Enphase Energy (ENPH) is trading 24x its EPS of $0.98 for the next 12 months—reasonable for a growth stock. SolarEdge (SEDG) is trading 17x its forward EPS.
Almost all solar stocks fell sharply on September 26. First Solar (FSLR) fell about 7% yesterday while this year’s top gainer, Enphase Energy, fell 7.5%.
Enphase Energy stock had a solid week, gaining more than 20%. Its recovery is notable after its ~25% correction since its all-time high late last month.
Almost all the solar stocks have had a fantastic run so far this year, and First Solar (FSLR) is no exception. FSLR stock is up more than 45% year-to-date.
First Solar (FSLR) stock fell more than 10% from its 52-week high early this month. In a strong solar environment, FSLR stock has gained more than 45% YTD.
Solar stocks started last week significantly lower due to increased trade war concerns. The solar energy space is one of the hottest sectors this year.
Let’s look at the current valuations for the top solar stocks in this part of our series. First Solar (FSLR) stock is currently trading at a forward EV-to-EBITDA valuation of 7x.
2019 could be a lot better and a step in a different direction for the solar energy sector as a whole. Solar stocks have already performed well so far.
Yingli Solar will announce its 3Q17 earnings results on December 6 before market hours. Since its 2Q17 earnings, its stock price has fallen nearly 13.1%.
Canadian Solar (CSIQ) reported its 3Q17 earnings results on November 9. CSIQ declared earnings per share of $0.22, slightly below the analyst consensus estimate of $0.26.
In 3Q17, Vivint Solar (VSLR) posted $34.7 million as its cost of revenue for its operating leases and incentives, higher than the $33.8 million in 2Q17 but lower than the $39.3 million in 3Q16.
SunPower (SPWR) revised its quarterly guidance in its latest filings. The company raised its 4Q17 non-GAAP (generally accepted accounting principles) revenue guidance from $320 million–$370 million to $800 million–$850 million.
SunPower (SPWR) retains certain assets on its balance sheet to optimize the economic value received at the time of sale. These assets are held under the company’s Holdco structure.
SunPower (SPWR) reports its revenue under the power plant, residential, and commercial segments. The latter two segments are together called the distributed generation segments.
SunPower (SPWR) announced its 3Q17 earnings before market hours on November 2. In this series, we’ll examine SunPower’s 3Q17 results in detail and compare the results with analysts’ estimates.
SunEdison (SUNEQ) announced the intent to acquire residential rooftop solar (TAN) power provider Vivint Solar (VSLR) on July 19, 2015. However, the market reacted negatively.
Stock performance so far Let’s compare First Solar’s (FSLR) and peers’ performance so far in 2017. Most solar energy stocks have performed well in 2017, except for Yingli Solar (YGE). As of September 26, 2017, FSLR stock had risen 44%. Performance in 2017 During the same period, Yingli Solar had lost 11.9%, and SunPower (SPWR) had […]
Relative valuation PE (price-to-earnings) and EV-to-EBITDA multiples are commonly used to determine relative valuation. The forward PE multiple considers a company’s equity based on earnings forecasts for the next 12 months. On September 29, 2017, First Solar’s forward PE multiple was reported to be 21.9x. This PE multiple was higher than JA Solar’s (JASO) 9.1x and Canadian Solar’s […]
Debt profile As of December 31, 2016, First Solar (FSLR) had total debt of $188.4 million, lower than its debt of $289 million at the end of 2015. The company’s debt is denominated in various currencies, including the US dollar, Malaysian ringgit, and euros. Credit metrics With a net worth of over $5 billion and $555.8 […]
Pre-tax loss First Solar’s (FSLR) pretax loss in 2016 was $471.7 million, compared with a profit of $519.8 million in 2015. The loss could be attributed to the huge $729 million restructuring pre-tax charges faced by the company in the fourth quarter of 2016. Net loss in 2016 First Solar reported a net loss of $358.0 […]
Cost of sales First Solar’s (FSLR) Components segment saw its cost of sales rise 6% to $1.1 billion in fiscal 2016, from $1.0 billion in fiscal 2015. On the other hand, despite higher volumes, the Systems segment’s cost of sales fell 29% to $1.1 billion in fiscal 2016 from $1.6 billion in fiscal 2015. Overall, the company’s cost […]
Revenue trend First Solar’s (FSLR) revenue is primarily from turn-key projects, project maintenance, project sales, PV (photovoltaic) module sales to third parties, and PPAs (power purchase agreements) for sale of electricity. In this part, we’ll examine First Solar’s financial performance. As we discussed previously, First Solar has two main business segments: Components and Systems. The design, […]
India’s rising electricity demand According to the EIA’s (U.S. Energy Information Administration) 2017 International Energy Outlook, India’s electricity generation is expected to increase by 3.2% per year through 2040, to meet increasing electricity demand in rural areas. Solar outlook Even though coal is the primary fuel used for electricity generation in India, the focus on renewable […]
The Americas The US PV (photovoltaic) market made up ~83% ($2.9 billion) of First Solar’s (FSLR) revenue. The United States has typically been First Solar’s largest market, and where many of its prominent projects and customers are located. First Solar has completed the construction of Del Sur, a 26 MW (megawatt) solar project in Honduras. It commenced […]
Operating segments Previously, we looked at First Solar’s (FSLR) history. The photovoltaic module manufacturer operates two business segments: Components and Systems. The Components segment First Solar is a manufacturer of solar (TAN) photovoltaic (or PV) modules. First Solar also designs and sells these modules. They manufacture thin-film PVs, in which the semiconductor material used is […]
Green bonds are used by organizations worldwide to fund environmentally sustainable projects such as renewable energy, energy efficiency, and clean water.
Yingli Solar’s operating income for 3Q16 came in at about -$34 million, as compared to an operating income of $24 million in 2Q16 and -$450 million in 3Q15.
In 3Q16, Yingli Solar’s (YGE) consolidated revenue came in around $219 million. This means that the company’s revenue fell ~42% from $380 million in 2Q16.
Yingli Solar posted muted earnings for 3Q16, reporting earnings per ADS of -$2.8, as compared to the analyst consensus earnings per ADS estimate of -$1.39.
SunPower expects to incur about $225 million–$275 million in restructuring charges as part of closing its Philippine-based Fab 2 manufacturing facility.
For 3Q16, analysts expect Yingli Solar to report a gross profit of about $31.0 million with a gross margin of about 12.4%, which is in line with the company’s gross margin guidance.
Analysts estimate that Yingli Solar (YGE) will report revenue of about $214.0 million in 3Q16. That’s almost a 39.0% fall on a YoY (year-over-year) basis.
Of the four analysts covering Yingli Solar (YGE) stock, one gave it a “buy” rating, one gave it a “hold” rating, and two gave it a “sell” rating as of November 30, 2016.
