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TheStreet Open House
First Solar Inc
FSLR : NASDAQ : Technology
$54.37 | %
Today's Range: 0.00 - 0.00
Avg. Daily Volume: 2,321,600
10/20/14 - 4:00 PM ET

Financial Analysis


FIRST SOLAR INC's gross profit margin for the second quarter of its fiscal year 2014 has significantly decreased when compared to the same period a year ago. Even though sales increased, the net income has decreased, representing a decrease to the bottom line. FIRST SOLAR INC has strong liquidity. Currently, the Quick Ratio is 1.80 which shows the ability to cover short-term cash needs. The company's liquidity has increased from the same period last year.

During the same period, stockholders' equity ("net worth") has increased by 12.29% from the same quarter last year. The key liquidity measurements indicate that the company is unlikely to face financial difficulties in the near future.

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Income Statement Q2 FY14 Q2 FY13
Net Sales ($mil)544.35519.76
EBITDA ($mil)64.5899.27
EBIT ($mil)1.9141.48
Net Income ($mil)4.5333.6


Balance Sheet Q2 FY14 Q2 FY13
Cash & Equiv. ($mil)1375.071285.27
Total Assets ($mil)6612.026868.13
Total Debt ($mil)194.67255.76
Equity ($mil)4667.964156.74


Profitability Q2 FY14 Q2 FY13
Gross Profit Margin28.5538.07
EBITDA Margin11.8619.09
Operating Margin0.357.98
Sales Turnover0.530.46
Return on Assets5.694.87
Return on Equity8.078.05
Debt Q2 FY14 Q2 FY13
Current Ratio2.621.94
Debt/Capital0.040.06
Interest Expense2.393.17
Interest Coverage0.813.1


Share Data Q2 FY14 Q2 FY13
Shares outstanding (mil)100.1897.63
Div / share0.00.0
EPS0.040.37
Book value / share46.642.58
Institutional Own % n/a n/a
Avg Daily Volume2311839.02951078.0

Valuation


HOLD. The current P/E ratio indicates a significant discount compared to an average of 24.65 for the Semiconductors & Semiconductor Equipment industry and a discount compared to the S&P 500 average of 18.06. To use another comparison, its price-to-book ratio of 1.16 indicates a discount versus the S&P 500 average of 2.49 and a significant discount versus the industry average of 3.57. The price-to-sales ratio is similar to the S&P 500 average, but it is significantly below the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, FIRST SOLAR INC proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
FSLR 14.58 Peers 24.65   FSLR 14.85 Peers 16.45

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

FSLR is trading at a significant discount to its peers.

 

Average. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

FSLR is trading at a valuation on par to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
FSLR 11.30 Peers 17.25   FSLR NM Peers 0.64

Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations.

FSLR is trading at a premium to its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

FSLR's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
FSLR 1.16 Peers 3.57   FSLR -1.33 Peers 67.02

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

FSLR is trading at a significant discount to its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, FSLR is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
FSLR 1.54 Peers 3.67   FSLR 10.64 Peers 14.65

Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

FSLR is trading at a significant discount to its industry on this measurement.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

FSLR significantly trails its peers on the basis of sales growth

 

 

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