SolarEdge Technologies Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income attributable to SolarEdge Technologies, Inc.	93,779)	169,170)	140,322)	146,549)	128,833)
Net loss attributable to non-controlling interests	—)	—)	—)	(1,592)	(787)
Net noncash charges	317,211)	163,145)	104,618)	89,477)	37,937)
Changes in assets and liabilities	(379,706)	(118,186)	(22,285)	24,566)	23,096)
Net cash provided by operating activities	31,284)	214,129)	222,655)	259,000)	189,079)
Interest expenses, net of tax¹	6,104)	9,641)	8,683)	4,731)	2,999)
Purchase of property, plant and equipment	(169,341)	(149,251)	(126,790)	(72,562)	(38,608)
Free cash flow to the firm (FCFF)	(131,953)	74,519)	104,548)	191,169)	153,470)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the SolarEdge Technologies Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	SolarEdge Technologies Inc. FCFF decreased from 2020 to 2021 and from 2021 to 2022.

SolarEdge Technologies Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	47.10%	9.60%	14.20%	18.80%	6.60%
Interest Paid, Net of Tax
Interest expenses, before tax	11,538)	10,665)	10,120)	5,826)	3,211)
Less: Interest expenses, tax²	5,434)	1,024)	1,437)	1,095)	212)
Interest expenses, net of tax	6,104)	9,641)	8,683)	4,731)	2,999)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ See details »

² 2022 Calculation
Interest expenses, tax = Interest expenses × EITR
= 11,538 × 47.10% = 5,434

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SolarEdge Technologies Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	13,622,712)
Free cash flow to the firm (FCFF)	(131,953)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	185.28
Analog Devices Inc.	29.57
Applied Materials Inc.	18.17
Broadcom Inc.	41.37
First Solar Inc.	—
Intel Corp.	—
KLA Corp.	25.88
Lam Research Corp.	21.35
Micron Technology Inc.	195.82
NVIDIA Corp.	130.55
Qualcomm Inc.	14.51
Texas Instruments Inc.	112.48
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	107.20
EV/FCFF, Industry
Information Technology	51.03

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

SolarEdge Technologies Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	16,251,983)	12,963,187)	16,239,122)	5,888,095)	1,695,011)
Free cash flow to the firm (FCFF)²	(131,953)	74,519)	104,548)	191,169)	153,470)
Valuation Ratio
EV/FCFF³	—	173.96	155.33	30.80	11.04
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	38.82	43.41	126.98	169.58	—
Analog Devices Inc.	23.12	39.16	27.12	21.68	16.04
Applied Materials Inc.	19.06	26.22	22.52	18.91	9.96
Broadcom Inc.	14.74	19.47	16.54	15.04	13.02
First Solar Inc.	—	—	—	—	—
Intel Corp.	—	16.94	11.08	17.39	—
KLA Corp.	19.05	26.29	18.70	20.92	—
Lam Research Corp.	24.08	24.40	26.78	10.44	—
Micron Technology Inc.	16.58	28.79	188.88	13.85	—
NVIDIA Corp.	78.06	69.50	41.66	27.89	—
Qualcomm Inc.	18.18	17.47	30.89	14.91	—
Texas Instruments Inc.	27.05	24.23	27.67	20.75	—
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	35.30	26.37	22.20	18.38	—
EV/FCFF, Industry
Information Technology	27.25	28.19	24.28	19.87	—

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 16,251,983 ÷ -131,953 = —

⁴ Click competitor name to see calculations.

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SolarEdge Technologies Inc. (NASDAQ:SEDG)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical