1. Enphase is a value and growth opportunity with strong FY25 growth rates. Lower interest rates are crucial for the thesis to unfold as planned. 2. Despite a bullish outlook with speculative gains, a P/E ratio of 30 is fair for the stock in FY25. 3. The market could price the stock at a P/E ratio of 45 to 50 based on 89% EPS growth expected for FY25. 4. International expansion is strong, with Asia-Pacific as a key focus. 5. Interest rate cuts are expected globally, boosting demand for solar panels. 6. Battery storage competition from Tesla is a challenge but not the core business. 7. Enphase is expected to see a massive 89% EPS and 46% revenue growth in FY25. 8. The stock is undervalued compared to its own historical valuation multiples.