The market continues to fear that the U.S. solar Investment Tax Credit (ITC) expiration at the end of 2016 will mean the end of growth in the U.S. solar industry.

In a new report, Morgan Stanley analyst Stephen Byrd included five sets of charts that shed some light on SolarCity and Sunrun, explaining what the market expects of the two companies in coming years. Here’s a look at the five charts included in the report.

At recent trading levels, Byrd sees very little growth priced into the stocks beyond 2016.

In terms of the underlying business, Byrd sees “significant margin” being created with each solar contract. The companies retain a large amount of power purchase agreement revenue.

After the ITC drops to 10 percent, the two companies will turn…

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