
  316
  338
  361
  385
  410
  436
  464
  493
  523
  556
  589
Tax expense, $m
  10
  13
  15
  18
  21
  24
  27
  30
  34
  38
  43
  47
  51
  55
  60
  64
  69
  74
  80
  85
  91
  97
  104
  111
  118
  125
  133
  141
  150
  159
Net income, $m
  27
  34
  41
  49
  56
  65
  73
  82
  92
  101
  116
  127
  138
  149
  161
  174
  187
  201
  215
  231
  247
  263
  281
  299
  318
  339
  360
  382
  406
  430

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
  1,083
  1,187
  1,295
  1,408
  1,526
  1,648
  1,775
  1,907
  2,044
  2,187
  2,335
  2,489
  2,649
  2,816
  2,990
  3,171
  3,359
  3,556
  3,761
  3,974
  4,198
  4,431
  4,675
  4,930
  5,196
  5,475
  5,767
  6,072
  6,392
  6,727
Adjusted assets (=assets-cash), $m
  1,083
  1,187
  1,295
  1,408
  1,526
  1,648
  1,775
  1,907
  2,044
  2,187
  2,335
  2,489
  2,649
  2,816
  2,990
  3,171
  3,359
  3,556
  3,761
  3,974
  4,198
  4,431
  4,675
  4,930
  5,196
  5,475
  5,767
  6,072
  6,392
  6,727
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
  444
  487
  532
  578
  626
  676
  728
  783
  839
  897
  958
  1,022
  1,087
  1,156
  1,227
  1,301
  1,379
  1,459
  1,543
  1,631
  1,723
  1,819
  1,919
  2,023
  2,133
  2,247
  2,367
  2,492
  2,624
  2,761
Working capital, $m
  -141
  -154
  -168
  -183
  -198
  -214
  -230
  -247
  -265
  -284
  -303
  -323
  -344
  -365
  -388
  -411
  -436
  -461
  -488
  -516
  -545
  -575
  -607
  -640
  -674
  -710
  -748
  -788
  -829
  -873
Total debt, $m
  261
  330
  401
  475
  552
  633
  716
  803
  894
  987
  1,085
  1,186
  1,292
  1,402
  1,516
  1,635
  1,759
  1,888
  2,023
  2,164
  2,311
  2,464
  2,625
  2,792
  2,968
  3,151
  3,343
  3,544
  3,755
  3,975
Total liabilities, $m
  713
  781
  852
  926
  1,004
  1,084
  1,168
  1,255
  1,345
  1,439
  1,536
  1,638
  1,743
  1,853
  1,967
  2,086
  2,210
  2,340
  2,474
  2,615
  2,762
  2,916
  3,076
  3,244
  3,419
  3,603
  3,795
  3,996
  4,206
  4,427
Total equity, $m
  370
  406
  443
  482
  522
  564
  607
  652
  699
  748
  798
  851
  906
  963
  1,022
  1,084
  1,149
  1,216
  1,286
  1,359
  1,436
  1,515
  1,599
  1,686
  1,777
  1,873
  1,972
  2,077
  2,186
  2,301
Total liabilities and equity, $m
  1,083
  1,187
  1,295
  1,408
  1,526
  1,648
  1,775
  1,907
  2,044
  2,187
  2,334
  2,489
  2,649
  2,816
  2,989
  3,170
  3,359
  3,556
  3,760
  3,974
  4,198
  4,431
  4,675
  4,930
  5,196
  5,476
  5,767
  6,073
  6,392
  6,728
Debt-to-equity ratio
  0.710
  0.810
  0.900
  0.990
  1.060
  1.120
  1.180
  1.230
  1.280
  1.320
  1.360
  1.390
  1.430
  1.460
  1.480
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.640
  1.660
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
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
  27
  34
  41
  49
  56
  65
  73
  82
  92
  101
  116
  127
  138
  149
  161
  174
  187
  201
  215
  231
  247
  263
  281
  299
  318
  339
  360
  382
  406
  430
Depreciation, amort., depletion, $m
  50
  55
  59
  64
  69
  74
  79
  84
  90
  96
  96
  102
  109
  116
  123
  130
  138
  146
  154
  163
  172
  182
  192
  202
  213
  225
  237
  249
  262
  276
Funds from operations, $m
  77
  88
  100
  112
  125
  138
  152
  166
  181
  197
  212
  229
  246
  265
  284
  304
  325
  347
  370
  394
  419
  445
  473
  501
  532
  563
  596
  631
  668
  706
Change in working capital, $m
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
Cash from operations, $m
  90
  102
  114
  127
  140
  154
  169
  184
  199
  216
  231
  249
  267
  286
  307
  328
  349
  372
  396
  422
  448
  475
  504
  534
  566
  599
  634
  671
  709
  750
Maintenance CAPEX, $m
  -40
  -44
  -49
  -53
  -58
  -63
  -68
  -73
  -78
  -84
  -90
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -163
  -172
  -182
  -192
  -202
  -213
  -225
  -237
  -249
  -262
New CAPEX, $m
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
Cash from investing activities, $m
  -81
  -87
  -93
  -99
  -106
  -113
  -120
  -127
  -134
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -207
  -219
  -230
  -242
  -255
  -268
  -282
  -297
  -311
  -327
  -345
  -362
  -380
  -399
Free cash flow, $m
  9
  15
  21
  27
  34
  41
  49
  57
  65
  73
  80
  90
  99
  109
  120
  131
  142
  154
  166
  179
  193
  207
  222
  238
  254
  272
  290
  309
  329
  350
Issuance/(repayment) of debt, $m
  66
  68
  71
  74
  77
  80
  84
  87
  90
  94
  98
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
Issuance/(repurchase) of shares, $m
  6
  2
  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 from financing (excl. dividends), $m  
  72
  70
  71
  74
  77
  80
  84
  87
  90
  94
  98
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
Total cash flow (excl. dividends), $m
  81
  85
  92
  102
  112
  122
  132
  143
  155
  167
  178
  191
  205
  219
  234
  250
  266
  283
  301
  320
  340
  361
  383
  406
  430
  455
  482
  510
  539
  570
Retained Cash Flow (-), $m
  -33
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
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
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
Cash available for distribution, $m
  48
  49
  55
  63
  71
  80
  89
  98
  108
  118
  127
  138
  150
  162
  175
  188
  202
  216
  231
  247
  264
  281
  299
  319
  339
  360
  382
  405
  430
  456
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
  42
  43
  45
  46
  46
  45
  44
  41
  39
  35
  32
  28
  25
  21
  18
  15
  12
  10
  7
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  99.1
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8

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 55
Price to Sales 1
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow -11.4
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 million for the last fiscal year's total revenue generated by Ameresco. The default revenue input number comes from 2017 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 10.1% 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 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $104 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 0.2%.

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 56.3%.

Life of production assets of 10 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 -17.8%. 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 - $337 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 46 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 $0.7 billion.

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COMPANY NEWS

▶ 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]
▶ ETFs with exposure to Ameresco, Inc. : July 3, 2017   [Jul-03-17 02:51PM  Capital Cube]
▶ ETFs with exposure to Ameresco, Inc. : June 19, 2017   [Jun-19-17 02:54PM  Capital Cube]
▶ Ameresco Inc Profits Shrink, but Backlog Grows   [May-03-17 02:36PM  Motley Fool]
▶ Ameresco reports 1Q loss   [May-02-17 06:17AM  Associated Press]
▶ ETFs with exposure to Ameresco, Inc. : April 26, 2017   [Apr-26-17 03:04PM  Capital Cube]
▶ Why Ameresco Stock Jumped 26% in March   [Apr-06-17 11:51AM  Motley Fool]
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