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First Solar Inc FSLR

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

First Solar Chooses Ohio for Factory Expansion; Big Bet on U.S. Solar Market Growth

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $66 per share fair value estimate for First Solar after the company announced plans to expand its Ohio panel factory capacity by 3.3 gigawatts by 2025. We are reaffirming our no-moat and stable moat trend ratings. We continue to consider First Solar a high-quality renewable energy investment, but investors should be cautious of valuation, with the stock trading at an 18% premium to our fair value estimate as of June 9.

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Company Profile

Business Description

First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world’s largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, and Ohio.

Contact
350 West Washington Street, Suite 600
Tempe, AZ, 85281
T +1 602 414-9300
Sector Technology
Industry Solar
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 5,100

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