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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,6x - 14,0x | 13,3x |
| Selected Fwd EBIT Multiple | 6,5x - 7,2x | 6,8x |
| Fair Value | $160,33 - $176,95 | $168,64 |
| Upside | -13,5% - -4,5% | -9,0% |
| Benchmarks | Ticker | Full Ticker |
| Maxeon Solar Technologies, Ltd. | MAXN | NasdaqGS:MAXN |
| SolarEdge Technologies, Inc. | SEDG | NasdaqGS:SEDG |
| Canadian Solar Inc. | CSIQ | NasdaqGS:CSIQ |
| MKS Inc. | MKSI | NasdaqGS:MKSI |
| JinkoSolar Holding Co., Ltd. | JKS | NYSE:JKS |
| First Solar, Inc. | FSLR | NasdaqGS:FSLR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MAXN | SEDG | CSIQ | MKSI | JKS | FSLR | ||
| NasdaqGS:MAXN | NasdaqGS:SEDG | NasdaqGS:CSIQ | NasdaqGS:MKSI | NYSE:JKS | NasdaqGS:FSLR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -21.6% | 13.4% | NM- | 47.3% | |
| 3Y CAGR | NM- | NM- | -24.3% | -11.2% | NM- | 46.9% | |
| Latest Twelve Months | -556.0% | -674.5% | -104.0% | 9.2% | -189.3% | 23.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -20.4% | -15.9% | 5.0% | 17.8% | 2.8% | 15.4% | |
| Prior Fiscal Year | -6.2% | 4.4% | 6.2% | 10.6% | 5.7% | 26.7% | |
| Latest Fiscal Year | -89.5% | -156.4% | 1.5% | 14.4% | -2.3% | 33.1% | |
| Latest Twelve Months | -89.5% | -147.2% | -0.3% | 14.6% | -5.6% | 32.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.71x | 1.77x | 1.07x | 2.93x | 0.42x | 4.61x | |
| EV / LTM EBITDA | -0.9x | -1.3x | 12.0x | 12.2x | 11.8x | 10.7x | |
| EV / LTM EBIT | -0.8x | -1.2x | -413.1x | 20.1x | -7.5x | 14.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -413.1x | -1.2x | 20.1x | ||||
| Historical EV / LTM EBIT | -4293.9x | 17.6x | 38.2x | ||||
| Selected EV / LTM EBIT | 12.6x | 13.3x | 14.0x | ||||
| (x) LTM EBIT | 1,373 | 1,373 | 1,373 | ||||
| (=) Implied Enterprise Value | 17,350 | 18,263 | 19,176 | ||||
| (-) Non-shareholder Claims * | 260 | 260 | 260 | ||||
| (=) Equity Value | 17,610 | 18,523 | 19,436 | ||||
| (/) Shares Outstanding | 107.2 | 107.2 | 107.2 | ||||
| Implied Value Range | 164.20 | 172.72 | 181.23 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 164.20 | 172.72 | 181.23 | 185.32 | |||
| Upside / (Downside) | -11.4% | -6.8% | -2.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAXN | SEDG | CSIQ | MKSI | JKS | FSLR | |
| Enterprise Value | 363 | 1,659 | 6,245 | 10,720 | 35,122 | 19,614 | |
| (+) Cash & Short Term Investments | 29 | 652 | 1,577 | 655 | 27,383 | 891 | |
| (+) Investments & Other | 4 | 55 | 246 | 0 | 1,904 | 0 | |
| (-) Debt | (311) | (758) | (5,912) | (4,701) | (42,568) | (630) | |
| (-) Other Liabilities | (5) | 0 | (1,301) | 0 | (13,215) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 79 | 1,608 | 854 | 6,674 | 8,627 | 19,875 | |
| (/) Shares Outstanding | 16.9 | 59.0 | 67.0 | 67.1 | 51.7 | 107.2 | |
| Implied Stock Price | 4.70 | 27.23 | 12.75 | 99.50 | 167.02 | 185.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.70 | 27.23 | 12.75 | 99.50 | 23.30 | 185.32 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.17 | 1.00 | |