Intrinsic value of Enphase Energy - ENPH

Previous Close

$4.98

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$4.98

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  329
  337
  346
  355
  366
  378
  391
  405
  420
  436
  453
  472
  491
  512
  534
  557
  582
  608
  636
  665
  696
  729
  763
  799
  837
  877
  919
  964
  1,010
  1,060
Variable operating expenses, $m
  347
  355
  364
  375
  386
  398
  412
  427
  442
  459
  477
  496
  517
  539
  562
  587
  613
  640
  670
  700
  733
  767
  803
  841
  881
  923
  968
  1,014
  1,063
  1,115
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
  347
  355
  364
  375
  386
  398
  412
  427
  442
  459
  477
  496
  517
  539
  562
  587
  613
  640
  670
  700
  733
  767
  803
  841
  881
  923
  968
  1,014
  1,063
  1,115
Operating income, $m
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
EBITDA, $m
  -13
  -14
  -14
  -15
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
Interest expense (income), $m
  3
  4
  2
  3
  3
  4
  4
  5
  5
  6
  7
  8
  9
  9
  10
  11
  13
  14
  15
  16
  18
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
Earnings before tax, $m
  -21
  -21
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -92
Tax expense, $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
Net income, $m
  -21
  -21
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -92

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  167
  171
  175
  180
  186
  192
  198
  205
  213
  221
  230
  239
  249
  260
  271
  283
  295
  309
  323
  337
  353
  370
  387
  405
  425
  445
  466
  489
  512
  537
Adjusted assets (=assets-cash), $m
  167
  171
  175
  180
  186
  192
  198
  205
  213
  221
  230
  239
  249
  260
  271
  283
  295
  309
  323
  337
  353
  370
  387
  405
  425
  445
  466
  489
  512
  537
Revenue / Adjusted assets
  1.970
  1.971
  1.977
  1.972
  1.968
  1.969
  1.975
  1.976
  1.972
  1.973
  1.970
  1.975
  1.972
  1.969
  1.970
  1.968
  1.973
  1.968
  1.969
  1.973
  1.972
  1.970
  1.972
  1.973
  1.969
  1.971
  1.972
  1.971
  1.973
  1.974
Average production assets, $m
  38
  39
  40
  41
  42
  43
  45
  47
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Total debt, $m
  22
  25
  29
  34
  38
  44
  50
  56
  63
  70
  78
  87
  95
  105
  115
  126
  137
  149
  162
  175
  189
  204
  220
  236
  253
  272
  291
  311
  332
  355
Total liabilities, $m
  150
  154
  158
  162
  167
  173
  178
  185
  192
  199
  207
  215
  224
  234
  244
  254
  266
  278
  290
  304
  318
  333
  348
  365
  382
  400
  420
  440
  461
  484
Total equity, $m
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  42
  44
  47
  49
  51
  54
Total liabilities and equity, $m
  167
  171
  176
  180
  186
  192
  198
  206
  213
  221
  230
  239
  249
  260
  271
  282
  296
  309
  322
  338
  353
  370
  387
  406
  424
  444
  467
  489
  512
  538
Debt-to-equity ratio
  1.300
  1.470
  1.660
  1.860
  2.070
  2.290
  2.510
  2.730
  2.960
  3.180
  3.400
  3.620
  3.830
  4.040
  4.250
  4.450
  4.640
  4.830
  5.010
  5.190
  5.360
  5.520
  5.670
  5.820
  5.970
  6.110
  6.240
  6.370
  6.490
  6.610
Adjusted equity ratio
  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
  -21
  -21
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -92
Depreciation, amort., depletion, $m
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
Funds from operations, $m
  -17
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -48
  -50
  -53
  -57
  -60
  -64
  -67
  -71
  -75
  -80
Change in working capital, $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 from operations, $m
  -17
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -48
  -50
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -80
Maintenance CAPEX, $m
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
Cash from investing activities, $m
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -13
  -13
  -15
  -15
  -16
  -16
  -18
Free cash flow, $m
  -22
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
Issuance/(repayment) of debt, $m
  -12
  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
Issuance/(repurchase) of shares, $m
  37
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  64
  68
  72
  76
  80
  85
  89
  94
Cash from financing (excl. dividends), $m  
  25
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  51
  54
  57
  60
  64
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
Total cash flow (excl. dividends), $m
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
Retained Cash Flow (-), $m
  -37
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
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
  10
  11
  11
  11
  11
  12
  12
  13
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
Cash available for distribution, $m
  -34
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -70
  -75
Discount rate, %
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
  -31
  -14
  -13
  -12
  -11
  -10
  -9
  -8
  -7
  -6
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  21.2
  18.8
  16.7
  14.8
  13.0
  11.5
  10.1
  8.9
  7.7
  6.8
  5.9
  5.1
  4.5
  3.9
  3.3
  2.9
  2.5
  2.1
  1.8
  1.6
  1.3
  1.1
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3

Enphase Energy, Inc. is a provider of energy management solutions. The Company is engaged in designing, developing, manufacturing and selling microinverter systems for the solar photovoltaic industry. Its semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity. Its microinverter system consists of three components: Enphase microinverters, an Envoy gateway and Enlighten cloud-based software. Its Enphase microinverters provide power conversion at the individual solar module level by a digital architecture that incorporates custom application specific integrated circuits (ASIC), specialized power electronics devices, and an embedded software subsystem. Envoy bi-directional communications gateway provides collecting and sending data to Enlighten software. Enlighten cloud-based software provides the capabilities to remotely monitor, manage, and maintain an individual system or a fleet of systems.

FINANCIAL RATIOS  of  Enphase Energy (ENPH)

Valuation Ratios
P/E Ratio -4.6
Price to Sales 1
Price to Book 310.1
Price to Tangible Book
Price to Cash Flow -9.4
Price to Free Cash Flow -6.9
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 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 9.1%, 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 105.4%.

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 10.9% 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 3.2%.

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 11.5%.

Life of production assets of 10 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 0.1%. 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 51 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 $0.3 billion.

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COMPANY NEWS

▶ Why Enphase Energy Inc.'s Shares Plunged 13% Today   [Aug-15-18 01:27PM  Motley Fool]
▶ 3 Top Stocks That Aren't On Wall Street's Radar   [Aug-07-18 06:02AM  Motley Fool]
▶ Why Enphase Energy Inc. Shares Fell 15.5% Today   [Aug-01-18 01:50PM  Motley Fool]
▶ Enphase Energy: 2Q Earnings Snapshot   [Jul-31-18 06:14PM  Associated Press]
▶ The 3 Best Solar Stocks of 2018 (So Far)   [09:32AM  Motley Fool]
▶ Enphase Energy to Host Analyst Day   [Jul-26-18 08:00AM  GlobeNewswire]
▶ Enphase Energy Enhances Customer Experience   [Jul-19-18 08:00AM  GlobeNewswire]
▶ 5 Top Stocks Under $10   [Jul-14-18 02:20PM  Motley Fool]
▶ The Shadow Over SolarEdge   [Jul-02-18 08:54AM  Barrons.com]
▶ Harry Boxers four momentum stocks breaking out   [Jun-27-18 12:03PM  MarketWatch]
▶ Enphase Energy to Acquire SunPowers Microinverter Business   [Jun-12-18 04:01PM  GlobeNewswire]
▶ Enphase Energy names former Tesla executive as CFO   [Jun-04-18 08:20AM  Reuters]
▶ Penny Stocks to Watch for June 2018   [May-31-18 03:44PM  Investopedia]
▶ Enphase Energy Announces 4.5MW Solar Installation in India   [May-29-18 09:00AM  GlobeNewswire]
▶ Will the Dip Buyers Stick Around?   [May-23-18 10:41AM  TheStreet.com]
▶ Why Enphase Energy's Shares Popped 14% Today   [May-16-18 03:15PM  Motley Fool]
▶ 3 Stocks That Doubled to Start 2018   [May-14-18 09:02PM  Motley Fool]
▶ Why Solar Stocks Charged Higher Thursday   [May-11-18 10:05AM  Motley Fool]
▶ Why Enphase Energy Inc's Shares Popped 19% Today   [May-02-18 03:39PM  Motley Fool]
▶ Enphase Energy: 1Q Earnings Snapshot   [May-01-18 05:54PM  Associated Press]
▶ Kensho's clean tech index   [Apr-30-18 09:39AM  CNBC Videos]
▶ Enphase Energy Announces IQ Microinverters Across India   [Apr-16-18 09:00AM  GlobeNewswire]
▶ Enphase Energy Receives Dutch Solar Innovation Award 2018   [Mar-29-18 04:01PM  GlobeNewswire]
▶ Why Enphase Energy's Shares Popped 13% Today   [Mar-27-18 02:07PM  Motley Fool]
▶ When Will Enphase Energy Inc (NASDAQ:ENPH) Breakeven?   [Mar-26-18 04:28PM  Simply Wall St.]
▶ These Stocks Have Quadrupled Since Mid-2017   [Mar-19-18 09:02PM  Motley Fool]
▶ Enphase Energy reports 4Q loss   [Feb-27-18 07:49PM  Associated Press]
▶ Panasonic Enters AC Solar Panel Market Without Tesla   [Feb-18-18 07:02PM  Motley Fool]
▶ The Best Solar Power Inverter Stocks   [Jan-23-18 06:02AM  Motley Fool]
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