NEXTracker Inc Ordinary Shares - Class A

NXT: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$58.00	Vstsx	Jzszgkgxs

Nextracker Earnings: Solid Results, but Competitive Environment Bears Watching

Brett Castelli ,

May 15, 2024

No-moat Nextracker continued its trend of strong financial results and released fiscal 2025 guidance in line with our estimates. We plan to update our model in conjunction with the 10-K filing in the coming weeks, but at an initial glance, we see no reason to change our $37 fair value estimate. We reiterate our nonconsensus view that long-term margins will moderate from recent levels.

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