{"id":36160,"date":"2023-07-15T18:07:55","date_gmt":"2023-07-15T22:07:55","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/flex-ltd-nextracker-ipo-enphase-partnership-are-positive-catalysts-nasdaqflex\/"},"modified":"2023-07-15T18:07:56","modified_gmt":"2023-07-15T22:07:56","slug":"flex-ltd-nextracker-ipo-enphase-partnership-are-positive-catalysts-nasdaqflex","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36160","title":{"rendered":"Flex Ltd.: Nextracker IPO, Enphase Partnership Are Positive Catalysts (NASDAQ:FLEX)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<p>Earlier this month, President Biden visited South Carolina and announced a $60 million investment by Enphase Energy (ENPH) to manufacture the company&#8217;s microverters &#8211; currently being made in China, India, and Mexico &#8211; here in America. Enphase&#8217;s partner in the project is Austin, Texas, based Flex Ltd. (<span class=\"ticker-hover-wrapper paywall-full-content invisible\">NASDAQ:FLEX<\/span><span class=\"paywall-full-content invisible\">) &#8211; a global supply-chain manufacturing giant that will actually build the finished product. Indeed, on July 5, Enphase <\/span>announced<span class=\"paywall-full-content invisible\"> it began shipments from Columbia, S.C., &#8211; its first production from a U.S. manufacturing site. This is a positive catalyst for <\/span><span style=\"background-color: rgb(204, 255, 153);\" class=\"paywall-full-content invisible\">Flex<\/span><span class=\"paywall-full-content invisible\"> going forward. So too is the recent and very successful IPO spin-off of <\/span><span style=\"background-color: rgb(204, 255, 153);\" class=\"paywall-full-content invisible\">Flex<\/span><span class=\"paywall-full-content invisible\">&#8216;s Netracker (<\/span>NXT<span class=\"paywall-full-content invisible\">) segment. In addition, <\/span><span style=\"background-color: rgb(204, 255, 153);\" class=\"paywall-full-content invisible\">Flex<\/span><span class=\"paywall-full-content invisible\"> is arguably undervalued with a forward P\/E of only 11.4x after growing FY23 revenue 16.5% yoy.<\/span><\/p>\n<h4 class=\"paywall-full-content invisible\">Investment Thesis<\/h4>\n<p class=\"paywall-full-content invisible\"><span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span> is a global leader in contract supply-chain electronic manufacturing services (&#8220;EMS&#8221;) for original equipment<span class=\"paywall-full-content invisible no-summary-bullets\"> manufacturers, or OEMs, across a wide variety of sectors such as consumer devices, automotive (think EVs), and industrials.<\/span><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span> has more than 100 manufacturing sites across 30 countries on four continents. The company provides such services as printed circuit board (&#8220;PCBs&#8221;) fabrication, systems manufacturing and assembly, logistics, and other design and engineering services in support of OEMs. In general, FLEX should be a primary beneficiary of the trend to onshore supply-chain manufacturing to the U.S. (like the Enphase example mentioned above).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In FY23, FLEX grew revenue 16.5% yoy and rode increasing efficiencies to post a 20.4% increase in non-GAAP EPS of $2.36. Yet the stock closed Friday with a forward P\/E of only 11.4x. As shown below, the stock has almost doubled over the past year, but in my opinion it still has farther to run based on its relatively low valuation in comparison to its growth potential:<\/p>\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible no-summary-bullets\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_26f76502ff414150815ad435d081e101.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<h4 class=\"paywall-full-content invisible no-summary-bullets\">Earnings<\/h4>\n<p class=\"paywall-full-content invisible no-summary-bullets\">FLEX&#8217;s Q4FY23 EPS report was released on May 10th and was another strong showing:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>Revenue of $7.48 billion (+9.2% yoy) beat by $300 million.<\/li>\n<li>Non-GAAP EPS of $0.57 was a $0.06 beat.<\/li>\n<li>Adjusted free-cash-flow for FY23 was $335 million.<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As can be seen in the slide below (taken from the Q4 Presentation), <span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span> saw Q4 revenue growth across all three segments while overall adjusted operating margin was 4.9% (+60 basis points yoy) and adjusted operating income of $364 million jumped 23% yoy:<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/173432-1689447124556245.png\" alt=\"FLEX Q4 Segment Performance\" width=\"640\" height=\"444\" contenteditable=\"false\" data-width=\"640\" data-height=\"444\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>FLEX<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">On the Q4 conference call, CEO Revathi Advaithi pointed out:<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>Looking at the full year results, fiscal &#8217;23 was very strong despite the continuing challenges in the macroeconomic landscape. We grew revenue 17% year-over-year with adjusted operating margins for the full year at 4.8%. And we delivered adjusted EPS of $2.36, up &#8211; up 20%. <strong>That&#8217;s the third year in a row EPS has grown at least 20%<\/strong>.<\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As I mentioned earlier, that kind of demonstrated EPS growth appears to command a valuation level considerably higher than <span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span>&#8216;s current forward P\/E of only 11.4x.<\/p>\n<h4 class=\"paywall-full-content invisible no-summary-bullets\">Nextracker IPO<\/h4>\n<p class=\"paywall-full-content invisible no-summary-bullets\">During the quarter (in February), FLEX completed the IPO of its solar-technology based Nextracker (NXT) segment, which despite a relatively tough IPO environment has arguably been a grand success:<\/p>\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible no-summary-bullets\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_8179b4610586bec4e6c0760b0a2aa7ec.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Nextracker&#8217;s technology optimizes solar power-plant performance by enabling solar panels to accurately track the path of the sun across the sky in order to maximize overall power generation.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span>&#8216;s strategy for the IPO is for Nextracker to thrive better as a stand-alone entity while maintaining a significant stake in the company. As noted in the above graphic, NXT was the smallest segment within <span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span>, but also was the fastest growing (revenue +31% yoy). In the latest SEC 10-K filing, Flex reported that &#8220;upon the closing of the IPO, Flex beneficially owned 61.4% of the total outstanding shares of Nextracker\u2019s capital stock.&#8221;<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">On the previously mentioned conference call, FLEX also reported it had reduced debt by north of $300 million during FY23 and put $150 million of debt onto Nextracker as part of its IPO. FLEX ended the quarter with cash on hand of $3.3 billion, or an estimated $7.19\/share based on the 459 million average shares outstanding.<\/p>\n<h4 class=\"paywall-full-content invisible no-summary-bullets\">Going Forward: <span id=\"jS$658\" class=\"j3\">Microinverters<\/span> and FY24 Guidance<\/h4>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The Enphase microinverter development was not mentioned on the Q4 conference call. However, since that time &#8211; and as mentioned above &#8211; the microninverters went into production as of earlier this month. That being the case, I would expect FLEX to have some color commentary on the partnership on the Q1 FY24 conference call, which is scheduled for July 26th.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Regardless, it&#8217;s clear that microinverters have been the primary growth catalyst for Enphase for years, and should continue to be as the build-out of solar capacity is accelerating in the U.S. (and globally):<\/p>\n<figure class=\"regular-img-figure paywall-full-content invisible no-summary-bullets\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/173432-16894528745123286.png\" alt=\"U.S. Solar Power Capacity Expansion\" width=\"625\" height=\"372\" contenteditable=\"false\" data-width=\"625\" data-height=\"372\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>EIA<\/span><\/p>\n<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Meantime, the midpoint of FLEX&#8217;s FY24 guidance is as follows:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>Revenue of $31 billion.<\/li>\n<li>Adjusted non-GAAP EPS of $2.45\/share.<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">That may not be too impressive as compared to FY23 results (i.e. revenue of $30.3 billion and non-GAAP EPS of $2.36) until you consider that the forward guidance does not include any contributions from the spun-off Netracker segment. However, note that the current market-cap of NXT is $6.2 billion and <span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span> had a 61.4% stake right after the IPO.<\/p>\n<h4 class=\"paywall-full-content invisible no-summary-bullets\">Competition<\/h4>\n<p class=\"paywall-full-content invisible no-summary-bullets\">FLEX&#8217;s leading competitor is Jabil (JBL), a leading EMS contractor that I also view as being significantly undervalued in comparison to its growth rate. Indeed, both companies have significantly outperformed the broad market as represented by the Vanguard S&amp;P500 ETF (VOO) and the Invesco Nasdaq-100 Trust (QQQ):<\/p>\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible no-summary-bullets\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_cfa34d6c956b3b18fc10696eb3f5e1f5.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The table below compares the two companies on a number of valuation metrics:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<tr>\n<td> <\/td>\n<td>TTM Revenue<\/td>\n<td>TTM EPS<\/td>\n<td>TTM FCF\/share<\/td>\n<td>Forward P\/E<\/td>\n<td>\n<p>Shares<\/p>\n<p>Outstanding<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>FLEX<\/td>\n<td>$30.35 billion<\/td>\n<td>$1.72<\/td>\n<td>$0.73\/share<\/td>\n<td>11.4x<\/td>\n<td>459 million<\/td>\n<\/tr>\n<tr>\n<td>JBL<\/td>\n<td>$35.3 billion<\/td>\n<td>$7.12<\/td>\n<td>$7.55\/share<\/td>\n<td>13.1x<\/td>\n<td>136.4 million<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Jabil is benefiting from a relatively low share count, a strong share buyback program, and continuing margin expansion. Note the stock is up over 40% since my Seeking Alpha analysis <em>Jabil: Treat Yourself And Buy the 10% Dip <\/em>was published on April 24.<\/p>\n<h4 class=\"paywall-full-content invisible no-summary-bullets\">Summary and Conclusion<\/h4>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I consider <span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span> (and Jabil as well &#8230;) to be in a very attractive position given the growth in the sub-sectors that require their supply-chain and EMS skill-set and services support: EVs, mobile consumer devices, renewable energy, cloud infrastructure, and data center\/communications infrastructure &#8211; just to name a few. Both companies also appear to be significantly undervalued relative to their demonstrated growth rates. The recent announcement of the Enphase microinvestors going into production (manufactured by <span style=\"background-color: rgb(204, 255, 153);\">Flex<\/span>) is a positive catalyst moving forward, as is the very successful NXT IPO. FLEX stock is a BUY.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4617313-flex-ltd-nextracker-ipo-enphase-microinverter-partnership-positive-catalysts?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier this month, President Biden visited South Carolina and announced a $60 million investment by Enphase Energy (ENPH) to manufacture the company&#8217;s microverters &#8211; currently being made in China, India, and Mexico &#8211; here in America. Enphase&#8217;s partner in the project is Austin, Texas, based Flex Ltd. (NASDAQ:FLEX) &#8211; a global supply-chain manufacturing giant that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-36160","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flex Ltd.: Nextracker IPO, Enphase Partnership Are Positive Catalysts (NASDAQ:FLEX) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Earlier this month, President Biden visited South Carolina and announced a $60 million investment by Enphase Energy (ENPH) to manufacture the company&#039;s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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