First Solar Inc.

FSLR

Price

186.82

At close: January 15th 2025

SEI Target Price

248

+ 32.75% from close price

SEI P/E 2024E

9.16

Estimated from last closing price

Market Cap

20.31B

Weighted outstanding shares

Taking different scenarios into account, we see First Solar as a buying opportunity at this point

Solar Equity Intelligence, Q1 update

Research

First Solar – Risks priced in too much

Rudolf Stenar Saluoks

Despite heightened risks compared to an alternative election outcome, we believe the market is overly cautious regarding the prospects of First Solar at its current share price.

Quarterly 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	4,177	5,833	6,578	8,003	9,252
EBITDA	242	1,165	1,906	3,013	3,584	4,813	5,908
EBIT	-27	857	1,501	2,513	3,036	4,165	5,177
Pretax profit	9	891	1,520	2,551	3,107	4,280	5,360
Net profit	-44	831	1,419	2,194	2,548	3,424	4,288
EPS (USD)	-0.41	7.66	13.2	20.4	23.69	32.69	39.88

Key ratios	2022	2023	2024E	2025E	2026E	2027E	2028E
P/E	-	22.3	14.2	9.2	7.9	5.7	4.7
P/S	6.1	5.6	4.8	3.4	3.1	2.5	2.2
P/B	2.7	2.8	2.5	2	1.6	1.2	1
EV/EBITDA	60.5	14.7	9.8	5.8	4.6	2.9	1.9
EV/EBIT	-	20	12.5	7	5.4	3.4	2.2

Balance sheet	2022	2023	2024E	2025E	2026E	2027E	2028E
Current assets	3,170	3,967	3,959	6,098	7,789	10,891	14,717
Non-current assets	5,081	6,398	7,787	9,136	10,649	12,288	13,810
Total assets	8,251	10,365	11,746	15,235	18,438	23,179	28,527
Current liabilities	1,038	1,306	1,564	2,150	2,433	2,966	3,427
Non-current liabilities	1,377	2,372	2,076	2,784	3,157	3,850	4,449
Total liabilities	2,415	3,678	3,640	4,934	5,590	6,816	7,876
Total equity	5,836	6,687	8,107	10,300	12,848	16,363	20,651
Total liabilities and equity	8,251	10,365	11,746	15,235	18,438	23,179	28,527
Net debt	-1,297	-1,387	-1,393	-2,500	-3,728	-5,750	-8,602