Intrinsic value of SolarEdge Technologies - SEDG

Previous Close

$30.45

  Intrinsic Value

$12.77

stock screener

  Rating & Target

str. sell

-58%

  Value-price divergence*

-124%

Previous close

$30.45

 
Intrinsic value

$12.77

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence*

-124%

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

We calculate the intrinsic value of SEDG 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 1.3

 

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, %
  -51.02
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  240
  261
  283
  306
  330
  354
  380
  407
  435
  463
  493
  525
  557
  591
  626
  663
  701
  741
  783
  827
  872
  920
  970
  1,022
  1,076
  1,133
  1,193
  1,256
  1,321
  1,390
  1,462
Variable operating expenses, $m
 
  221
  240
  259
  279
  300
  322
  344
  368
  392
  417
  444
  471
  500
  530
  561
  593
  627
  662
  699
  738
  778
  820
  864
  911
  959
  1,009
  1,062
  1,118
  1,176
  1,237
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  207
  225
  244
  263
  283
  305
  327
  349
  373
  397
  422
  449
  476
  506
  536
  567
  599
  633
  668
  705
  745
  785
  827
  871
  918
  966
  1,017
  1,070
  1,126
  1,184
  1,245
Operating income, $m
  33
  36
  39
  43
  46
  50
  54
  58
  62
  66
  71
  76
  80
  85
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  159
  167
  176
  186
  195
  206
  217
EBITDA, $m
  36
  39
  43
  47
  51
  55
  59
  63
  67
  72
  77
  82
  87
  93
  99
  105
  111
  117
  124
  131
  139
  146
  155
  163
  172
  181
  191
  201
  212
  223
  235
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
Earnings before tax, $m
  31
  36
  39
  42
  45
  48
  52
  55
  59
  62
  66
  70
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  167
  175
  184
  194
Tax expense, $m
  6
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
Net income, $m
  25
  26
  28
  31
  33
  35
  38
  40
  43
  46
  48
  51
  55
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  179
  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
  425
  268
  290
  313
  338
  363
  389
  417
  445
  475
  506
  537
  571
  605
  642
  679
  718
  759
  802
  847
  894
  942
  993
  1,047
  1,103
  1,161
  1,222
  1,287
  1,354
  1,424
  1,498
Adjusted assets (=assets-cash), $m
  246
  268
  290
  313
  338
  363
  389
  417
  445
  475
  506
  537
  571
  605
  642
  679
  718
  759
  802
  847
  894
  942
  993
  1,047
  1,103
  1,161
  1,222
  1,287
  1,354
  1,424
  1,498
Revenue / Adjusted assets
  0.976
  0.974
  0.976
  0.978
  0.976
  0.975
  0.977
  0.976
  0.978
  0.975
  0.974
  0.978
  0.975
  0.977
  0.975
  0.976
  0.976
  0.976
  0.976
  0.976
  0.975
  0.977
  0.977
  0.976
  0.976
  0.976
  0.976
  0.976
  0.976
  0.976
  0.976
Average production assets, $m
  33
  36
  39
  42
  46
  49
  52
  56
  60
  64
  68
  72
  77
  82
  86
  91
  97
  102
  108
  114
  120
  127
  134
  141
  149
  156
  165
  173
  182
  192
  202
Working capital, $m
  270
  99
  107
  116
  125
  134
  144
  154
  165
  176
  187
  199
  211
  224
  237
  251
  266
  281
  297
  313
  331
  349
  367
  387
  408
  430
  452
  476
  501
  527
  554
Total debt, $m
  2
  14
  26
  39
  53
  67
  81
  97
  112
  129
  146
  163
  182
  201
  221
  242
  263
  286
  310
  334
  360
  387
  415
  445
  476
  508
  542
  577
  615
  654
  694
Total liabilities, $m
  136
  148
  160
  173
  187
  201
  215
  231
  246
  263
  280
  297
  316
  335
  355
  376
  397
  420
  444
  468
  494
  521
  549
  579
  610
  642
  676
  711
  749
  788
  828
Total equity, $m
  289
  120
  130
  140
  151
  162
  174
  186
  199
  212
  226
  240
  255
  271
  287
  304
  321
  339
  359
  379
  399
  421
  444
  468
  493
  519
  546
  575
  605
  637
  670
Total liabilities and equity, $m
  425
  268
  290
  313
  338
  363
  389
  417
  445
  475
  506
  537
  571
  606
  642
  680
  718
  759
  803
  847
  893
  942
  993
  1,047
  1,103
  1,161
  1,222
  1,286
  1,354
  1,425
  1,498
Debt-to-equity ratio
  0.007
  0.120
  0.200
  0.280
  0.350
  0.410
  0.470
  0.520
  0.560
  0.610
  0.640
  0.680
  0.710
  0.740
  0.770
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.950
  0.970
  0.980
  0.990
  1.000
  1.020
  1.030
  1.040
Adjusted equity ratio
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  26
  28
  31
  33
  35
  38
  40
  43
  46
  48
  51
  55
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
Depreciation, amort., depletion, $m
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
Funds from operations, $m
  59
  30
  32
  34
  37
  40
  42
  45
  48
  51
  55
  58
  62
  65
  69
  73
  77
  81
  86
  91
  96
  101
  106
  112
  118
  124
  131
  137
  145
  152
  160
Change in working capital, $m
  10
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
Cash from operations, $m
  49
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  52
  56
  59
  63
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  114
  120
  126
  133
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
New CAPEX, $m
  -12
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
Cash from investing activities, $m
  -20
  -6
  -6
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -15
  -15
  -16
  -16
  -18
  -19
  -19
  -21
  -22
  -22
  -24
  -25
  -26
  -27
Free cash flow, $m
  29
  16
  17
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
Issuance/(repayment) of debt, $m
  0
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  1
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
Total cash flow (excl. dividends), $m
  31
  27
  30
  32
  34
  37
  39
  42
  45
  47
  50
  53
  57
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  102
  108
  113
  119
  126
  132
  139
  146
Retained Cash Flow (-), $m
  -33
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
Prev. year cash balance distribution, $m
 
  179
  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
 
  197
  20
  22
  23
  25
  27
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  189
  18
  19
  19
  20
  20
  20
  20
  20
  19
  19
  18
  17
  16
  15
  14
  12
  11
  10
  8
  7
  6
  5
  4
  3
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
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SolarEdge Technologies, Inc. offers an inverter solution for a solar photovoltaic (PV) system. The Company's products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management. The Company's power optimizers provide module-level maximum power point (MPP) tracking and real-time adjustments of current and voltage to the optimal working point of each individual PV module. The Company's solution consists of a direct current (DC) power optimizer, an inverter and a cloud-based monitoring platform that operates as a single integrated system.

FINANCIAL RATIOS  of  SolarEdge Technologies (SEDG)

Valuation Ratios
P/E Ratio 50.3
Price to Sales 5.2
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 25.6
Price to Free Cash Flow 34
Growth Rates
Sales Growth Rate -51%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.7%
Total Debt to Equity 0.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 13.2%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 23.3%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 24.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 33.8%
Gross Margin - 3 Yr. Avg. 30%
EBITDA Margin 14.2%
EBITDA Margin - 3 Yr. Avg. 12.6%
Operating Margin 13.8%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 11.6%
Net Profit Margin 10.4%
Net Profit Margin - 3 Yr. Avg. 10.9%
Effective Tax Rate 19.4%
Eff/ Tax Rate - 3 Yr. Avg. 7%
Payout Ratio 0%

SEDG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SEDG stock intrinsic value calculation we used $240 million for the last fiscal year's total revenue generated by SolarEdge Technologies. The default revenue input number comes from 2016 income statement of SolarEdge Technologies. 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 SEDG stock valuation model: a) initial revenue growth rate of 8.8% 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 4.3%, whose default value for SEDG is calculated based on our internal credit rating of SolarEdge Technologies, 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 SolarEdge Technologies.
    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 SEDG stock the variable cost ratio is equal to 84.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for SEDG 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 3.5% for SolarEdge Technologies.

Corporate tax rate of 27% is the nominal tax rate for SolarEdge Technologies. 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 SEDG 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 SEDG are equal to 13.8%.

Life of production assets of 11 years is the average useful life of capital assets used in SolarEdge Technologies 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 SEDG is equal to 37.9%. 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 - $289 million for SolarEdge Technologies - 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 42.164 million for SolarEdge Technologies 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 SolarEdge Technologies at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Chart Patterns Suggest Solar Stocks Are About to Shine   [Oct-04-17 08:49AM  Investopedia]
▶ Industry Group Action Can Guide Sells As Well As Buys   [Sep-22-17 03:11PM  Investor's Business Daily]
▶ LG Taps SolarEdge for New Generation of Solar Modules   [Sep-14-17 07:46AM  Motley Fool]
▶ 3 Questions for SolarEdge Technologies   [Sep-07-17 08:10AM  Motley Fool]
▶ 4 Solar Stocks With Strong Growth Potential   [Aug-31-17 12:30PM  Zacks]
▶ SolarEdge (SEDG) and Teva (TEVA) are Blowouts!   [Aug-10-17 05:43PM  Zacks]
▶ Why SolarEdge Technologies Inc's Shares Popped 22% Today   [Aug-03-17 01:39PM  Motley Fool]
▶ SolarEdge Crushed Q2 Earnings   [10:55AM  24/7 Wall St.]
▶ SolarEdge tops Street 2Q forecasts   [12:12AM  Associated Press]
▶ SolarEdge Announces Second Quarter 2017 Financial Results   [Aug-02-17 04:05PM  Business Wire]
▶ 3 Solar Stocks for Heading Into the Third Quarter   [Aug-01-17 06:10PM  Motley Fool]
▶ Why These 2 Analysts Like SolarEdge Technologies   [Jul-18-17 12:46PM  Motley Fool]
▶ Last Week in Solar   [Jul-17-17 10:37AM  Motley Fool]
▶ Canadian Solar Clears Key Benchmark, Hitting 80-Plus RS Rating   [Jul-13-17 10:50AM  Investor's Business Daily]
▶ Cleantech jumps 24% percent this year   [Jun-19-17 09:45AM  CNBC Videos]
▶ Should You Get Rid of JA Solar (JASO) Now?   [Jun-08-17 08:38AM  Zacks]
▶ Will The Sun Keep Shining On This No. 1-Ranked Solar Stock?   [May-26-17 11:29AM  Investor's Business Daily]
▶ Top Ranked Momentum Stocks to Buy for May 16th   [May-16-17 10:43AM  Zacks]
▶ SolarEdge tops Street 1Q forecasts   [May-09-17 05:46PM  Associated Press]
▶ Final Trade: MOS, SEDG & more   [Apr-21-17 05:26PM  CNBC Videos]
▶ Solar Shake-Up: Why More Bankruptcies Are Coming in 2017   [Apr-18-17 08:08AM  Motley Fool]
▶ Veteran trader shares 11 market truths for stock investors   [Apr-12-17 10:25AM  Yahoo Finance]
▶ Why day trading is NOT for most people   [08:13AM  Yahoo Finance Video]
▶ [$$] Israel Secondary Fund Closes $100M Fund II   [Apr-03-17 04:10PM  The Wall Street Journal]
▶ A Bargain Stock in the Solar Wasteland   [Mar-27-17 02:09PM  WSJ Live]
▶ The Top Stories From This Week's Barron's   [12:01AM  Barrons.com]
▶ Baron Funds Comments on SolarEdge Technologies   [Mar-16-17 03:57PM  GuruFocus.com]
Financial statements of SEDG
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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