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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -0,7x - -0,8x | -0,8x |
| Selected Fwd EBITDA Multiple | 17,1x - 18,9x | 18,0x |
| Fair Value | €11,16 - €12,42 | €11,79 |
| Upside | -25,6% - -17,2% | -21,4% |
| Benchmarks | Ticker | Full Ticker |
| First Solar, Inc. | FSLR | NasdaqGS:FSLR |
| Enphase Energy, Inc. | ENPH | NasdaqGM:ENPH |
| REC Silicon ASA | RNWE.F | OTCPK:RNWE.F |
| Maxeon Solar Technologies, Ltd. | MAXN | NasdaqGS:MAXN |
| MKS Inc. | MKSI | NasdaqGS:MKSI |
| SolarEdge Technologies, Inc. | 2ED | DB:2ED |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FSLR | ENPH | RNWE.F | MAXN | MKSI | 2ED | ||
| NasdaqGS:FSLR | NasdaqGM:ENPH | OTCPK:RNWE.F | NasdaqGS:MAXN | NasdaqGS:MKSI | DB:2ED | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 34.9% | 6.4% | NM- | NM- | 17.5% | NM- | |
| 3Y CAGR | 37.5% | -13.5% | NM- | NM- | 0.9% | NM- | |
| Latest Twelve Months | 27.2% | -32.4% | -830.4% | -2932.2% | 0.3% | -1019.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.7% | 19.9% | -15.1% | -14.9% | 24.6% | -13.2% | |
| Prior Fiscal Year | 36.0% | 23.0% | -16.4% | -1.2% | 21.6% | 6.3% | |
| Latest Fiscal Year | 43.2% | 12.3% | -14.1% | -81.0% | 24.1% | -149.7% | |
| Latest Twelve Months | 43.0% | 15.9% | -17.8% | -81.0% | 24.1% | -141.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.93x | 3.40x | 3.30x | 0.66x | 2.68x | 1.11x | |
| EV / LTM EBITDA | 9.1x | 21.4x | -18.5x | -0.8x | 11.1x | -0.8x | |
| EV / LTM EBIT | 12.2x | 31.7x | -14.2x | -0.7x | 18.3x | -0.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -18.5x | 9.1x | 21.4x | ||||
| Historical EV / LTM EBITDA | -0.6x | 54.8x | 69.5x | ||||
| Selected EV / LTM EBITDA | -0.7x | -0.8x | -0.8x | ||||
| (x) LTM EBITDA | (1,293) | (1,293) | (1,293) | ||||
| (=) Implied Enterprise Value | 927 | 976 | 1,025 | ||||
| (-) Non-shareholder Claims * | (51) | (51) | (51) | ||||
| (=) Equity Value | 876 | 925 | 974 | ||||
| (/) Shares Outstanding | 59.0 | 59.0 | 59.0 | ||||
| Implied Value Range | 14.84 | 15.66 | 16.49 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.14 | 13.87 | 14.61 | 15.00 | |||
| Upside / (Downside) | -12.4% | -7.5% | -2.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FSLR | ENPH | RNWE.F | MAXN | MKSI | 2ED | |
| Enterprise Value | 16,518 | 4,809 | 417 | 333 | 9,767 | 1,051 | |
| (+) Cash & Short Term Investments | 891 | 1,467 | 17 | 29 | 655 | 652 | |
| (+) Investments & Other | 0 | 70 | 0 | 4 | 0 | 55 | |
| (-) Debt | (630) | (1,235) | (316) | (311) | (4,701) | (758) | |
| (-) Other Liabilities | 0 | 0 | 0 | (5) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,778 | 5,112 | 118 | 49 | 5,721 | 1,000 | |
| (/) Shares Outstanding | 107.2 | 131.2 | 420.6 | 16.9 | 67.1 | 59.0 | |
| Implied Stock Price | 156.45 | 38.96 | 0.28 | 2.90 | 85.29 | 16.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 156.45 | 38.96 | 0.28 | 2.90 | 85.29 | 15.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |