Is First Solar Inc (FSLR) Undervalued?

I understand First Solar is not exactly a "typical" value stock since solar is a high growth, somewhat speculative sector. However, I did some research and FSLR appears undervalued at least at first glance. I am still in the researching phase but am strongly considering opening a position especially if it dips a little further.

Listed below are some key fundamentals but please let me know if I am missing anything!

First Solar Inc (FSLR)

Market Cap: 28.72B

PE: 20.50

Forward PE: 11.90

EPS Growth Next Year (Projected): 54%

PEG: 0.36

EV/EBITDA: 13.00

Gross Margin: 40.05%

Profit Margin: 27.73%

Debt/Equity: 0.10

There are definitely some risks concerning policy changes and international competition. I still think solar has been overlooked recently which has created quite the opportunity here. Looking forward to hearing your thoughts!