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SunPower Corporation: Growth Surges

Feb. 21, 2023 5:16 AM ETSunPower Corporation (SPWR)5 Comments
Pacifica Yield profile picture
Pacifica Yield


  • SunPower just reported revenue that grew more than 43% from its year-ago comp.
  • This came on the back of 24,000 new customer additions during the period as more households embrace home solar.
  • Whilst cash flows from operations remained negative, customer-level EBITDA continues to expand.

Solar photovoltaic panels on a house roof. Sunset.


Home solar company SunPower (NASDAQ:SPWR) recently reported earnings for its fiscal 2022 fourth quarter which saw revenue come in at $497.3 million, a 43% increase over the year-ago quarter to close off a year which saw the company

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Pacifica Yield profile picture
The equity market is an incredibly powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, high-dividend tickers, and green energy firms. By Leo Imasuen

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Comments (5)

By looking at the first chart, P/S went from 9 times sales to 1 time sales in two years. What happened? Where is the bottom?
What benefit will SPWR get from the IRA? The more I learn about the IRA, the more I realize that our Gov't is throwing money at this industry and at all areas of this industry. As the CEO of FSLR said "The IRA has something for everyone".

I gather that the ITC got a small boost, but it should be permanent? The IRA has no caps... anywhere... from what I can tell.

Do they also get a subsidy if they buy products made in America? I think that is the case.

Separately, let's forget about future subsidies for a moment: how do you value this company? I guess the idea is that they lose money acquiring customers, but they gain a 10 year (30 year?) annuity stream? That would always hurt the current valuation. If this is the case, we really should be evaluating it on this future stream of cash flows, what is the best way to look at it? The net present value?

I never could understand how to value these types of stocks... like Solar City. I guess SunRun is in that group too.

Thanks in advance
Elk Tart profile picture
Cheaper than it was, but still pretty overvalued in most ways.
@Elk Tart as I look at Sunpower relative to other solar stocks and renewable tech/equipment like Enphase the valuation looks undemanding across a suite of metrics, particularly P/sales, but all through to EV/EBITDA. P/E May be high relative to market, but not sector and not inappropriately for a company at this stage of development
5 years of revenue with a high dollar mix of Enphase share sales confuse the profit/loss picture.
I question the operating conditions and profitability.
Going forward we will learn more.
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