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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 4.0x - 4.4x | 4.2x |
Selected Fwd Ps Multiple | 3.2x - 3.5x | 3.4x |
Fair Value | $172.43 - $190.58 | $181.50 |
Upside | -4.2% - 5.9% | 0.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Maxeon Solar Technologies, Ltd. | - | NasdaqGS:MAXN |
SolarEdge Technologies, Inc. | - | NasdaqGS:SEDG |
Canadian Solar Inc. | - | NasdaqGS:CSIQ |
MKS Inc. | - | NasdaqGS:MKSI |
JinkoSolar Holding Co., Ltd. | - | NYSE:JKS |
First Solar, Inc. | - | NasdaqGS:FSLR |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
MAXN | SEDG | CSIQ | MKSI | JKS | FSLR | |||
NasdaqGS:MAXN | NasdaqGS:SEDG | NasdaqGS:CSIQ | NasdaqGS:MKSI | NYSE:JKS | NasdaqGS:FSLR | |||
Historical Sales Growth | ||||||||
5Y CAGR | -15.7% | -8.8% | 13.4% | 13.5% | 25.4% | 6.5% | ||
3Y CAGR | -13.4% | -22.9% | 4.3% | 6.7% | 31.2% | 12.9% | ||
Latest Twelve Months | -54.7% | -59.0% | -19.1% | -1.1% | -29.8% | 19.4% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -32.3% | -24.3% | 3.0% | -0.1% | 2.2% | 15.6% | ||
Prior Fiscal Year | -24.6% | 1.2% | 3.6% | -50.8% | 2.9% | 25.0% | ||
Latest Fiscal Year | -120.7% | -200.4% | 0.6% | 5.3% | 0.1% | 30.7% | ||
Latest Twelve Months | -120.7% | -190.7% | -0.2% | 6.2% | -2.3% | 29.7% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | -0.9x | -1.5x | 12.1x | 12.4x | 12.0x | 10.4x | ||
Price / LTM Sales | 0.1x | 2.1x | 0.2x | 1.9x | 0.1x | 4.5x | ||
LTM P/E Ratio | -0.1x | -1.1x | -87.7x | 30.3x | -4.9x | 15.3x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.1x | 0.2x | 2.1x | |||||
Historical LTM P/S Ratio | 3.0x | 4.9x | 6.3x | |||||
Selected Price / Sales Multiple | 4.0x | 4.2x | 4.4x | |||||
(x) LTM Sales | 4,257 | 4,257 | 4,257 | |||||
(=) Equity Value | 16,852 | 17,739 | 18,626 | |||||
(/) Shares Outstanding | 107.2 | 107.2 | 107.2 | |||||
Implied Value Range | 157.14 | 165.41 | 173.68 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 157.14 | 165.41 | 173.68 | 179.99 | ||||
Upside / (Downside) | -12.7% | -8.1% | -3.5% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | MAXN | SEDG | CSIQ | MKSI | JKS | FSLR | |
Value of Common Equity | 75 | 1,881 | 901 | 6,870 | 9,183 | 19,303 | |
(/) Shares Outstanding | 16.9 | 59.0 | 67.0 | 67.1 | 51.7 | 107.2 | |
Implied Stock Price | 4.44 | 31.86 | 13.46 | 102.42 | 177.79 | 179.99 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.17 | 1.00 | |
Implied Stock Price (Trading Cur) | 4.44 | 31.86 | 13.46 | 102.42 | 24.78 | 179.99 | |
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 |