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
|
TSLA
|
GNRC
|
|---|---|---|---|
Price/Earnings (Normalized) | 31.90 | 62.34 | 25.62 |
Price/Book Value | 15.89 | 8.43 | 3.57 |
Price/Sales | 8.30 | 6.27 | 2.14 |
Price/Cash Flow | 28.08 | 41.34 | 21.86 |
|
Metric
|
ENPH
|
TSLA
|
GNRC
|
|---|---|---|---|
Quick Ratio | 4.02 | 1.13 | 0.84 |
Current Ratio | 4.59 | 1.73 | 2.27 |
Interest Coverage | 51.17 | 58.10 | 3.97 |
|
Metric
|
ENPH
|
TSLA
|
GNRC
|
|---|---|---|---|
Return on Assets (Normalized) | 18.18% | 9.74% | 6.46% |
Return on Equity (Normalized) | 64.33% | 16.96% | 14.31% |
Return on Invested Capital (Normalized) | 24.93% | 13.43% | 9.82% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
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GCPEF
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SEDG
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RUN
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SPWR
| SunPower Corp | Ljm | Njg | $340.4 Mil |
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