Enphase Energy, Inc (ENPH) – Strong growth in installer count

Enphase Energy, Inc (ENPH) (Q2FY23)

Stock Performance: Over the past 3 years, Enphase Energy generated returns of 75% where the stock price increased from $70.72 in Sep 21, 2020 to $123.97 in Sep 20, 2023. The stock had a 200-Day Moving Average of $192.74 and a 50-Day Moving Average of $141.19.

In the past 1 year, ENPH delivered returns of -55% where the stock price decreased from $274.92 in Sep 26, 2022 to $123.97 in Sep 20,2023.The stock had a 52 Week High of $339.92 and a 52 Week Low of $116.86.

Over the past 3 months, ENPH’s stock price decreased by -24% from $162.53 in Jun 22, 2023 to $123.97 in Sep 20, 2023.

Quarter Performance : In Q2FY23, ENPH’s revenue grew by 34% to $711.1mn from $530.2mn in Q2FY22 and the COGS increased by 25% to $387.8mn from $311.2mn in the same time period

Guidance: For Q3FY23, ENPH expects its revenue to be in the range of $550mn to $600mn and the gross margin to be in the range of 41% to 44%.

Highlights

ENPH saw strong quarterly sequential growth in installer count, sell-through and activations of both solar and batteries in Germany during Q2. Further, the company also launched its IQ Router family of devices, which is part of its Home Energy Management System, in Germany and Austria to enable the integration of select third-party EV chargers and heat pumps into Enphase solar and battery systems.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– Economic Value Added Analysis
– Discounted Cash Flow Analysis
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– Key Metrics
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 35

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