SolarEdge is now a table-pounding buy. 

The company’s stock is down 14% unfairly over the past week due to problems at SolarCity, one of its customers. But SolarEdge’s drop is due to guilt-by-association, especially because all of SolarEdge’s growth is coming from customers other than SolarCity.

Here’s what’s happening:

SolarCity, which installs, finances and maintains solar systems at homes and businesses, reported an ugly quarter last night. Even though the current quarter was better than hoped for, guidance for growth was lowered. While this is bad news for SolarCity investors, it is in fact good news for SolarEdge. That’s because by reining in growth, SolarCity will become a more stable company, guaranteeing its business with SolarEdge. 

In addition, SolarCity has been declining as a percent of total revenues and is flat-to-down in absolute dollars as a customer of SolarEdge. After accounting for 25% of revenue in the year ending June 2015, SolarCity was one of three customers accounting for a total of 37% of revenue in the December quarter. A customer needs to be at least 10% of revenue to be noted in legal filings, so we can assume SolarCity at most represented 17% of revenue (two customers times 10% plus 17% equals 37%).  It’s most likely that the other two accounted for more than 20% but again, I’m analyzing the worst case scenario.

Even if SolarEdge had to write-off all of the money that SolarCity owes it, earnings would still equal $2.12 in 2017 and grow 26%. Using those lower numbers, which we remind you are an unlikely scenario, the stock trades at a cheap 12 times 2017 estimates.

I continue to hear from the field that SolarEdge’s equipment is taking market share and gaining new customers, and the company has just delivered excellent results with a robust balance sheet and earnings.