Intrinsic value of Enphase Energy - ENPH

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$1.19

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$1.19

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ENPH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -9.52
  37.90
  34.61
  31.65
  28.98
  26.59
  24.43
  22.48
  20.74
  19.16
  17.75
  16.47
  15.32
  14.29
  13.36
  12.53
  11.77
  11.10
  10.49
  9.94
  9.44
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
Revenue, $m
  323
  445
  600
  789
  1,018
  1,289
  1,604
  1,964
  2,371
  2,826
  3,327
  3,875
  4,469
  5,108
  5,791
  6,516
  7,283
  8,091
  8,940
  9,828
  10,757
  11,725
  12,733
  13,782
  14,873
  16,007
  17,186
  18,410
  19,683
  21,006
  22,382
Variable operating expenses, $m
 
  470
  633
  833
  1,074
  1,360
  1,692
  2,072
  2,502
  2,981
  3,510
  4,088
  4,714
  5,388
  6,108
  6,873
  7,682
  8,534
  9,429
  10,367
  11,346
  12,367
  13,430
  14,537
  15,688
  16,884
  18,127
  19,418
  20,761
  22,156
  23,607
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  385
  470
  633
  833
  1,074
  1,360
  1,692
  2,072
  2,502
  2,981
  3,510
  4,088
  4,714
  5,388
  6,108
  6,873
  7,682
  8,534
  9,429
  10,367
  11,346
  12,367
  13,430
  14,537
  15,688
  16,884
  18,127
  19,418
  20,761
  22,156
  23,607
Operating income, $m
  -63
  -25
  -33
  -44
  -56
  -71
  -88
  -108
  -130
  -155
  -183
  -212
  -245
  -280
  -317
  -357
  -399
  -443
  -490
  -538
  -589
  -642
  -697
  -755
  -814
  -877
  -941
  -1,008
  -1,078
  -1,150
  -1,226
EBITDA, $m
  -52
  -15
  -21
  -27
  -35
  -44
  -55
  -67
  -81
  -97
  -114
  -133
  -154
  -176
  -199
  -224
  -250
  -278
  -307
  -338
  -370
  -403
  -438
  -474
  -511
  -550
  -591
  -633
  -676
  -722
  -769
Interest expense (income), $m
  3
  2
  6
  14
  23
  34
  47
  62
  79
  99
  120
  145
  171
  199
  230
  263
  298
  334
  373
  414
  457
  501
  548
  596
  646
  699
  753
  810
  869
  930
  993
Earnings before tax, $m
  -66
  -27
  -39
  -57
  -79
  -105
  -135
  -170
  -209
  -254
  -303
  -357
  -416
  -479
  -547
  -620
  -696
  -778
  -863
  -952
  -1,046
  -1,143
  -1,245
  -1,351
  -1,461
  -1,575
  -1,694
  -1,818
  -1,947
  -2,080
  -2,219
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -67
  -27
  -39
  -57
  -79
  -105
  -135
  -170
  -209
  -254
  -303
  -357
  -416
  -479
  -547
  -620
  -696
  -778
  -863
  -952
  -1,046
  -1,143
  -1,245
  -1,351
  -1,461
  -1,575
  -1,694
  -1,818
  -1,947
  -2,080
  -2,219

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  18
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  164
  201
  271
  357
  460
  583
  725
  888
  1,072
  1,278
  1,504
  1,752
  2,020
  2,309
  2,618
  2,946
  3,293
  3,658
  4,042
  4,443
  4,863
  5,300
  5,756
  6,231
  6,724
  7,236
  7,769
  8,323
  8,898
  9,496
  10,118
Adjusted assets (=assets-cash), $m
  146
  201
  271
  357
  460
  583
  725
  888
  1,072
  1,278
  1,504
  1,752
  2,020
  2,309
  2,618
  2,946
  3,293
  3,658
  4,042
  4,443
  4,863
  5,300
  5,756
  6,231
  6,724
  7,236
  7,769
  8,323
  8,898
  9,496
  10,118
Revenue / Adjusted assets
  2.212
  2.214
  2.214
  2.210
  2.213
  2.211
  2.212
  2.212
  2.212
  2.211
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
  2.212
Average production assets, $m
  33
  45
  61
  81
  104
  131
  164
  200
  242
  288
  339
  395
  456
  521
  591
  665
  743
  825
  912
  1,002
  1,097
  1,196
  1,299
  1,406
  1,517
  1,633
  1,753
  1,878
  2,008
  2,143
  2,283
Working capital, $m
  35
  41
  56
  73
  95
  120
  149
  183
  221
  263
  309
  360
  416
  475
  539
  606
  677
  752
  831
  914
  1,000
  1,090
  1,184
  1,282
  1,383
  1,489
  1,598
  1,712
  1,831
  1,954
  2,081
Total debt, $m
  34
  52
  115
  192
  285
  395
  523
  670
  836
  1,021
  1,225
  1,448
  1,689
  1,949
  2,227
  2,522
  2,834
  3,163
  3,508
  3,870
  4,248
  4,641
  5,052
  5,479
  5,922
  6,384
  6,863
  7,362
  7,879
  8,418
  8,977
Total liabilities, $m
  162
  181
  244
  321
  414
  524
  652
  799
  965
  1,150
  1,354
  1,577
  1,818
  2,078
  2,356
  2,651
  2,963
  3,292
  3,637
  3,999
  4,377
  4,770
  5,181
  5,608
  6,051
  6,513
  6,992
  7,491
  8,008
  8,547
  9,106
Total equity, $m
  1
  20
  27
  36
  46
  58
  72
  89
  107
  128
  150
  175
  202
  231
  262
  295
  329
  366
  404
  444
  486
  530
  576
  623
  672
  724
  777
  832
  890
  950
  1,012
Total liabilities and equity, $m
  163
  201
  271
  357
  460
  582
  724
  888
  1,072
  1,278
  1,504
  1,752
  2,020
  2,309
  2,618
  2,946
  3,292
  3,658
  4,041
  4,443
  4,863
  5,300
  5,757
  6,231
  6,723
  7,237
  7,769
  8,323
  8,898
  9,497
  10,118
Debt-to-equity ratio
  34.000
  2.590
  4.240
  5.380
  6.200
  6.790
  7.220
  7.550
  7.800
  7.990
  8.140
  8.260
  8.360
  8.440
  8.510
  8.560
  8.610
  8.650
  8.680
  8.710
  8.730
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.850
  8.860
  8.860
  8.870
Adjusted equity ratio
  -0.048
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -67
  -27
  -39
  -57
  -79
  -105
  -135
  -170
  -209
  -254
  -303
  -357
  -416
  -479
  -547
  -620
  -696
  -778
  -863
  -952
  -1,046
  -1,143
  -1,245
  -1,351
  -1,461
  -1,575
  -1,694
  -1,818
  -1,947
  -2,080
  -2,219
Depreciation, amort., depletion, $m
  11
  9
  13
  17
  21
  27
  33
  40
  49
  58
  68
  79
  91
  104
  118
  133
  149
  165
  182
  200
  219
  239
  260
  281
  303
  327
  351
  376
  402
  429
  457
Funds from operations, $m
  -26
  -18
  -27
  -41
  -58
  -78
  -102
  -129
  -161
  -196
  -235
  -278
  -324
  -375
  -429
  -487
  -548
  -612
  -680
  -752
  -826
  -904
  -985
  -1,070
  -1,158
  -1,249
  -1,344
  -1,442
  -1,545
  -1,652
  -1,762
Change in working capital, $m
  7
  11
  14
  18
  21
  25
  29
  34
  38
  42
  47
  51
  55
  59
  63
  67
  71
  75
  79
  83
  86
  90
  94
  98
  101
  105
  110
  114
  118
  123
  128
Cash from operations, $m
  -33
  -30
  -41
  -58
  -79
  -103
  -131
  -163
  -198
  -238
  -281
  -329
  -380
  -434
  -492
  -554
  -619
  -688
  -759
  -834
  -913
  -994
  -1,079
  -1,167
  -1,259
  -1,354
  -1,453
  -1,556
  -1,663
  -1,775
  -1,890
Maintenance CAPEX, $m
  0
  -7
  -9
  -12
  -16
  -21
  -26
  -33
  -40
  -48
  -58
  -68
  -79
  -91
  -104
  -118
  -133
  -149
  -165
  -182
  -200
  -219
  -239
  -260
  -281
  -303
  -327
  -351
  -376
  -402
  -429
New CAPEX, $m
  -12
  -12
  -16
  -19
  -23
  -28
  -32
  -37
  -42
  -46
  -51
  -56
  -61
  -65
  -70
  -74
  -78
  -82
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -140
Cash from investing activities, $m
  -12
  -19
  -25
  -31
  -39
  -49
  -58
  -70
  -82
  -94
  -109
  -124
  -140
  -156
  -174
  -192
  -211
  -231
  -252
  -273
  -295
  -318
  -342
  -367
  -392
  -419
  -447
  -476
  -506
  -537
  -569
Free cash flow, $m
  -45
  -49
  -66
  -90
  -118
  -151
  -189
  -232
  -280
  -333
  -390
  -452
  -519
  -591
  -666
  -746
  -830
  -919
  -1,011
  -1,107
  -1,208
  -1,312
  -1,421
  -1,534
  -1,651
  -1,773
  -1,900
  -2,032
  -2,169
  -2,311
  -2,459
Issuance/(repayment) of debt, $m
  17
  31
  63
  77
  93
  110
  128
  147
  166
  185
  204
  223
  242
  260
  278
  295
  312
  329
  345
  361
  378
  394
  410
  427
  444
  461
  479
  498
  518
  538
  560
Issuance/(repurchase) of shares, $m
  17
  37
  10
  21
  36
  54
  76
  102
  133
  168
  209
  254
  304
  360
  419
  484
  553
  626
  704
  786
  872
  962
  1,056
  1,155
  1,257
  1,363
  1,474
  1,589
  1,708
  1,833
  1,962
Cash from financing (excl. dividends), $m  
  34
  68
  73
  98
  129
  164
  204
  249
  299
  353
  413
  477
  546
  620
  697
  779
  865
  955
  1,049
  1,147
  1,250
  1,356
  1,466
  1,582
  1,701
  1,824
  1,953
  2,087
  2,226
  2,371
  2,522
Total cash flow (excl. dividends), $m
  -11
  -18
  -3
  -13
  -25
  -41
  -61
  -86
  -114
  -148
  -186
  -229
  -278
  -331
  -389
  -451
  -518
  -590
  -666
  -746
  -830
  -918
  -1,011
  -1,107
  -1,208
  -1,312
  -1,421
  -1,534
  -1,651
  -1,773
  -1,899
Retained Cash Flow (-), $m
  40
  -24
  -7
  -9
  -10
  -12
  -14
  -16
  -18
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
Prev. year cash balance distribution, $m
 
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  47.6
  44.1
  40.1
  35.9
  31.8
  27.9
  24.3
  21.0
  18.0
  15.4
  13.1
  11.2
  9.4
  8.0
  6.7
  5.6
  4.7
  4.0
  3.3
  2.8
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.8
  0.6
  0.5

Enphase Energy, Inc., together with its subsidiaries, designs, develops, and sells microinverter systems for residential and commercial markets in the United States and internationally. The company’s semiconductor-based microinverter system converts direct current electricity to alternating current (AC) electricity at the individual solar module level. It also offers energy storage systems, including its AC battery; and system monitoring and control services. The company sells its microinverter systems primarily to distributors, as well as directly to large installers through original equipment manufacturers and strategic partners. Enphase Energy, Inc. was founded in 2006 and is headquartered in Petaluma, California.

FINANCIAL RATIOS  of  Enphase Energy (ENPH)

Valuation Ratios
P/E Ratio -1.1
Price to Sales 0.2
Price to Book 74.1
Price to Tangible Book
Price to Cash Flow -2.2
Price to Free Cash Flow -1.6
Growth Rates
Sales Growth Rate -9.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.7%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 2100%
Total Debt to Equity 3400%
Interest Coverage -21
Management Effectiveness
Return On Assets -38.8%
Ret/ On Assets - 3 Yr. Avg. -19.2%
Return On Total Capital -144.1%
Ret/ On T. Cap. - 3 Yr. Avg. -67.6%
Return On Equity -319%
Return On Equity - 3 Yr. Avg. -129.1%
Asset Turnover 2
Profitability Ratios
Gross Margin 18%
Gross Margin - 3 Yr. Avg. 27%
EBITDA Margin -16.1%
EBITDA Margin - 3 Yr. Avg. -6.1%
Operating Margin -19.2%
Oper. Margin - 3 Yr. Avg. -8.7%
Pre-Tax Margin -20.4%
Pre-Tax Margin - 3 Yr. Avg. -9.5%
Net Profit Margin -20.7%
Net Profit Margin - 3 Yr. Avg. -9.7%
Effective Tax Rate -1.5%
Eff/ Tax Rate - 3 Yr. Avg. -6.9%
Payout Ratio 0%

ENPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENPH stock intrinsic value calculation we used $323 million for the last fiscal year's total revenue generated by Enphase Energy. The default revenue input number comes from 2016 income statement of Enphase Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ENPH stock valuation model: a) initial revenue growth rate of 37.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.4%, whose default value for ENPH is calculated based on our internal credit rating of Enphase Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Enphase Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ENPH stock the variable cost ratio is equal to 105.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ENPH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 11.8% for Enphase Energy.

Corporate tax rate of 27% is the nominal tax rate for Enphase Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ENPH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ENPH are equal to 10.2%.

Life of production assets of 3.4 years is the average useful life of capital assets used in Enphase Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ENPH is equal to 9.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1 million for Enphase Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 83.745 million for Enphase Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Enphase Energy at the current share price and the inputted number of shares is $0.1 billion.


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COMPANY NEWS

▶ Enphase Energy Announces New Chief Operating Officer Role   [Apr-12-17 04:05PM  GlobeNewswire]
▶ Enphase Energy reports 4Q loss   [05:39PM  Associated Press]
▶ Enphase Energy Extends Term Loan Facility   [04:05PM  Marketwired]
▶ Here is What Hedge Funds Think About Enphase Energy Inc (ENPH)   [Dec-11-16 03:53AM  at Insider Monkey]
▶ Daniel Loeb Expands Position in Enphase Energy   [Oct-04-16 02:02PM  Gurufocus]
▶ A Terrible Way to Invest in Solar Energy   [09:04AM  at Motley Fool]
▶ 5 Companies That Destroyed Shareholders Last Week   [Sep-25-16 10:35AM  at 24/7 Wall St.]
▶ What is Going on With These Falling Stocks?   [Sep-23-16 11:18AM  at Insider Monkey]
▶ Enphase Energy reports 2Q loss   [Aug-02-16 06:45PM  AP]
▶ Merrill Lynch Identifies Solar Stock Winners   [Aug-01-16 11:50AM  at 24/7 Wall St.]
▶ Enphase Energy Expands Customer Base in Benelux   [Jul-27-16 04:01AM  GlobeNewswire]
▶ Why This Analyst Has Downgraded 3 Solar Stocks   [Jul-25-16 12:35PM  at 24/7 Wall St.]
Stock chart of ENPH Financial statements of ENPH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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