DCF Tool

ENPH

Enphase Energy Inc – Semiconductor and Related Device Manufacturing
Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform. The Company revolutionized the solar industry with its microinverter technology and produces a fully integrated solar-plus-storage solution. Enphase has shipped more than 32 million microinverters, and approximately 1.4 million Enphase-based systems have been deployed in more than 130 countries.
Analysis Results
Intrinsic Value $51.59
Latest Price $277.47
Relative Value 438% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 35.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 13.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 35.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 0.334 0.295
2023 0.452 0.352
2024 0.613 0.422
2025 0.83 0.504
2026 1.13 0.603
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 10.2 billion. This corresponds to a present value of 4.81 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.18 billion. Adding in the terminal value gives a total present value of 6.99 billion.

There are presently 135.0 million outstanding shares, so the intrinsic value per share is 51.59.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,462,461,000
Current Cash 1,016,651,000
Current Liabilities 439,796,000
Current Debt 86,052,000
Non-Cash Working Capital (NCWC) 92,066,000
Change in NCWC 46,457,000
EBIT 215,832,000
Tax Provision -24,521,000
Depreciation and Amortization 32,439,000
Capital Expenditure -52,508,000
Unlevered Free Cash Flow 242,220,000
Current Assets 933,064,000
Current Cash 679,379,000
Current Liabilities 534,043,000
Current Debt 325,967,000
Non-Cash Working Capital (NCWC) 45,609,000
Change in NCWC -6,212,000
EBIT 186,439,000
Tax Provision -14,585,000
Depreciation and Amortization 18,103,000
Capital Expenditure -20,558,000
Unlevered Free Cash Flow 177,772,000
Current Assets 499,657,000
Current Cash 251,409,000
Current Liabilities 199,311,000
Current Debt 2,884,000
Non-Cash Working Capital (NCWC) 51,821,000
Change in NCWC 54,762,000
EBIT 105,328,000
Tax Provision -71,034,000
Depreciation and Amortization 14,119,000
Capital Expenditure -14,788,000
Unlevered Free Cash Flow 159,421,000
Current Assets 222,302,000
Current Cash 106,237,000
Current Liabilities 147,161,000
Current Debt 28,155,000
Non-Cash Working Capital (NCWC) -2,941,000
Change in NCWC -29,931,000
EBIT 5,725,000
Tax Provision 1,398,000
Depreciation and Amortization 9,667,000
Capital Expenditure -4,151,000
Unlevered Free Cash Flow -18,690,000
Current Assets 130,446,000
Current Cash 29,144,000
Current Liabilities 91,741,000
Current Debt 17,429,000
Non-Cash Working Capital (NCWC) 26,990,000
Change in NCWC -3,470,000
EBIT -22,461,000
Tax Provision -149,000
Depreciation and Amortization 9,004,000
Capital Expenditure -4,121,000
Unlevered Free Cash Flow -21,048,000
Current Assets 117,864,000
Current Cash 17,764,000
Current Liabilities 82,772,000
Current Debt 13,132,000
Non-Cash Working Capital (NCWC) 30,460,000
Change in NCWC -7,008,000
EBIT -58,923,000
Tax Provision 1,475,000
Depreciation and Amortization 10,638,000
Capital Expenditure -12,845,000
Unlevered Free Cash Flow -68,138,000
Current Assets 121,768,000
Current Cash 28,452,000
Current Liabilities 72,848,000
Current Debt 17,000,000
Non-Cash Working Capital (NCWC) 37,468,000
Change in NCWC 23,310,000
EBIT -19,309,000
Tax Provision 1,379,000
Depreciation and Amortization 10,539,000
Capital Expenditure -12,762,000
Unlevered Free Cash Flow 1,778,000
Current Assets 114,896,000
Current Cash 42,032,000
Current Liabilities 58,706,000
Current Debt 0
Non-Cash Working Capital (NCWC) 14,158,000
Change in NCWC -8,303,000
EBIT -4,429,000
Tax Provision 766,000
Depreciation and Amortization 8,259,000
Capital Expenditure -13,249,000
Unlevered Free Cash Flow -17,722,000
Current Assets 90,509,000
Current Cash 38,190,000
Current Liabilities 33,365,000
Current Debt 3,507,000
Non-Cash Working Capital (NCWC) 22,461,000
Change in NCWC 4,228,000
EBIT -22,158,000
Tax Provision 863,000
Depreciation and Amortization 6,981,000
Capital Expenditure -6,257,000
Unlevered Free Cash Flow -17,206,000

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