Specialist
Former VP, Global Finance, FP&A, Segment Finance, Global Accounting & Shared Services at First Solar Inc
Agenda
- First Solar (NASDAQ: FSLR) – manufacturing and operational efficiencies
- Market risks from consolidated positioning
- Long-term opportunities in utility solar growth
Questions
1.
Could you outline First Solar’s core strengths and where it might fall short relative to competitors?
2.
Do you think the trade-off from First Solar’s strategy is worthwhile in the long term, given today’s market and the considerable activity between competitors with mergers, acquisitions and the like?
3.
Did anything concern you in First Solar’s Q1 2020 earnings?
4.
Is that how it has more or less maintained a strong balance sheet, compared to competitors?
5.
Would you say First Solar is facing more competition from domestic or foreign players in the solar panel industry?
6.
Do you foresee more of a likelihood of vertical consolidation along the supply chain for solar panel manufacturing, or horizontal across competitors?
7.
Could you explain the reason behind solar’s cyclical nature? Is 2020’s solar growth due to the cycle?
8.
How disciplined has First Solar been with CAPEX?
9.
What are the driving forces for utility-scale solar? Do you foresee any headwinds?
10.
What will the ITC [Investment Tax Credit] expiration mean for First Solar’s US sales? How much more can it squeeze margins?
11.
How would you describe First Solar’s management style and how has it evolved over the past few years?
12.
How does First Solar tend to approach growth and the increasing threat from other panel manufacturers?
13.
Do you think First Solar is a bit optimistic about the potential demand drivers for utility-scale projects falling short due to the uncertainty around large-project financing?
14.
Could you explain how a state change in net metering might alter the utility projects?
15.
What do you believe is First Solar’s next step after completing the Series 6 expansion plans? How will it compete and where can it continue to add value?
16.
How might the continued delays in First Solar’s planned asset sales in Japan and India affect the balance sheet? Do you think these assets’ valuations could be significantly impacted due to the timing?
17.
How are you assessing First Solar’s long-term market position? Would you say the glory days are over? What happens next, will it stay in the mid-market or could foreign threats be a further challenge?
