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Generac Holdings Inc GNRC

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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

Generac Power Systems designs and manufactures power generation equipment serving residential, commercial, and industrial markets. It offers standby generators, portable generators, lighting, outdoor power equipment, and a suite of clean energy products. Sales generated in the United States account for the majority of total sales.

S45 W29290 Highway 59
Waukesha, WI, 53189
T +1 262 544-4811
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 6,797