| Intrinsic Valuation of: FSLR | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 15 | Market Cap | $25B | |||||
| 2021 | - | - (-) | P/E Ratio | 15 | Total Asset | $13B | |||||
| 2022 | $-30M | - (-) | Net Income | $2B | Total Debt | $283M | |||||
| 2023 | $-785M | -2494.6% (-1947.9%) | EBITDA | $2B | Total Liab | $4B | |||||
| 2024 | $-308M | 60.7% (69.0%) | Opr Margin | 30.59 | Debt/Equity | 0.03 | |||||
| 2025 | $1B | 485.4% (410.6%) | PreTax Margin | 29.75 | BV/Share | 88 | |||||
| 5Y Average FCF | $16M | 3.5% (-489.4%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 12.08% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (3.5%) | ||||||||||
| 2026 | $1B | MBG Intrinsic Value | $139 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $15B | Net Worth/Share | $89 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $13B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $145 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $283M | WACC | 10.1% | 164 | 170 | 176 | 184 | 193 | |||
| Equity Value | $16B | 11.1% | 149 | 154 | 159 | 165 | 171 | ||||
| Shares Outstanding | 107,453,363 | 12.0% | 138 | 141 | 145 | 149 | 154 | ||||
| 13.0% | 128 | 131 | 134 | 137 | 141 | ||||||
| DCF Intrinsic Value | $145 | 14.0% | 120 | 122 | 124 | 127 | 130 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||