ENPH — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($44.71)
DCF	$7.09	-84.1%
Graham Number	$15.51	-65.3%
Reverse DCF	—	implied g: 43.5%
DDM	—	—
EV/EBITDA	$44.71	+0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $37.60M

Near-term growth (yrs 1–5)(%)Rev: -10.3% / EPS: -36.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.77%

Computed WACC: 9.77%

Cost of equity (Re)11.85%(Rf 4.30% + β 1.37 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)82.49%

Debt weight (D/V)17.51%

Results

Intrinsic Value / share$6.55

Current Price$44.71

Upside / Downside-85.4%

Net Debt (used)-$269.07M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$7.13	$8.16	$9.35	$10.74	$12.33
8.0%	$6.23	$7.05	$8.01	$9.12	$10.40
9.0%	$5.60	$6.29	$7.09	$8.01	$9.07
10.0%	$5.14	$5.73	$6.41	$7.19	$8.09
11.0%	$4.79	$5.30	$5.89	$6.57	$7.35

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $1.29

Book Value / share($)Yahoo: $8.29

Results

Graham Number$15.51

Current Price$44.71

Margin of Safety-65.3%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.77%

Terminal growth rate(%)

Computed WACC: 9.77%

Cost of equity (Re)11.85%(Rf 4.30% + β 1.37 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)82.49%

Debt weight (D/V)17.51%

Results

Current Price$44.71

Implied Near-term FCF Growth46.4%

Historical Revenue Growth-10.3%

Historical Earnings Growth-36.4%

Base FCF (TTM)$37.60M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$44.71

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $238.90M

Target EV/EBITDA multipleCurrent: 23.4×

Net Debt($B)Default: -$269.07M

Results

Implied Equity Value / share$44.71

Current Price$44.71

Upside / Downside+0.0%

Implied EV$5.59B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$2.27B	-$1.27B	-$269.07M	$730.93M	$1.73B
19.4x	$52.68	$45.05	$37.42	$29.79	$22.17
21.4x	$56.32	$48.69	$41.07	$33.44	$25.81
23.4x	$59.97	$52.34	$44.71	$37.08	$29.45
25.4x	$63.61	$55.98	$48.36	$40.73	$33.10
27.4x	$67.26	$59.63	$52.00	$44.37	$36.74

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