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Enphase Energy Inc ENPH

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Cutting Our FVEs for Residential Solar Companies Following California Regulatory Proposal

Brett Castelli Equity Analyst

Analyst Note

| Brett Castelli |

We are lowering our fair value estimates for residential solar companies after incorporating a proposed regulatory ruling in California that could slow rooftop solar growth. We cut our fair value estimates for Sunrun and SunPower by approximately 15% given their relatively large exposure to California. We cut Enphase’s fair value by 5% given its relative concentration within the U.S. residential market. We are reaffirming our fair value estimates for other solar component suppliers such as SolarEdge and Generac given lower revenue exposure.

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Company Profile

Business Description

Enphase Energy Inc delivers energy management technology for the solar industry. The company designs, develops, manufactures, and sells home energy solutions that connect solar generation, energy storage, and management on one intelligent platform. Its product and service portfolio consists of Enphase Microinverters, Enphase Envoy, Enphase Enlighten, Enphase Energy Services, and Enphase Storage System. Geographically, it derives a majority of revenue from the United States.

47281 Bayside Parkway
Fremont, CA, 94538
T +1 707 774-7000
Sector Technology
Industry Solar
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 850