First Solar Inc.

FSLR

Price

190.45

At close: November 15th 2024

SEI Target Price

276

+ 44.92% from close price

SEI P/E 2024E

14.07

Estimated from last closing price

Market Cap

20.39B

Weighted outstanding shares

We believe First Solar is currently at an attractive entry point, but much volatility is ahead due to the elections.

Solar Equity Intelligence, Q2 update

Research

First Solar – Oversold on election concerns

Rudolf Stenar Saluoks

The AI potential has been overshadowed by the uncertainty surrounding the presidential election, creating potential buying opportunities. Even without factoring in domestic manufacturing subsidies, First Solar is expected to achieve solid valuation metrics at current price levels.

Quarterly research

First Solar – Is AI hype justified?

Rudolf Stenar Saluoks

Biden administration goes all-in to reviving domestic solar panel manufacturing while solar suddenly became a part of AI story, lifting the share price 76% since our previous update.

Quarterly research

First Solar – Getting cheaper with solid results

Rudolf Stenar Saluoks

Fresh guidance for 2024 turned out above our expectations. Bookings pricing shows no effects from global overcapacity, although the volume of bookings does.

Quarterly research

First Solar – Isolated from the global pricing pressure

Rudolf Stenar Saluoks

First Solar has increased its backlog to an all-time high, signing contracts with steady ASPs despite global pricing pressure. With interest rates heading down, First Solar shares gain attractiveness on two fronts. There are political risks related to the IRA, but we see those outweighed by potentia

Initiation research

Discussion

Coming soon...

Financials

Income statement	2022	2023	2024E	2025E	2026E	2027E	2028E
Revenue	2,619	3,319	4,486	5,792	6,713	8,496	9,815
EBITDA	242	1,165	1,944	2,950	3,870	5,434	6,562
EBIT	-27	857	1,553	2,450	3,321	4,759	5,789
Pretax profit	9	891	1,581	2,487	3,383	4,860	5,966
Net profit	-44	831	1,456	2,139	2,774	3,888	4,773
EPS (USD)	-0.41	7.66	13.54	19.89	25.8	36.91	44.39

Key ratios	2022	2023	2024E	2025E	2026E	2027E	2028E
P/E	-	22.3	15.4	10.5	8.1	5.7	4.7
P/S	6.1	5.6	5	3.9	3.3	2.6	2.3
P/B	2.7	2.8	2.7	2.2	1.7	1.3	1
EV/EBITDA	60.5	14.7	10.7	6.7	4.9	3.1	2.1
EV/EBIT	-	20	13.4	8.1	5.7	3.5	2.3

Balance sheet	2022	2023	2024E	2025E	2026E	2027E	2028E
Current assets	3,170	3,967	4,080	5,954	7,722	11,185	15,478
Non-current assets	5,081	6,398	7,951	9,130	11,026	13,011	14,575
Total assets	8,251	10,365	12,031	15,085	18,748	24,196	30,054
Current liabilities	1,038	1,306	1,664	2,136	2,481	3,138	3,624
Non-current liabilities	1,377	2,372	2,224	2,667	3,212	4,033	4,632
Total liabilities	2,415	3,678	3,888	4,803	5,692	7,171	8,256
Total equity	5,836	6,687	8,143	10,282	13,056	17,025	21,798
Total liabilities and equity	8,251	10,365	12,031	15,085	18,748	24,196	30,054
Net debt	-1,297	-1,387	-1,548	-2,486	-3,470	-5,533	-8,845