SunPower Corporation (SPWR) – Temporary setback, lasting impact

SunPower Corporation (SPWR) (Q2FY23)

Stock Performance: Over the past 3 years, SunPower Corporation generated returns of -65% where the stock price decreased from $15.56 in Oct 05, 2020 to $5.48 in Oct 03, 2023. It had a 200-Day Moving Average of $12.2 and a 50-Day Moving Average of $7.5.

In the past 1 year, SPWR delivered returns of -74% where the stock price decreased from $21.47 in Oct 10, 2022 to $5.48 in Oct 03,2023. It had a 52 Week High of $24.97 and a 52 Week Low of $5.31.

Over the past 3 months, SPWR’s stock price decreased by -43% from $9.68 in Jul 05, 2023 to $5.48 in Oct 03, 2023.

Quarter Performance: In Q2FY23, SPWR’s cash and short term investments decreased by -77.2% to $114mn from $500mn in Q2FY22 and the total inventory increased by 90.1% to $424mn from $223mn in the same period.

Guidance: For FY23, SPWR expects its customer growth to be between 70K-90K and the adj. EBITDA to be in the range of $55mn to $75mn.

Highlights

In Q2FY23, SunPower saw a slowdown in customer bookings and installations which was steeper than what the company expected earlier this year. This was due to the impact of
higher interest rates which had a significant impact on consumer behavior.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– Economic Value Added 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
– Key Metrics
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 31

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