First Solar Inc.

FSLR

185.82 (5.42%) 10.08

19.89(B)

Information Technology

Semiconductors and Semiconductor Equipment

First Solar Inc. a solar technology company provides photovoltaic (PV) solar energy solutions in the United States France Japan Chile and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules. It designs manufactures and sells cadmium telluride solar modules that converts sunlight into electricity. The company’s residual business operations include project development activities operations and maintenance services and the sale of PV solar power systems to third-party customers. It serves developers and operators of systems utilities independent power producers commercial and industrial companies and other system owners. The company was formerly known as First Solar Holdings Inc. and changed its name to First Solar Inc. in 2006. First Solar Inc. was founded in 1999 and is headquartered in Tempe Arizona.

Holdings:

Cost basis:

First Solar Inc. (FSLR) price target and intrinsic value estimate

FSLR's fair price estimate is $390.6

This valuation is based on a fair P/E of 16.9 and EPS estimates of $23.10

The median analyst price target for FSLR is $268.0.

Analyst price targets range from $190.0 to $360.0

Is FSLR overvalued or undervalued?

FSLR is currently trading at $185.82

FSLR is undervalued by 52% using the pevaluation method.

FSLR is undervalued by 31% compared to median analyst price targets.

Do you agree with this valuation?

Valuation

PEvaluation

Low $292.9

Median $390.6

High $488.2

Fair P/E

Margin of safety

Analyst valuation

Low $190.0

Median $268.0

High $360.0

Strong Buy13

Buy19

Hold8

Sell0

Strong Sell0

Discounted cash-flow

TTM FCFFCF est.Growth FCFTerminal FCF

Discount rate:

10%

Terminal rate:

Growth phase length:

Growth phase rate:

10%

Economic moat: None/narrow

Overview

Market data

Market cap:$19.89(B)

Enterprise value:$18.25(B)

Total Equity:$7.59(B)

Shares outstanding:107.06(M)

Div. yield:0.00%

P/S:5.16

P/E:15.92

P/FCF:N/A

P/B:2.62

EPS:$11.7

FCF per share:$-5.5

Dividend per share:$0.0

Income (TTM)

Revenue$3.85(B)

Gross profit$1.79(B)

EBITDA$1.72(B)

Net income$1.25(B)

Gross margin46.5%

Net margin32.4%

Balance sheet

Total assets$11.44(B)

Total liabilities$3.84(B)

Cash & Short-term inv.$1.27(B)

Long-term debt$373.32(M)

Debt issued$288.42(M)

Debt repaid$-205.82(M)

Cash flow (TTM)

FCF$-591.34(M)

CapEx$-1.56(B)

Dividends paid$0

Stock issued$0

Stock repurchased$-20.17(M)

Stock-based comp.$33.00(M)

Future Growth

Revenue

CAGR: 13.8%

FY+1$4.24(B)

FY+2$5.55(B)

FY+3$6.67(B)

FY+4$6.85(B)

FY+5$7.10(B)

Net Income

CAGR: 26.9%

FY+1$1.42(B)

FY+2$2.27(B)

FY+3$3.20(B)

FY+4$3.55(B)

FY+5$3.68(B)

EPS

CAGR: 26.9%

FY+1$13.24

FY+2$21.14

FY+3$29.73

FY+4$33.00

FY+5$34.31

FCF per share

CAGR: 43.4%

FY+1$13.53

FY+2$24.33

FY+3$33.59

FY+4$39.88

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Historical Financials

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YearlyQuarterly

Income

RevenueNet IncomeCOGSGross ProfitTotal OpEx.R&DSG&AOperating IncomeInterest ExpenseInterest IncomePre-tax incomeIncome tax

Cash flow

FCFCFONet IncomeD&AStock-based Comp.CFFStock IssuedStock RepurchasedDebt IssuedDebt RepaidDividend PaidCFIAcquisitionsDivestituresCapital Expenditures

Balance sheet

Total AssetsTotal LiabilitiesCurrent assetsCash and EquivalentsShort-term investmentsInventoriesReceivablesNon-current assetsNet PP&EGoodwillCurrent liabilitiesAccounts payableNon-current liabilitiesLong-Term DebtTotal Equity

Shares outstanding

Shares (Basic)Shares (Diluted)

Per share data

EPS (Basic)EPS (Diluted)FCF/ShareDividend/ShareBook value/Share

Ratios

P/EP/FCFP/BP/SEV/EarningsEV/FCFDebt/EquityPayout ratio

Margins

Net Income MarginOperating MarginGross MarginEBITDA MarginFCF Margin

Returns

ROICROAROCEROE

Market Cap.