We are maintaining our $185 fair value estimate for no-moat First Solar following its first-quarter earnings. We view shares as fairly valued ahead of what will be an active few months for US trade policy pertaining to solar modules.
First Solar’s balance sheet strength has enabled the company to persist through solar cycles when competitors have failed.
First Solar competes in the fiercely competitive and highly commoditized solar module industry.
|
Metric
|
FSLR
|
SEDG
|
SHLS
|
|---|---|---|---|
Price/Earnings (Normalized) | 19.87 | 14.50 | 11.18 |
Price/Book Value | 3.00 | 1.39 | 2.36 |
Price/Sales | 5.84 | 1.13 | 2.75 |
Price/Cash Flow | 15.18 | 15.97 | 9.48 |
|
Metric
|
FSLR
|
SEDG
|
SHLS
|
|---|---|---|---|
Quick Ratio | 1.68 | 1.85 | 1.78 |
Current Ratio | 2.41 | 3.70 | 2.62 |
Interest Coverage | 48.23 | 12.42 | 2.87 |
|
Metric
|
FSLR
|
SEDG
|
SHLS
|
|---|---|---|---|
Return on Assets (Normalized) | 11.21% | 5.47% | 11.03% |
Return on Equity (Normalized) | 17.01% | 10.40% | 17.17% |
Return on Invested Capital (Normalized) | 14.64% | 7.22% | 14.75% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
ENPH
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XNYIF
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XISHY
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NXT
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GCPEF
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SEDG
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RUN
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SHLS
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SPWR
| SunPower Corp | Vwfnq | Bnbz | $415.9 Mil |
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