Enphase Energy Inc.
ENPH
Price
63.47
At close: January 16th 2025
SEI Target Price
113
+ 78.04% from close price
SEI P/E 2024E
55.19
Estimated from last closing price
Market Cap
8.58B
Weighted outstanding shares
Enphase’s valuation is relatively high, market timing an important factor when considering buying the stock.
Solar Equity Intelligence, Initiation report
Financials
| Income statement | 2022 | 2023 | 2024E | 2025E | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|
| Revenue | 2,331 | 2,291 | 1,423 | 2,281 | 2,923 | 3,532 | 4,164 |
| EBITDA | 507 | 520 | 222 | 767 | 1,038 | 1,260 | 1,487 |
| EBIT | 448 | 446 | 140 | 689 | 935 | 1,143 | 1,363 |
| Pretax profit | 452 | 513 | 201 | 743 | 989 | 1,202 | 1,427 |
| Net profit | 397 | 439 | 156 | 594 | 791 | 962 | 1,142 |
| EPS (USD) | 2.72 | 3.15 | 1.15 | 4.37 | 5.82 | 7.08 | 8.4 |
| Key ratios | 2022 | 2023 | 2024E | 2025E | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|
| P/E | 38.7 | 33.3 | 94.9 | 24.9 | 18.7 | 15.4 | 13 |
| P/S | 6.6 | 6.4 | 10.4 | 6.5 | 5.1 | 4.2 | 3.6 |
| P/B | 18.6 | 14.9 | 13 | 8.5 | 6.3 | 5.2 | 5.2 |
| EV/EBITDA | 36.1 | 30 | 70.5 | 19.7 | 14.1 | 11.3 | 9.6 |
| EV/EBIT | 36.1 | 35 | 112.1 | 22 | 15.6 | 12.4 | 10.5 |
| Balance sheet | 2022 | 2023 | 2024E | 2025E | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|
| Current assets | 2,115 | 2,230 | 1,952 | 2,227 | 2,433 | 2,766 | 2,831 |
| Non-current assets | 970 | 1,153 | 1,152 | 1,264 | 1,340 | 1,442 | 1,578 |
| Total Assets | 3,084 | 3,383 | 3,104 | 3,491 | 3,773 | 4,208 | 4,409 |
| Current liabilities | 638 | 532 | 344 | 530 | 669 | 801 | 938 |
| Non-current liabilities | 1,620 | 1,867 | 1,620 | 1,227 | 757 | 573 | 650 |
| Total liabilities | 2,259 | 2,399 | 1,965 | 1,758 | 1,427 | 1,375 | 1,589 |
| Total equity | 826 | 984 | 1,139 | 1,734 | 2,346 | 2,833 | 2,820 |
| Total liabilities and equity | 3,084 | 3,383 | 3,104 | 3,491 | 3,773 | 4,208 | 4,409 |
| Net debt | 817 | 1,005 | 868 | 367 | -184 | -583 | -448 |