We are maintaining our $85 fair value estimate for no-moat Enphase following first-quarter results. We are lowering near-term revenue estimates, but this is offset by higher gross margin assumptions on new products. Enphase continues to be near the top of our clean energy watchlist, but we await a more attractive entry point.
Enphase commands industry-leading gross margins and ROICs based on its high-tech product offering.
Enphase’s end markets are concentrated around the U.S. and residential end markets.
|
Metric
|
ENPH
|
SEDG
|
TSLA
|
|---|---|---|---|
Price/Earnings (Normalized) | 33.24 | 14.50 | 61.71 |
Price/Book Value | 16.56 | 1.39 | 8.35 |
Price/Sales | 8.65 | 1.13 | 6.20 |
Price/Cash Flow | 29.26 | 15.97 | 40.92 |
|
Metric
|
ENPH
|
SEDG
|
TSLA
|
|---|---|---|---|
Quick Ratio | 4.02 | 1.85 | 1.13 |
Current Ratio | 4.59 | 3.70 | 1.73 |
Interest Coverage | 51.17 | 12.42 | 58.10 |
|
Metric
|
ENPH
|
SEDG
|
TSLA
|
|---|---|---|---|
Return on Assets (Normalized) | 18.18% | −0.77% | 9.74% |
Return on Equity (Normalized) | 64.33% | −1.44% | 16.96% |
Return on Invested Capital (Normalized) | 24.93% | −1.05% | 13.43% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
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SPWR
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