Intrinsic value of TerraForm Power - TERP

Previous Close

$11.51

  Intrinsic Value

$1.36

stock screener

  Rating & Target

str. sell

-88%

Previous close

$11.51

 
Intrinsic value

$1.36

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of TERP 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 2.7

 

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, %
  39.36
  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
  655
  668
  683
  701
  721
  743
  767
  793
  821
  851
  884
  919
  956
  996
  1,038
  1,083
  1,130
  1,181
  1,234
  1,290
  1,349
  1,412
  1,478
  1,547
  1,621
  1,698
  1,779
  1,864
  1,954
  2,049
  2,149
Variable operating expenses, $m
 
  314
  321
  329
  339
  349
  360
  373
  386
  400
  416
  432
  449
  468
  488
  509
  531
  555
  580
  606
  634
  664
  695
  727
  762
  798
  836
  876
  919
  963
  1,010
Fixed operating expenses, $m
 
  272
  278
  285
  293
  300
  307
  315
  323
  331
  339
  348
  356
  365
  374
  384
  393
  403
  413
  424
  434
  445
  456
  468
  479
  491
  504
  516
  529
  542
  556
Total operating expenses, $m
  567
  586
  599
  614
  632
  649
  667
  688
  709
  731
  755
  780
  805
  833
  862
  893
  924
  958
  993
  1,030
  1,068
  1,109
  1,151
  1,195
  1,241
  1,289
  1,340
  1,392
  1,448
  1,505
  1,566
Operating income, $m
  88
  82
  84
  86
  89
  94
  99
  105
  112
  120
  129
  139
  150
  163
  176
  190
  206
  223
  241
  260
  281
  303
  327
  352
  380
  408
  439
  472
  507
  544
  583
EBITDA, $m
  371
  370
  378
  388
  400
  414
  429
  447
  466
  487
  510
  536
  563
  592
  623
  657
  693
  732
  773
  816
  863
  912
  964
  1,019
  1,078
  1,140
  1,206
  1,276
  1,349
  1,427
  1,509
Interest expense (income), $m
  257
  203
  209
  218
  227
  238
  249
  262
  276
  292
  308
  326
  344
  364
  386
  408
  433
  458
  485
  514
  544
  576
  609
  645
  682
  722
  763
  807
  853
  901
  952
Earnings before tax, $m
  -241
  -121
  -126
  -131
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -186
  -194
  -202
  -210
  -218
  -227
  -236
  -245
  -254
  -263
  -273
  -282
  -293
  -303
  -313
  -324
  -335
  -346
  -358
  -369
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
  -134
  -121
  -126
  -131
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -186
  -194
  -202
  -210
  -218
  -227
  -236
  -245
  -254
  -263
  -273
  -282
  -293
  -303
  -313
  -324
  -335
  -346
  -358
  -369

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  565
  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
  7,706
  7,262
  7,429
  7,620
  7,834
  8,072
  8,332
  8,616
  8,923
  9,254
  9,609
  9,989
  10,395
  10,826
  11,285
  11,772
  12,288
  12,834
  13,411
  14,022
  14,666
  15,346
  16,063
  16,818
  17,615
  18,453
  19,336
  20,265
  21,243
  22,272
  23,354
Adjusted assets (=assets-cash), $m
  7,141
  7,262
  7,429
  7,620
  7,834
  8,072
  8,332
  8,616
  8,923
  9,254
  9,609
  9,989
  10,395
  10,826
  11,285
  11,772
  12,288
  12,834
  13,411
  14,022
  14,666
  15,346
  16,063
  16,818
  17,615
  18,453
  19,336
  20,265
  21,243
  22,272
  23,354
Revenue / Adjusted assets
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
  0.092
Average production assets, $m
  6,608
  6,740
  6,895
  7,072
  7,271
  7,491
  7,733
  7,997
  8,282
  8,589
  8,918
  9,271
  9,647
  10,048
  10,474
  10,926
  11,404
  11,911
  12,447
  13,013
  13,611
  14,242
  14,908
  15,609
  16,348
  17,126
  17,946
  18,808
  19,716
  20,671
  21,675
Working capital, $m
  -1,502
  149
  152
  156
  161
  166
  171
  177
  183
  190
  197
  205
  213
  222
  232
  242
  252
  263
  275
  288
  301
  315
  330
  345
  361
  379
  397
  416
  436
  457
  479
Total debt, $m
  3,951
  3,489
  3,627
  3,784
  3,961
  4,157
  4,372
  4,606
  4,860
  5,133
  5,426
  5,739
  6,074
  6,430
  6,808
  7,210
  7,636
  8,086
  8,562
  9,066
  9,597
  10,158
  10,750
  11,373
  12,030
  12,722
  13,450
  14,217
  15,024
  15,872
  16,765
Total liabilities, $m
  6,453
  5,991
  6,129
  6,286
  6,463
  6,659
  6,874
  7,108
  7,362
  7,635
  7,928
  8,241
  8,576
  8,932
  9,310
  9,712
  10,138
  10,588
  11,064
  11,568
  12,099
  12,660
  13,252
  13,875
  14,532
  15,224
  15,952
  16,719
  17,526
  18,374
  19,267
Total equity, $m
  1,253
  1,271
  1,300
  1,333
  1,371
  1,413
  1,458
  1,508
  1,562
  1,619
  1,682
  1,748
  1,819
  1,895
  1,975
  2,060
  2,150
  2,246
  2,347
  2,454
  2,567
  2,686
  2,811
  2,943
  3,083
  3,229
  3,384
  3,546
  3,718
  3,898
  4,087
Total liabilities and equity, $m
  7,706
  7,262
  7,429
  7,619
  7,834
  8,072
  8,332
  8,616
  8,924
  9,254
  9,610
  9,989
  10,395
  10,827
  11,285
  11,772
  12,288
  12,834
  13,411
  14,022
  14,666
  15,346
  16,063
  16,818
  17,615
  18,453
  19,336
  20,265
  21,244
  22,272
  23,354
Debt-to-equity ratio
  3.153
  2.750
  2.790
  2.840
  2.890
  2.940
  3.000
  3.050
  3.110
  3.170
  3.230
  3.280
  3.340
  3.390
  3.450
  3.500
  3.550
  3.600
  3.650
  3.690
  3.740
  3.780
  3.820
  3.860
  3.900
  3.940
  3.970
  4.010
  4.040
  4.070
  4.100
Adjusted equity ratio
  0.096
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -134
  -121
  -126
  -131
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -186
  -194
  -202
  -210
  -218
  -227
  -236
  -245
  -254
  -263
  -273
  -282
  -293
  -303
  -313
  -324
  -335
  -346
  -358
  -369
Depreciation, amort., depletion, $m
  283
  288
  295
  302
  311
  320
  330
  342
  354
  367
  381
  396
  412
  429
  448
  467
  487
  509
  532
  556
  582
  609
  637
  667
  699
  732
  767
  804
  843
  883
  926
Funds from operations, $m
  194
  167
  169
  171
  173
  176
  180
  185
  190
  196
  202
  210
  218
  228
  238
  249
  261
  273
  287
  302
  319
  336
  355
  375
  396
  419
  443
  469
  496
  526
  557
Change in working capital, $m
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
Cash from operations, $m
  192
  164
  166
  167
  169
  171
  175
  179
  183
  189
  195
  202
  210
  219
  228
  239
  250
  262
  276
  290
  305
  322
  340
  359
  379
  401
  425
  450
  476
  505
  535
Maintenance CAPEX, $m
  0
  -282
  -288
  -295
  -302
  -311
  -320
  -330
  -342
  -354
  -367
  -381
  -396
  -412
  -429
  -448
  -467
  -487
  -509
  -532
  -556
  -582
  -609
  -637
  -667
  -699
  -732
  -767
  -804
  -843
  -883
New CAPEX, $m
  -46
  -132
  -155
  -177
  -199
  -220
  -242
  -263
  -285
  -307
  -330
  -353
  -376
  -401
  -426
  -452
  -479
  -507
  -536
  -566
  -598
  -631
  -665
  -701
  -739
  -778
  -819
  -862
  -908
  -955
  -1,004
Cash from investing activities, $m
  -64
  -414
  -443
  -472
  -501
  -531
  -562
  -593
  -627
  -661
  -697
  -734
  -772
  -813
  -855
  -900
  -946
  -994
  -1,045
  -1,098
  -1,154
  -1,213
  -1,274
  -1,338
  -1,406
  -1,477
  -1,551
  -1,629
  -1,712
  -1,798
  -1,887
Free cash flow, $m
  128
  -250
  -277
  -305
  -332
  -360
  -387
  -415
  -443
  -472
  -501
  -532
  -562
  -594
  -627
  -661
  -696
  -732
  -769
  -808
  -849
  -891
  -934
  -979
  -1,027
  -1,076
  -1,127
  -1,180
  -1,235
  -1,293
  -1,353
Issuance/(repayment) of debt, $m
  -172
  103
  138
  158
  177
  196
  215
  234
  253
  273
  293
  313
  334
  356
  378
  402
  426
  451
  476
  503
  532
  561
  591
  623
  657
  692
  728
  767
  807
  849
  893
Issuance/(repurchase) of shares, $m
  0
  139
  155
  165
  175
  185
  196
  207
  218
  229
  241
  253
  265
  277
  290
  303
  317
  331
  346
  360
  376
  392
  408
  425
  442
  460
  479
  498
  517
  538
  559
Cash from financing (excl. dividends), $m  
  -187
  242
  293
  323
  352
  381
  411
  441
  471
  502
  534
  566
  599
  633
  668
  705
  743
  782
  822
  863
  908
  953
  999
  1,048
  1,099
  1,152
  1,207
  1,265
  1,324
  1,387
  1,452
Total cash flow (excl. dividends), $m
  -61
  -9
  15
  17
  20
  22
  24
  26
  28
  30
  32
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  85
  89
  94
  99
Retained Cash Flow (-), $m
  -68
  -139
  -155
  -165
  -175
  -185
  -196
  -207
  -218
  -229
  -241
  -253
  -265
  -277
  -290
  -303
  -317
  -331
  -346
  -360
  -376
  -392
  -408
  -425
  -442
  -460
  -479
  -498
  -517
  -538
  -559
Prev. year cash balance 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
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
 
  -139
  -140
  -147
  -156
  -164
  -172
  -181
  -190
  -199
  -208
  -218
  -228
  -238
  -248
  -259
  -270
  -281
  -293
  -305
  -317
  -330
  -343
  -356
  -370
  -384
  -398
  -413
  -428
  -444
  -460
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  -125
  -113
  -105
  -97
  -88
  -79
  -70
  -61
  -53
  -44
  -37
  -30
  -24
  -19
  -14
  -11
  -8
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.0
  89.9
  84.8
  79.8
  75.0
  70.4
  66.0
  61.8
  57.8
  54.0
  50.4
  47.0
  43.9
  40.9
  38.1
  35.5
  33.1
  30.9
  28.8
  26.8
  25.0
  23.4
  21.8
  20.4
  19.0
  17.8
  16.6
  15.5
  14.5
  13.6

TerraForm Power, Inc. is a United States-based holding company. The Company owns clean power generation assets. This includes solar and wind assets located in the United States, Canada and other markets. Its clean power generation assets serve utility, commercial and residential customers. As of December 31, 2016, the Company's portfolio consisted of renewable energy facilities located in the United States, Canada, the United Kingdom and Chile with a combined nameplate capacity of 2,983.1 megawatts. It owns and operates over 500 hundred wind and solar clean energy power installations. Its projects include Bluebird, River Mountains Solar, Laho Solar, SunE Perpetual Lindsday, Sandringham, California Public institutions and Summit Solar Projects. The Company holds interest in TerraForm Power, LLC (Terra LLC), which is an owner and operator of renewable energy facilities that have long-term contractual arrangements to sell the electricity generated by these facilities to third parties.

FINANCIAL RATIOS  of  TerraForm Power (TERP)

Valuation Ratios
P/E Ratio -12.1
Price to Sales 2.5
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 11.1
Growth Rates
Sales Growth Rate 39.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -92.9%
Cap. Spend. - 3 Yr. Gr. Rate -25.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 138.7%
Total Debt to Equity 315.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital -2.4%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity -11%
Return On Equity - 3 Yr. Avg. -12%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 78.6%
Gross Margin - 3 Yr. Avg. 81.4%
EBITDA Margin 45.6%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 7.4%
Pre-Tax Margin -36.8%
Pre-Tax Margin - 3 Yr. Avg. -50.8%
Net Profit Margin -20.5%
Net Profit Margin - 3 Yr. Avg. -22.1%
Effective Tax Rate -0.4%
Eff/ Tax Rate - 3 Yr. Avg. 3.7%
Payout Ratio 0%

TERP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TERP stock intrinsic value calculation we used $655 million for the last fiscal year's total revenue generated by TerraForm Power. The default revenue input number comes from 2016 income statement of TerraForm Power. 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 TERP 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 10.8%, whose default value for TERP is calculated based on our internal credit rating of TerraForm Power, 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 TerraForm Power.
    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 TERP stock the variable cost ratio is equal to 47%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $265 million in the base year in the intrinsic value calculation for TERP 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 6% for TerraForm Power.

Corporate tax rate of 27% is the nominal tax rate for TerraForm Power. 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 TERP 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 TERP are equal to 1008.8%.

Life of production assets of 23.4 years is the average useful life of capital assets used in TerraForm Power 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 TERP is equal to 22.3%. 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 - $1253 million for TerraForm Power - 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 230.258 million for TerraForm Power 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 TerraForm Power at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ What to Expect From TerraForm Power, Inc. in 2018   [Nov-20-17 08:18AM  Motley Fool]
▶ TerraForm Power reports 3Q loss   [Nov-10-17 05:01AM  Associated Press]
▶ TerraForm Power Reports Third Quarter 2017 Results   [Nov-09-17 05:30PM  GlobeNewswire]
▶ [$$] SunEdison Preparing to Formally Exit Chapter 11   [Oct-23-17 03:50PM  The Wall Street Journal]
▶ 3 Dividend Stocks Ideal for Your Golden Years   [Oct-22-17 06:00AM  Motley Fool]
▶ [$$] Deal Close Announcements: Oct. 16-20   [Oct-20-17 05:49PM  The Wall Street Journal]
▶ Behind TerraForm Power Inc's 37% Share Pop Today   [Oct-17-17 12:28PM  Motley Fool]
▶ Brookfield Renewable Closes TerraForm Power Transaction   [Oct-16-17 07:15PM  GlobeNewswire]
▶ TerraForm Power posts 2Q profit   [Sep-29-17 10:57PM  Associated Press]
▶ 3 Stocks to Buy for a Better Tomorrow   [Sep-27-17 08:14PM  Motley Fool]
▶ NextEra Energy Partners Could Be a Growth Machine   [Sep-24-17 08:13AM  Motley Fool]
▶ Is TerraForm Power, Inc. a Buy?   [Sep-18-17 06:09PM  Motley Fool]
▶ Is TerraForm Power Inc (TERP) Undervalued?   [Sep-13-17 06:43PM  Simply Wall St.]
▶ Why I Love TerraForm Power, Inc.   [Sep-07-17 04:18PM  Motley Fool]
▶ TerraForm Power reports 1Q loss   [Aug-29-17 10:31PM  Associated Press]
▶ 3 Solar Stocks for Heading Into the Third Quarter   [Aug-01-17 06:10PM  Motley Fool]
▶ 2 Reasons TerraForm Power Inc Stock Could Rise   [Jul-26-17 08:16AM  Motley Fool]
▶ TerraForm Power Inc. in 3 Charts   [Jul-07-17 08:28AM  Motley Fool]
▶ [$$] Corrigan's Take: SunEdison Settlement Exempts Whistleblower Lawsuits   [Jun-29-17 04:25PM  The Wall Street Journal]
▶ [$$] Former SunEdison Executives Fight to Keep Whistleblower Suits Alive   [Jun-23-17 10:14AM  The Wall Street Journal]
▶ TerraForm Power Inc.'s Worst Move of 2017 So Far   [Jun-20-17 08:11AM  Motley Fool]
▶ [$$] SunEdison Delays Chapter 11 Voting Material Hearing   [May-31-17 03:28PM  The Wall Street Journal]
▶ [$$] SunEdison's TerraForm Stake Ignites Creditor Duel   [May-19-17 06:08PM  The Wall Street Journal]
▶ TerraForm Power Announces Receipt of Nasdaq Letter   [May-16-17 08:30AM  GlobeNewswire]
▶ 3 Things You Didn't Know About TerraForm Power, Inc.   [May-04-17 09:03AM  Motley Fool]
▶ [$$] Corrigan's Take: SunEdison Outlines $300 Million Rights Offering   [Apr-28-17 04:13PM  The Wall Street Journal]
▶ [$$] SunEdison Wins Court Approval for $640 Million in New Financing   [Apr-25-17 07:02PM  The Wall Street Journal]
▶ [$$] SunEdison Asks for $640 Million in New Financing   [Apr-06-17 03:25PM  The Wall Street Journal]
▶ [$$] SunEdison Files Plan to Repay Billions in Debt   [Mar-29-17 04:30PM  The Wall Street Journal]
▶ The Best Investing Ideas in Solar   [Mar-25-17 09:03AM  Motley Fool]
▶ [$$] SunEdison Allots $16 Million From Settlement to Junior Creditors   [Mar-24-17 01:50PM  The Wall Street Journal]
▶ Why TerraForm Power May Not Be the Best Yieldco Today   [Mar-16-17 12:13PM  Motley Fool]
▶ [$$] SunEdison Settles with TerraForm Power, TerraForm Global   [Mar-13-17 07:19AM  The Wall Street Journal]
▶ This Week in Solar   [Mar-11-17 11:01AM  Motley Fool]
▶ Your Gut Feeling is Right: 8Point3 Energy Partners is a Buy   [Mar-10-17 11:19AM  at Motley Fool]
Financial statements of TERP
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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