Enphase Energy


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SKU: ENPH Category:


This is our first report on Enphase Energy, the renowned solar microinverter player that has gradually transitioned to the residential market. The company’s financial performance has been fairly good off-late with a remarkable revenue-to-free-cash-flow conversion and record microinverter sell-through and record battery revenue. Enphase started piloting IQ 8D microinverters to small commercial customers in the last quarter after ramping up IQ 8 microinverters. The management remains vigilant about global supply chain and logistics challenges due to Covid-19 disruptions as demand for their microinverters grows. Their quarterly capacity is currently a little over 5 million microinverters across all contract manufacturing facilities. At the end of the first quarter, both microinverters and batteries had healthy channel inventories. Furthermore, they are shipping IQ batteries to Germany and Belgium and plan to introduce them to other European countries throughout 2022. We initiate coverage on Enphase with a ‘Buy’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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