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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 3.9x - 4.3x | 4.1x |
Selected Fwd Revenue Multiple | 2.8x - 3.1x | 2.9x |
Fair Value | ARS 13,031 - ARS 14,382 | ARS 13,706 |
Upside | 10.0% - 21.4% | 15.7% |
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 | BASE:FSLR |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
MAXN | SEDG | CSIQ | MKSI | JKS | FSLR | |||
NasdaqGS:MAXN | NasdaqGS:SEDG | NasdaqGS:CSIQ | NasdaqGS:MKSI | NYSE:JKS | BASE:FSLR | |||
Historical Revenue 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 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 | 0.67x | 1.63x | 1.07x | 3.01x | 0.42x | 4.27x | ||
EV / LTM EBIT | -0.7x | -1.1x | -413.8x | 20.6x | -7.5x | 13.2x | ||
Price / LTM Sales | 0.11x | 1.61x | 0.15x | 1.91x | 0.10x | 4.33x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.42x | 1.07x | 3.01x | |||||
Historical EV / LTM Revenue | 2.66x | 4.75x | 5.69x | |||||
Selected EV / LTM Revenue | 3.90x | 4.10x | 4.31x | |||||
(x) LTM Revenue | 4,257 | 4,257 | 4,257 | |||||
(=) Implied Enterprise Value | 16,590 | 17,463 | 18,337 | |||||
(-) Non-shareholder Claims * | 260 | 260 | 260 | |||||
(=) Equity Value | 16,851 | 17,724 | 18,597 | |||||
(/) Shares Outstanding | 1,668.3 | 1,668.3 | 1,668.3 | |||||
Implied Value Range | 10.10 | 10.62 | 11.15 | |||||
FX Rate: USD/ARS | 0.0 | 0.0 | 0.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 12,741.82 | 13,402.08 | 14,062.34 | 11,850.00 | ||||
Upside / (Downside) | 7.5% | 13.1% | 18.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MAXN | SEDG | CSIQ | MKSI | JKS | FSLR | |
Enterprise Value | 339 | 1,525 | 6,227 | 10,885 | 35,128 | 15,411 | |
(+) 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 | 55 | 1,474 | 836 | 6,839 | 8,633 | 15,671 | |
(/) Shares Outstanding | 16.9 | 59.0 | 67.0 | 67.1 | 51.7 | 1,668.3 | |
Implied Stock Price | 3.26 | 24.96 | 12.48 | 101.97 | 167.13 | 9.39 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.18 | 0.00 | |
Implied Stock Price (Trading Cur) | 3.26 | 24.96 | 12.48 | 101.97 | 23.28 | 11,850.00 | |
Trading Currency | USD | USD | USD | USD | USD | ARS | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.18 | 0.00 |