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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -1.5x - -1.7x | -1.6x |
| Selected Fwd EBIT Multiple | -2.5x - -2.7x | -2.6x |
| Fair Value | $5.08 - $5.65 | $5.37 |
| Upside | 32.0% - 46.8% | 39.4% |
| Benchmarks | Ticker | Full Ticker |
| Nextracker Inc. | NXT | NasdaqGS:NXT |
| Array Technologies, Inc. | ARRY | NasdaqGM:ARRY |
| Shoals Technologies Group, Inc. | SHLS | NasdaqGM:SHLS |
| Sunrun Inc. | RUN | NasdaqGS:RUN |
| Gibraltar Industries, Inc. | ROCK | NasdaqGS:ROCK |
| FTC Solar, Inc. | FTCI | NasdaqCM:FTCI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NXT | ARRY | SHLS | RUN | ROCK | FTCI | ||
| NasdaqGS:NXT | NasdaqGM:ARRY | NasdaqGM:SHLS | NasdaqGS:RUN | NasdaqGS:ROCK | NasdaqCM:FTCI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 33.8% | 2.9% | 16.8% | NM- | 12.9% | NM- | |
| 3Y CAGR | 100.9% | NM- | 14.9% | NM- | 12.3% | NM- | |
| Latest Twelve Months | 8.9% | -29.9% | -22.2% | 35.0% | -2.3% | -8.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.0% | 6.6% | 18.3% | -36.2% | 10.8% | -55.7% | |
| Prior Fiscal Year | 23.5% | 13.8% | 16.4% | -36.3% | 12.0% | -36.5% | |
| Latest Fiscal Year | 21.6% | 10.6% | 14.6% | -28.1% | 12.3% | -110.2% | |
| Latest Twelve Months | 21.6% | 11.3% | 13.2% | -24.2% | 12.5% | -90.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.52x | 1.75x | 2.27x | 8.14x | 1.39x | 0.94x | |
| EV / LTM EBITDA | 11.4x | 12.0x | 13.8x | 125.3x | 9.4x | -1.1x | |
| EV / LTM EBIT | 11.6x | 15.5x | 17.2x | -33.6x | 11.1x | -1.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -33.6x | 11.6x | 17.2x | ||||
| Historical EV / LTM EBIT | -4.4x | -1.8x | -1.0x | ||||
| Selected EV / LTM EBIT | -1.5x | -1.6x | -1.7x | ||||
| (x) LTM EBIT | (50) | (50) | (50) | ||||
| (=) Implied Enterprise Value | 77 | 81 | 85 | ||||
| (-) Non-shareholder Claims * | (4) | (4) | (4) | ||||
| (=) Equity Value | 73 | 77 | 81 | ||||
| (/) Shares Outstanding | 13.1 | 13.1 | 13.1 | ||||
| Implied Value Range | 5.57 | 5.88 | 6.19 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.57 | 5.88 | 6.19 | 3.85 | |||
| Upside / (Downside) | 44.6% | 52.7% | 60.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NXT | ARRY | SHLS | RUN | ROCK | FTCI | |
| Enterprise Value | 7,711 | 1,939 | 906 | 17,101 | 1,830 | 55 | |
| (+) Cash & Short Term Investments | 766 | 348 | 36 | 627 | 25 | 6 | |
| (+) Investments & Other | 0 | 0 | 0 | 81 | 0 | 1 | |
| (-) Debt | 0 | (696) | (142) | (13,690) | (46) | (11) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1,482) | 0 | 0 | |
| (-) Preferred Stock | 0 | (421) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,477 | 1,170 | 800 | 2,637 | 1,809 | 50 | |
| (/) Shares Outstanding | 143.7 | 152.5 | 167.2 | 228.5 | 29.5 | 13.1 | |
| Implied Stock Price | 58.99 | 7.67 | 4.79 | 11.54 | 61.33 | 3.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 58.99 | 7.67 | 4.79 | 11.54 | 61.33 | 3.85 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |