Investors can ride the improved climate for solar-equipment imports for years to come, according to Dimitry Dayen of ClearBridge Investments.
When thinking about how to make money from solar power, investors may tend to focus the three best-known names among equipment manufacturers. But digging a bit deeper can highlight companies that may be set to grow sales and profits more rapidly. And an improved political climate for imports of solar panels signals years of rapid growth for the industry as utilities build solar-panel fields, according to Dimitry Dayen of ClearBridge Investments.
The spike for ICLN was reversed when U.S. companies pulled back on solar-installation plans over uncertainty about equipment-supply disruptions during a government investigation into whether China was evading U.S. tariffs on solar panels by having product relabeled as coming from other Southeast Asian countries. Then, in June 2022, the Biden administration said it would wait at least two years before imposing new tariffs on solar-panel imports.
A broadly focused ETF won’t be expected to match the 70% 2023 growth rate that Dayen expects for U.S. utility-scale solar projects. But you can see in the table that ICLN trades at a discounted valuation to the S&P 500’s expected sales and only a small premium to expected earnings , when considering how much more rapidly ICLN’s sales and earnings are expected to grow through 2025.
The sales and earnings-per-share CAGR estimates for the five companies are based on consensus calendar-year estimates from 2023 through 2025.
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