Use discount cash flow method to evaluate ALL 3 firms: SunPower Corporation (SPWR), SolarEdge Technologies Inc. (SEDG), and First Solar (FSLR). Your discount cash flow analysis should include, but not limited to: - Use Financial Analysis and Valuation Template to forecast future FCF, estimate the discount rate (WACC), and calculate present day firm value and stock price/share. - Conduct necessary sensitivity analysis. - In the spreadsheet, write down detailed assumptions that you made in the model; and details on the sources of data that you used in the model. - You can make adjustments to the template to fit your model.

The template might be a little different for each firm, adjust if needed.

SolarEdge Technologies, Inc. Income Statement (In Thousands) % of Net Sales First Solar (FSLR) Income Statement % of Net Sales Prseent Value Assumptions: Growth Rate NOPAT as % of Sales Sales/NOA (Net Operating Asset Turnover) LT growth rate of FCF WACC NNO II af shares outstanding Firm Intrinsic Value Shareholder Equity Pricd/Share SunPower Corporation Income Statement \% of Net Sales SolarEdge Technologies, Inc. Income Statement (In Thousands) % of Net Sales First Solar (FSLR) Income Statement % of Net Sales Prseent Value Assumptions: Growth Rate NOPAT as % of Sales Sales/NOA (Net Operating Asset Turnover) LT growth rate of FCF WACC NNO II af shares outstanding Firm Intrinsic Value Shareholder Equity Pricd/Share SunPower Corporation Income Statement \% of Net Sales