Enphase: Beneficiary of the Inflation Reduction Act

In 2022, Enphase rewarded investors with a 44% return vs the Nasdaq’s decline of 33%. During this time, Enphase surpassed consensus expectations each quarter through a combination of higher sales and margin expansion. Q422 ended on a solid note. For Q123, the market is expecting $1.22 eps, an increase of 54% from 2022. For 2023 ytd, Enphase is down about 15%. We believe this is primarily due to lack of visibility into the short-term outlook for US residential solar installations that was exacerbated by the SIVB failure which we wrote about for premium readers.

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