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資本市場分析師阿米特·塔卡爾開始對Nextracker Inc.（納斯達克股票代碼：NXT）進行報道，市場表現評級，目標股價爲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.
這位分析師對全球對太陽能追蹤器的需求持建設性看法，並預計到本十年末，中國以外的潛在市場總量將增加一倍以上。
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.
該分析師表示，Nextracker是該類別的領導者，其待辦事項不斷增加，這提供了明顯的收入和收益增長，IRA的利潤率上升（約500個點子），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.
儘管進入門檻低，但鑑於Nextracker與主要太陽能開發商和總承包商的牢固全球關係，塔卡爾認爲Nextracker處於有利地位，而且與外界隔絕。
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，該分析師表示，隨着開發人員尋求最大限度地減少LCoE，該公司對獨立行技術的關注是一個重要的差異化因素。
Meanwhile, the magnitude of recent outperformance/valuation keeps the analyst on the sidelines.
同時，近期跑贏大盤/估值的幅度使分析師處於觀望狀態。
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的股票表現比標準普爾500指數高71％，比TAN高出141％。分析師認爲，該股的交易估值比2025E的電動汽車/息稅折舊攤銷前利潤高出17％，這推動了市場表現評級。
The analyst estimates FY25, FY26, and FY27 revenues of $2.8 billion, $3.1 billion, and $3.3 billion, respectively.
該分析師估計，25財年、26財年和27財年的收入分別爲28億美元、31億美元和33億美元。
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.
塔卡爾還預計，在2022年至2030年之間，收入的複合年增長率爲14％，FY25-FY27 調整後的息稅折舊攤銷前利潤分別爲7.11億美元、7.7億美元和8.03億美元。
Investors can gain exposure to the stock via IShares Global Clean Energy ETF (NASDAQ:ICLN) and ProShares S&P Kensho Cleantech ETF (NYSE:CTEX).
投資者可以通過iShares全球清潔能源ETF（納斯達克股票代碼：ICLN）和ProShares標普Kensho Cleantech ETF（紐約證券交易所代碼：CTEX）獲得股票敞口。
Last month, Nextracker reported earnings of 96 cents per share, beating the analyst consensus estimate of 48 cents by 100%.
上個月，Nextracker公佈的每股收益爲96美分，比分析師普遍預期的48美分高出100％。
Price Action: NXT shares are trading higher by 0.96% at $57.93 on the last check Friday.
價格走勢：在週五的最後一次支票中，NXT股價上漲0.96％，至57.93美元。
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