Intrinsic value of SunPower - SPWR

Previous Close

$8.59

  Intrinsic Value

$1.81

stock screener

  Rating & Target

str. sell

-79%

Previous close

$8.59

 
Intrinsic value

$1.81

 
Up/down potential

-79%

 
Rating

str. sell

We calculate the intrinsic value of SPWR 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 2017), $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 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  62.44
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,560
  2,611
  2,671
  2,740
  2,817
  2,902
  2,996
  3,098
  3,209
  3,328
  3,455
  3,592
  3,738
  3,893
  4,058
  4,233
  4,418
  4,615
  4,822
  5,042
  5,273
  5,518
  5,776
  6,047
  6,334
  6,635
  6,953
  7,287
  7,638
  8,008
  8,398
Variable operating expenses, $m
 
  2,953
  3,021
  3,099
  3,186
  3,283
  3,389
  3,504
  3,629
  3,763
  3,908
  4,062
  4,227
  4,403
  4,589
  4,787
  4,997
  5,219
  5,454
  5,702
  5,964
  6,241
  6,532
  6,840
  7,163
  7,504
  7,863
  8,241
  8,639
  9,058
  9,498
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
  2,966
  2,953
  3,021
  3,099
  3,186
  3,283
  3,389
  3,504
  3,629
  3,763
  3,908
  4,062
  4,227
  4,403
  4,589
  4,787
  4,997
  5,219
  5,454
  5,702
  5,964
  6,241
  6,532
  6,840
  7,163
  7,504
  7,863
  8,241
  8,639
  9,058
  9,498
Operating income, $m
  -407
  -342
  -350
  -359
  -369
  -380
  -392
  -406
  -420
  -436
  -453
  -471
  -490
  -510
  -532
  -555
  -579
  -605
  -632
  -660
  -691
  -723
  -757
  -792
  -830
  -869
  -911
  -955
  -1,001
  -1,049
  -1,100
EBITDA, $m
  -233
  -169
  -173
  -178
  -183
  -188
  -194
  -201
  -208
  -216
  -224
  -233
  -242
  -252
  -263
  -274
  -286
  -299
  -313
  -327
  -342
  -358
  -374
  -392
  -411
  -430
  -451
  -472
  -495
  -519
  -544
Interest expense (income), $m
  36
  63
  65
  68
  72
  75
  79
  84
  89
  94
  100
  106
  112
  119
  127
  134
  143
  152
  161
  171
  181
  192
  204
  216
  229
  243
  257
  272
  288
  305
  323
Earnings before tax, $m
  -565
  -405
  -415
  -427
  -441
  -455
  -472
  -490
  -509
  -530
  -552
  -576
  -602
  -629
  -658
  -689
  -722
  -756
  -793
  -831
  -872
  -915
  -961
  -1,009
  -1,059
  -1,112
  -1,168
  -1,227
  -1,289
  -1,354
  -1,423
Tax expense, $m
  7
  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
  -471
  -405
  -415
  -427
  -441
  -455
  -472
  -490
  -509
  -530
  -552
  -576
  -602
  -629
  -658
  -689
  -722
  -756
  -793
  -831
  -872
  -915
  -961
  -1,009
  -1,059
  -1,112
  -1,168
  -1,227
  -1,289
  -1,354
  -1,423

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  425
  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
  4,567
  4,225
  4,322
  4,434
  4,558
  4,696
  4,848
  5,013
  5,192
  5,384
  5,591
  5,812
  6,048
  6,299
  6,566
  6,849
  7,149
  7,467
  7,803
  8,158
  8,533
  8,929
  9,346
  9,785
  10,249
  10,737
  11,250
  11,791
  12,360
  12,959
  13,588
Adjusted assets (=assets-cash), $m
  4,142
  4,225
  4,322
  4,434
  4,558
  4,696
  4,848
  5,013
  5,192
  5,384
  5,591
  5,812
  6,048
  6,299
  6,566
  6,849
  7,149
  7,467
  7,803
  8,158
  8,533
  8,929
  9,346
  9,785
  10,249
  10,737
  11,250
  11,791
  12,360
  12,959
  13,588
Revenue / Adjusted assets
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
Average production assets, $m
  932
  950
  972
  997
  1,025
  1,056
  1,091
  1,128
  1,168
  1,211
  1,258
  1,307
  1,361
  1,417
  1,477
  1,541
  1,608
  1,680
  1,755
  1,835
  1,920
  2,009
  2,102
  2,201
  2,305
  2,415
  2,531
  2,652
  2,780
  2,915
  3,057
Working capital, $m
  825
  480
  492
  504
  518
  534
  551
  570
  590
  612
  636
  661
  688
  716
  747
  779
  813
  849
  887
  928
  970
  1,015
  1,063
  1,113
  1,165
  1,221
  1,279
  1,341
  1,405
  1,474
  1,545
Total debt, $m
  1,870
  1,869
  1,950
  2,044
  2,149
  2,265
  2,393
  2,532
  2,683
  2,845
  3,019
  3,205
  3,403
  3,615
  3,840
  4,078
  4,331
  4,598
  4,881
  5,180
  5,496
  5,829
  6,180
  6,550
  6,940
  7,351
  7,784
  8,239
  8,718
  9,222
  9,752
Total liabilities, $m
  3,559
  3,558
  3,639
  3,733
  3,838
  3,954
  4,082
  4,221
  4,372
  4,534
  4,708
  4,894
  5,092
  5,304
  5,529
  5,767
  6,020
  6,287
  6,570
  6,869
  7,185
  7,518
  7,869
  8,239
  8,629
  9,040
  9,473
  9,928
  10,407
  10,911
  11,441
Total equity, $m
  1,008
  668
  683
  700
  720
  742
  766
  792
  820
  851
  883
  918
  956
  995
  1,037
  1,082
  1,130
  1,180
  1,233
  1,289
  1,348
  1,411
  1,477
  1,546
  1,619
  1,696
  1,778
  1,863
  1,953
  2,047
  2,147
Total liabilities and equity, $m
  4,567
  4,226
  4,322
  4,433
  4,558
  4,696
  4,848
  5,013
  5,192
  5,385
  5,591
  5,812
  6,048
  6,299
  6,566
  6,849
  7,150
  7,467
  7,803
  8,158
  8,533
  8,929
  9,346
  9,785
  10,248
  10,736
  11,251
  11,791
  12,360
  12,958
  13,588
Debt-to-equity ratio
  1.855
  2.800
  2.860
  2.920
  2.980
  3.050
  3.120
  3.200
  3.270
  3.340
  3.420
  3.490
  3.560
  3.630
  3.700
  3.770
  3.830
  3.900
  3.960
  4.020
  4.080
  4.130
  4.190
  4.240
  4.290
  4.330
  4.380
  4.420
  4.460
  4.500
  4.540
Adjusted equity ratio
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -471
  -405
  -415
  -427
  -441
  -455
  -472
  -490
  -509
  -530
  -552
  -576
  -602
  -629
  -658
  -689
  -722
  -756
  -793
  -831
  -872
  -915
  -961
  -1,009
  -1,059
  -1,112
  -1,168
  -1,227
  -1,289
  -1,354
  -1,423
Depreciation, amort., depletion, $m
  174
  173
  177
  181
  186
  192
  198
  205
  212
  220
  229
  238
  247
  258
  269
  280
  292
  305
  319
  334
  349
  365
  382
  400
  419
  439
  460
  482
  506
  530
  556
Funds from operations, $m
  -486
  -232
  -239
  -246
  -254
  -263
  -273
  -285
  -297
  -310
  -324
  -338
  -354
  -371
  -390
  -409
  -429
  -451
  -474
  -498
  -523
  -550
  -578
  -608
  -640
  -673
  -708
  -745
  -783
  -824
  -867
Change in working capital, $m
  -174
  9
  11
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
Cash from operations, $m
  -312
  -242
  -250
  -258
  -268
  -279
  -291
  -303
  -317
  -331
  -347
  -364
  -381
  -400
  -420
  -441
  -463
  -487
  -512
  -538
  -566
  -595
  -626
  -658
  -692
  -728
  -766
  -806
  -848
  -892
  -939
Maintenance CAPEX, $m
  0
  -169
  -173
  -177
  -181
  -186
  -192
  -198
  -205
  -212
  -220
  -229
  -238
  -247
  -258
  -269
  -280
  -292
  -305
  -319
  -334
  -349
  -365
  -382
  -400
  -419
  -439
  -460
  -482
  -506
  -530
New CAPEX, $m
  -188
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -56
  -60
  -64
  -68
  -71
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
Cash from investing activities, $m
  -377
  -188
  -195
  -202
  -209
  -217
  -226
  -235
  -245
  -255
  -266
  -279
  -291
  -303
  -318
  -333
  -348
  -363
  -381
  -399
  -418
  -438
  -459
  -481
  -504
  -529
  -555
  -582
  -610
  -641
  -672
Free cash flow, $m
  -689
  -430
  -444
  -460
  -478
  -497
  -517
  -539
  -562
  -587
  -614
  -642
  -672
  -704
  -738
  -773
  -811
  -851
  -893
  -937
  -984
  -1,033
  -1,085
  -1,139
  -1,197
  -1,257
  -1,321
  -1,388
  -1,458
  -1,532
  -1,610
Issuance/(repayment) of debt, $m
  60
  70
  82
  94
  105
  116
  128
  139
  150
  162
  174
  186
  199
  211
  225
  238
  253
  268
  283
  299
  316
  333
  351
  370
  390
  411
  433
  455
  479
  504
  530
Issuance/(repurchase) of shares, $m
  -22
  419
  431
  445
  460
  477
  496
  516
  537
  560
  585
  611
  639
  669
  700
  734
  769
  806
  846
  887
  931
  978
  1,027
  1,078
  1,132
  1,189
  1,249
  1,312
  1,379
  1,449
  1,522
Cash from financing (excl. dividends), $m  
  160
  489
  513
  539
  565
  593
  624
  655
  687
  722
  759
  797
  838
  880
  925
  972
  1,022
  1,074
  1,129
  1,186
  1,247
  1,311
  1,378
  1,448
  1,522
  1,600
  1,682
  1,767
  1,858
  1,953
  2,052
Total cash flow (excl. dividends), $m
  -529
  58
  68
  78
  88
  97
  106
  116
  126
  135
  145
  155
  166
  176
  187
  199
  211
  223
  236
  249
  263
  278
  293
  309
  325
  343
  361
  380
  400
  420
  442
Retained Cash Flow (-), $m
  441
  -419
  -431
  -445
  -460
  -477
  -496
  -516
  -537
  -560
  -585
  -611
  -639
  -669
  -700
  -734
  -769
  -806
  -846
  -887
  -931
  -978
  -1,027
  -1,078
  -1,132
  -1,189
  -1,249
  -1,312
  -1,379
  -1,449
  -1,522
Prev. year cash balance distribution, $m
 
  354
  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
 
  -6
  -362
  -367
  -373
  -380
  -389
  -400
  -412
  -425
  -440
  -456
  -473
  -492
  -513
  -535
  -558
  -583
  -610
  -638
  -668
  -700
  -734
  -769
  -807
  -847
  -889
  -933
  -979
  -1,028
  -1,080
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  -6
  -298
  -270
  -242
  -217
  -192
  -169
  -146
  -126
  -107
  -89
  -74
  -60
  -48
  -37
  -29
  -22
  -16
  -11
  -8
  -5
  -4
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  65.0
  42.1
  27.2
  17.5
  11.3
  7.2
  4.6
  2.9
  1.9
  1.2
  0.7
  0.5
  0.3
  0.2
  0.1
  0.1
  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

SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company's segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation. The Company offers solar module technology and solar power systems that are designed to generate electricity over a system life over 25 years; Integrated Smart Energy software solutions that enable customers to manage and optimize the cooperation center of excellence (CCOE) measurement; Installation, construction, and ongoing maintenance and monitoring services; and financing solutions that provide customers a range of options for purchasing or leasing solar products at competitive energy rates. The Company offers a set of residential solutions that deliver value to homeowners and its dealer partners.

FINANCIAL RATIOS  of  SunPower (SPWR)

Valuation Ratios
P/E Ratio -2.5
Price to Sales 0.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -3.8
Price to Free Cash Flow -2.4
Growth Rates
Sales Growth Rate 62.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.7%
Cap. Spend. - 3 Yr. Gr. Rate 40.8%
Financial Strength
Quick Ratio 6
Current Ratio 0.6
LT Debt to Equity 178.5%
Total Debt to Equity 185.5%
Interest Coverage -15
Management Effectiveness
Return On Assets -9.2%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -15.4%
Ret/ On T. Cap. - 3 Yr. Avg. -3.9%
Return On Equity -38.3%
Return On Equity - 3 Yr. Avg. -10.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 7.4%
Gross Margin - 3 Yr. Avg. 14.5%
EBITDA Margin -13.9%
EBITDA Margin - 3 Yr. Avg. -2.4%
Operating Margin -15.9%
Oper. Margin - 3 Yr. Avg. -6.9%
Pre-Tax Margin -22.1%
Pre-Tax Margin - 3 Yr. Avg. -10.4%
Net Profit Margin -18.4%
Net Profit Margin - 3 Yr. Avg. -7.4%
Effective Tax Rate -1.2%
Eff/ Tax Rate - 3 Yr. Avg. -8%
Payout Ratio 0%

SPWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPWR stock intrinsic value calculation we used $2560 million for the last fiscal year's total revenue generated by SunPower. The default revenue input number comes from 2017 income statement of SunPower. 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 SPWR stock valuation model: a) initial revenue growth rate of 2% 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 9.8%, whose default value for SPWR is calculated based on our internal credit rating of SunPower, 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 SunPower.
    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 SPWR stock the variable cost ratio is equal to 113.1%.

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 SPWR 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 SunPower.

Corporate tax rate of 27% is the nominal tax rate for SunPower. 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 SPWR 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 SPWR are equal to 36.4%.

Life of production assets of 5.5 years is the average useful life of capital assets used in SunPower 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 SPWR is equal to 18.4%. 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 - $1008 million for SunPower - 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 139.491 million for SunPower 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 SunPower at the current share price and the inputted number of shares is $1.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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▶ France's Solar Market Dominated by Total and SunPower   [Oct-21-17 10:10AM  Motley Fool]
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▶ Middle East's Low Solar Prices Are a Game Changer   [Oct-10-17 08:17AM  Motley Fool]
▶ 8point3 Energy Partners Posts Another Strong Quarter   [Oct-06-17 07:17AM  Motley Fool]
▶ [$$] True Green Capital Partners With SunPower to Finance Solar Projects   [Oct-05-17 12:53PM  The Wall Street Journal]
▶ Tariffs Or No Tariffs, SunPower's Outlook Is Dim   [Sep-27-17 11:07AM  Benzinga]
Financial statements of SPWR
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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