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Summary: The SolarEdge IPO gets good marks for the banking team, company positioning and business strength but their market opportunity and technology advantages are less compelling given the proposed valuation of 2x the current revenue run rate. For example primary competitor Enphase Energy (ENPH) is trading at 1.4x. Finally we see more opportunity in some other energy-technology companies like Silver Spring Networks (SSNI.) Overall Rating = B

Banking Team = A

Goldman, Deutsche, Needham, Canaccord, Roth

Proposed Range $16-18, 7M Primary Shares, 39M shares out post-IPO, NASDAQ: SEDG

Company Positioning = B . . .

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