First Solar Inc.

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SKU: FSLR Category:

Description

This is our first report on First Solar, one of the world’s largest players within the solar photovoltaic domain. The company is undergoing a strategic shift back to its module manufacturing roots and managed to deliver a decent result. The management is relying on their relationships with their devoted customers to growing in the highly competitive and commoditized market. They are looking at long-term strategic customers who seek to partner with a company for large-scale, multiyear procurements outweigh the potential long-term negative consequences of taking a transactional versus relationship-based approach. The company also has 23.2 gigawatts of contracts with or without sales freight coverage. After the end of the first quarter of 2022, they implemented an aluminum coverage clause, included in 11 gigawatts of their recent bookings. Furthermore, they continued with the process of divesting their development assets and sold their 293 MWDC utility-scale solar project development platform in Japan, as well as a solar O&M platform with around 665 MWDC under management to PAG. We initiate coverage on First Solar with a ‘Hold’ rating.

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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