Nextracker's Solar Ascendancy: Analyst Forecasts Doubling of Addressable Market Despite Valuation Hurdles
Nextracker's Solar Ascendancy: Analyst Forecasts Doubling of Addressable Market Despite Valuation Hurdles
BMO Capital Markets analyst Ameet Thakkar initiates coverage on Nextracker Inc. (NASDAQ:NXT) at a Market Perform rating and a price target of $69.
BMO资本市场分析师阿米特·塔卡尔开始对Nextracker Inc.（纳斯达克股票代码：NXT）进行报道，市场表现评级，目标股价为69美元。
The analyst is constructive about the global demand for solar trackers and expects the ex-China total addressable market to more than double by the end of the decade.
这位分析师对全球对太阳能追踪器的需求持建设性看法，并预计到本十年末，中国以外的潜在市场总量将增加一倍以上。
The analyst says Nextracker is a category leader with a growing backlog that provides visible revenue & earnings growth, margin uplift from IRA (~500 bps), and positive FCF.
该分析师表示，Nextracker是该类别的领导者，其待办事项不断增加，这提供了明显的收入和收益增长，IRA的利润率上升（约500个基点），以及正的FCF。
Despite low barriers to entry, Thakkar sees Nextracker as well-positioned and insulated, given its strong global relationships with key solar developers and EPCs.
尽管进入门槛低，但鉴于Nextracker与主要太阳能开发商和总承包商的牢固全球关系，塔卡尔认为Nextracker处于有利地位，而且与外界隔绝。
Also, the analyst says that the company's focus on independent row technology is an important differentiator as developers seek to minimize LCOEs.
此外，该分析师表示，随着开发人员寻求最大限度地减少LCoE，该公司对独立行技术的关注是一个重要的差异化因素。
Meanwhile, the magnitude of recent outperformance/valuation keeps the analyst on the sidelines.
同时，近期跑赢大盘/估值的幅度使分析师处于观望状态。
Nextracker shares have outperformed the S&P 500 by 71% and the TAN by 141%. The analyst sees the stock trading at a 17% valuation premium on 2025E EV/EBITDA, which drives the Market Perform rating.
Nextracker的股票表现比标准普尔500指数高71％，比TAN高出141％。分析师认为，该股的交易估值比2025E的电动汽车/息税折旧摊销前利润高出17％，这推动了市场表现评级。
The analyst estimates FY25, FY26, and FY27 revenues of $2.8 billion, $3.1 billion, and $3.3 billion, respectively.
该分析师估计，25财年、26财年和27财年的收入分别为28亿美元、31亿美元和33亿美元。
Thakkar also projects a revenue CAGR of 14% between 2022 and 2030 and sees FY25-FY27 adjusted EBITDA of $711 million, $770 million, and $803 million, respectively.
塔卡尔还预计，在2022年至2030年之间，收入的复合年增长率为14％，FY25-FY27 调整后的息税折旧摊销前利润分别为7.11亿美元、7.7亿美元和8.03亿美元。
Investors can gain exposure to the stock via IShares Global Clean Energy ETF (NASDAQ:ICLN) and ProShares S&P Kensho Cleantech ETF (NYSE:CTEX).
投资者可以通过iShares全球清洁能源ETF（纳斯达克股票代码：ICLN）和ProShares标普Kensho Cleantech ETF（纽约证券交易所代码：CTEX）获得股票敞口。
Last month, Nextracker reported earnings of 96 cents per share, beating the analyst consensus estimate of 48 cents by 100%.
上个月，Nextracker公布的每股收益为96美分，比分析师普遍预期的48美分高出100％。
Price Action: NXT shares are trading higher by 0.96% at $57.93 on the last check Friday.
价格走势：在周五的最后一次支票中，NXT股价上涨0.96％，至57.93美元。
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