SunPower Corporation

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Description

This is our first report on SunPower Corporation, the renowned solar energy major. The company is benefitting from a strong macro for solar and witnessing a robust demand. This, combined with a healthy gross margin and platform investment to improve execution, should ensure a strong 2022 for the company. They set a new backlog record of 13,800 customers this quarter. The company has over 70,000 New Homes customers in the pipeline, including a growing multi-family segment. The company recently launched its dealer accelerator program to provide its dealer network with new growth and territorial expansion opportunities. Furthermore, they signed a new Power Solar agreement in NY and Long Island in the previous quarter, and they continue to see strong interest in the program across their dealer channel. This program is an important part of their strategy for increasing market share over the next few years. We initiate coverage on SunPower Corporation 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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