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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -1.1x - -1.2x | -1.1x |
| Selected Fwd EBITDA Multiple | -45.5x - -50.3x | -47.9x |
| Fair Value | €3.38 - €5.70 | €4.54 |
| Upside | 25.2% - 111.2% | 68.2% |
| Benchmarks | Ticker | Full Ticker |
| First Solar, Inc. | FSLR | NasdaqGS:FSLR |
| Enphase Energy, Inc. | ENPH | NasdaqGM:ENPH |
| SolarEdge Technologies, Inc. | SEDG | NasdaqGS:SEDG |
| REC Silicon ASA | RNWE.F | OTCPK:RNWE.F |
| Canadian Solar Inc. | CSIQ | NasdaqGS:CSIQ |
| Maxeon Solar Technologies, Ltd. | 5QJ1 | DB:5QJ1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FSLR | ENPH | SEDG | RNWE.F | CSIQ | 5QJ1 | ||
| NasdaqGS:FSLR | NasdaqGM:ENPH | NasdaqGS:SEDG | OTCPK:RNWE.F | NasdaqGS:CSIQ | DB:5QJ1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 34.9% | 6.4% | NM- | NM- | -0.1% | NM- | |
| 3Y CAGR | 37.5% | -13.5% | NM- | NM- | -2.1% | NM- | |
| Latest Twelve Months | 52.2% | -69.0% | -816.5% | 14.3% | -41.1% | -914.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.4% | 20.2% | -5.3% | -24.1% | 10.7% | -11.1% | |
| Prior Fiscal Year | 36.0% | 23.0% | 6.3% | -16.4% | 10.2% | -11.9% | |
| Latest Fiscal Year | 43.2% | 12.3% | -149.7% | -14.1% | 7.6% | -1.2% | |
| Latest Twelve Months | 43.2% | 12.3% | -149.7% | -14.1% | 7.6% | -41.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.96x | 5.21x | 0.97x | 3.72x | 0.86x | 0.47x | |
| EV / LTM EBITDA | 6.8x | 42.5x | -0.6x | -26.5x | 11.3x | -1.1x | |
| EV / LTM EBIT | 8.9x | 76.7x | -0.6x | -18.4x | -172.2x | -1.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -26.5x | 6.8x | 42.5x | ||||
| Historical EV / LTM EBITDA | -13.1x | -5.6x | 15.6x | ||||
| Selected EV / LTM EBITDA | -1.1x | -1.1x | -1.2x | ||||
| (x) LTM EBITDA | (288) | (288) | (288) | ||||
| (=) Implied Enterprise Value | 314 | 331 | 347 | ||||
| (-) Non-shareholder Claims * | (273) | (273) | (273) | ||||
| (=) Equity Value | 42 | 58 | 75 | ||||
| (/) Shares Outstanding | 12.9 | 12.9 | 12.9 | ||||
| Implied Value Range | 3.25 | 4.53 | 5.82 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.86 | 4.00 | 5.13 | 2.70 | |||
| Upside / (Downside) | 6.0% | 48.0% | 90.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FSLR | ENPH | SEDG | RNWE.F | CSIQ | 5QJ1 | |
| Enterprise Value | 13,002 | 6,870 | 919 | 467 | 5,179 | 312 | |
| (+) Cash & Short Term Investments | 1,793 | 1,623 | 586 | 10 | 1,701 | 51 | |
| (+) Investments & Other | 0 | 65 | 64 | 0 | 233 | 0 | |
| (-) Debt | (719) | (1,331) | (761) | (418) | (5,273) | (319) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (1,334) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,076 | 7,226 | 808 | 59 | 505 | 39 | |
| (/) Shares Outstanding | 107.2 | 132.5 | 58.0 | 420.6 | 66.2 | 12.9 | |
| Implied Stock Price | 131.26 | 54.55 | 13.92 | 0.14 | 7.64 | 3.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 131.26 | 54.55 | 13.92 | 0.14 | 7.64 | 2.70 | |
| 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 | |