Intrinsic value of Canadian Solar - CSIQ

Previous Close

$17.36

  Intrinsic Value

$3.79

stock screener

  Rating & Target

str. sell

-78%

Previous close

$17.36

 
Intrinsic value

$3.79

 
Up/down potential

-78%

 
Rating

str. sell

We calculate the intrinsic value of CSIQ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -17.73
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,853
  2,910
  2,977
  3,054
  3,139
  3,235
  3,339
  3,453
  3,576
  3,708
  3,851
  4,003
  4,165
  4,338
  4,522
  4,717
  4,924
  5,143
  5,374
  5,619
  5,877
  6,149
  6,437
  6,740
  7,059
  7,395
  7,748
  8,121
  8,513
  8,925
  9,359
Variable operating expenses, $m
 
  2,191
  2,242
  2,299
  2,364
  2,436
  2,514
  2,600
  2,692
  2,792
  2,899
  3,013
  3,135
  3,266
  3,404
  3,551
  3,706
  3,871
  4,045
  4,229
  4,424
  4,629
  4,845
  5,073
  5,313
  5,566
  5,832
  6,113
  6,408
  6,718
  7,044
Fixed operating expenses, $m
 
  640
  656
  672
  689
  706
  724
  742
  760
  779
  799
  819
  839
  860
  882
  904
  926
  949
  973
  998
  1,022
  1,048
  1,074
  1,101
  1,129
  1,157
  1,186
  1,215
  1,246
  1,277
  1,309
Total operating expenses, $m
  2,757
  2,831
  2,898
  2,971
  3,053
  3,142
  3,238
  3,342
  3,452
  3,571
  3,698
  3,832
  3,974
  4,126
  4,286
  4,455
  4,632
  4,820
  5,018
  5,227
  5,446
  5,677
  5,919
  6,174
  6,442
  6,723
  7,018
  7,328
  7,654
  7,995
  8,353
Operating income, $m
  96
  79
  80
  82
  87
  93
  101
  111
  123
  137
  153
  171
  191
  213
  237
  263
  291
  322
  356
  392
  431
  473
  517
  565
  617
  672
  730
  793
  859
  930
  1,005
EBITDA, $m
  192
  177
  180
  185
  192
  202
  214
  227
  243
  262
  282
  305
  330
  357
  388
  420
  456
  494
  535
  579
  627
  678
  732
  790
  853
  919
  989
  1,064
  1,143
  1,228
  1,318
Interest expense (income), $m
  71
  91
  94
  97
  101
  105
  109
  115
  120
  126
  133
  140
  147
  155
  164
  173
  182
  193
  203
  215
  227
  239
  253
  267
  282
  297
  314
  331
  350
  369
  389
Earnings before tax, $m
  88
  -12
  -14
  -15
  -14
  -12
  -8
  -3
  3
  11
  20
  31
  44
  57
  73
  90
  109
  130
  152
  177
  204
  233
  265
  299
  335
  374
  416
  461
  509
  561
  616
Tax expense, $m
  18
  0
  0
  0
  0
  0
  0
  0
  1
  3
  5
  8
  12
  15
  20
  24
  29
  35
  41
  48
  55
  63
  71
  81
  90
  101
  112
  125
  138
  151
  166
Net income, $m
  65
  -12
  -14
  -15
  -14
  -12
  -8
  -3
  2
  8
  15
  23
  32
  42
  53
  66
  80
  95
  111
  129
  149
  170
  193
  218
  245
  273
  304
  337
  372
  410
  450

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  511
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,407
  4,992
  5,106
  5,238
  5,385
  5,548
  5,727
  5,922
  6,133
  6,361
  6,605
  6,866
  7,145
  7,442
  7,757
  8,092
  8,446
  8,821
  9,218
  9,638
  10,081
  10,548
  11,041
  11,560
  12,107
  12,684
  13,291
  13,929
  14,602
  15,309
  16,053
Adjusted assets (=assets-cash), $m
  4,896
  4,992
  5,106
  5,238
  5,385
  5,548
  5,727
  5,922
  6,133
  6,361
  6,605
  6,866
  7,145
  7,442
  7,757
  8,092
  8,446
  8,821
  9,218
  9,638
  10,081
  10,548
  11,041
  11,560
  12,107
  12,684
  13,291
  13,929
  14,602
  15,309
  16,053
Revenue / Adjusted assets
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
Average production assets, $m
  1,097
  1,117
  1,143
  1,173
  1,206
  1,242
  1,282
  1,326
  1,373
  1,424
  1,479
  1,537
  1,600
  1,666
  1,737
  1,811
  1,891
  1,975
  2,064
  2,158
  2,257
  2,361
  2,472
  2,588
  2,711
  2,840
  2,975
  3,118
  3,269
  3,427
  3,594
Working capital, $m
  70
  1,455
  1,488
  1,527
  1,570
  1,617
  1,670
  1,726
  1,788
  1,854
  1,925
  2,001
  2,083
  2,169
  2,261
  2,359
  2,462
  2,571
  2,687
  2,809
  2,939
  3,075
  3,218
  3,370
  3,529
  3,697
  3,874
  4,060
  4,256
  4,463
  4,679
Total debt, $m
  3,106
  2,672
  2,766
  2,874
  2,994
  3,128
  3,275
  3,434
  3,607
  3,794
  3,994
  4,207
  4,436
  4,679
  4,937
  5,211
  5,501
  5,809
  6,134
  6,477
  6,840
  7,223
  7,626
  8,052
  8,500
  8,972
  9,469
  9,992
  10,543
  11,122
  11,731
Total liabilities, $m
  4,522
  4,088
  4,182
  4,290
  4,410
  4,544
  4,691
  4,850
  5,023
  5,210
  5,410
  5,623
  5,852
  6,095
  6,353
  6,627
  6,917
  7,225
  7,550
  7,893
  8,256
  8,639
  9,042
  9,468
  9,916
  10,388
  10,885
  11,408
  11,959
  12,538
  13,147
Total equity, $m
  885
  903
  924
  948
  975
  1,004
  1,037
  1,072
  1,110
  1,151
  1,196
  1,243
  1,293
  1,347
  1,404
  1,465
  1,529
  1,597
  1,669
  1,744
  1,825
  1,909
  1,998
  2,092
  2,191
  2,296
  2,406
  2,521
  2,643
  2,771
  2,906
Total liabilities and equity, $m
  5,407
  4,991
  5,106
  5,238
  5,385
  5,548
  5,728
  5,922
  6,133
  6,361
  6,606
  6,866
  7,145
  7,442
  7,757
  8,092
  8,446
  8,822
  9,219
  9,637
  10,081
  10,548
  11,040
  11,560
  12,107
  12,684
  13,291
  13,929
  14,602
  15,309
  16,053
Debt-to-equity ratio
  3.510
  2.960
  2.990
  3.030
  3.070
  3.110
  3.160
  3.200
  3.250
  3.290
  3.340
  3.390
  3.430
  3.470
  3.520
  3.560
  3.600
  3.640
  3.680
  3.710
  3.750
  3.780
  3.820
  3.850
  3.880
  3.910
  3.940
  3.960
  3.990
  4.010
  4.040
Adjusted equity ratio
  0.164
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  65
  -12
  -14
  -15
  -14
  -12
  -8
  -3
  2
  8
  15
  23
  32
  42
  53
  66
  80
  95
  111
  129
  149
  170
  193
  218
  245
  273
  304
  337
  372
  410
  450
Depreciation, amort., depletion, $m
  96
  98
  100
  103
  106
  109
  112
  116
  120
  125
  129
  134
  139
  145
  151
  158
  164
  172
  179
  188
  196
  205
  215
  225
  236
  247
  259
  271
  284
  298
  312
Funds from operations, $m
  -620
  86
  86
  88
  92
  97
  104
  113
  122
  132
  144
  157
  171
  187
  204
  223
  244
  266
  291
  317
  345
  376
  408
  443
  480
  520
  563
  608
  656
  708
  762
Change in working capital, $m
  -342
  29
  33
  38
  43
  48
  52
  57
  62
  66
  71
  76
  81
  86
  92
  98
  103
  109
  116
  122
  129
  136
  144
  151
  160
  168
  177
  186
  196
  206
  217
Cash from operations, $m
  -278
  58
  53
  50
  49
  49
  52
  56
  61
  66
  73
  80
  90
  100
  112
  126
  141
  157
  175
  195
  216
  239
  264
  292
  321
  352
  386
  422
  460
  501
  545
Maintenance CAPEX, $m
  0
  -95
  -97
  -99
  -102
  -105
  -108
  -111
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -164
  -172
  -179
  -188
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
New CAPEX, $m
  -1,111
  -21
  -26
  -29
  -33
  -37
  -40
  -44
  -47
  -51
  -55
  -58
  -62
  -66
  -71
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -150
  -158
  -167
Cash from investing activities, $m
  -1,043
  -116
  -123
  -128
  -135
  -142
  -148
  -155
  -162
  -170
  -179
  -187
  -196
  -205
  -216
  -226
  -237
  -248
  -261
  -273
  -287
  -301
  -315
  -331
  -348
  -365
  -383
  -402
  -421
  -442
  -465
Free cash flow, $m
  -1,321
  -58
  -70
  -79
  -86
  -92
  -96
  -99
  -102
  -104
  -106
  -107
  -106
  -105
  -103
  -100
  -96
  -91
  -86
  -79
  -71
  -62
  -51
  -40
  -27
  -13
  3
  20
  39
  59
  81
Issuance/(repayment) of debt, $m
  862
  77
  94
  107
  121
  134
  147
  160
  173
  186
  200
  214
  228
  243
  258
  274
  290
  307
  325
  343
  363
  383
  404
  425
  448
  472
  497
  523
  551
  579
  609
Issuance/(repurchase) of shares, $m
  25
  30
  35
  38
  41
  41
  41
  39
  36
  33
  30
  24
  19
  12
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,300
  107
  129
  145
  162
  175
  188
  199
  209
  219
  230
  238
  247
  255
  262
  274
  290
  307
  325
  343
  363
  383
  404
  425
  448
  472
  497
  523
  551
  579
  609
Total cash flow (excl. dividends), $m
  -33
  49
  59
  67
  75
  83
  91
  99
  107
  115
  124
  132
  140
  150
  159
  174
  194
  216
  240
  265
  292
  321
  352
  386
  421
  459
  500
  543
  589
  638
  690
Retained Cash Flow (-), $m
  -66
  -30
  -35
  -38
  -41
  -41
  -41
  -39
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  19
  24
  29
  35
  42
  50
  60
  69
  74
  80
  84
  90
  96
  102
  113
  130
  148
  168
  189
  212
  237
  263
  292
  322
  355
  390
  428
  467
  510
  555
Discount rate, %
 
  11.20
  11.76
  12.35
  12.97
  13.61
  14.29
  15.01
  15.76
  16.55
  17.37
  18.24
  19.16
  20.11
  21.12
  22.18
  23.28
  24.45
  25.67
  26.95
  28.30
  29.72
  31.20
  32.76
  34.40
  36.12
  37.93
  39.82
  41.81
  43.91
  46.10
PV of cash for distribution, $m
 
  17
  19
  20
  21
  22
  23
  23
  21
  19
  16
  13
  11
  9
  7
  6
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.1
  93.9
  90.6
  87.3
  84.2
  81.3
  78.7
  76.4
  74.5
  72.8
  71.5
  70.6
  70.0
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8
  69.8

Canadian Solar Inc. is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment. It designs, develops and manufactures solar wafers, solar cells and solar power products. The module segment primarily involves the design, development, manufacturing and sale of a range of solar power products, including standard solar modules and specialty solar products, and solar system kits. Its energy development segment consists of solar power project development, engineering, procurement and construction services, and operation and maintenance services. Its electricity generation segment consists of holding solar power projects for the purpose of generating income from the sale of electricity to the local or national grid or other power purchasers.

FINANCIAL RATIOS  of  Canadian Solar (CSIQ)

Valuation Ratios
P/E Ratio 15.4
Price to Sales 0.4
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -3.6
Price to Free Cash Flow -0.7
Growth Rates
Sales Growth Rate -17.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 72.8%
Cap. Spend. - 3 Yr. Gr. Rate 117.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.6
LT Debt to Equity 69.9%
Total Debt to Equity 351%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 24.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 14.6%
Gross Margin - 3 Yr. Avg. 17%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 11.6%
Operating Margin 3.4%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 3.1%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 20.5%
Eff/ Tax Rate - 3 Yr. Avg. 22.2%
Payout Ratio 0%

CSIQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSIQ stock intrinsic value calculation we used $2853 million for the last fiscal year's total revenue generated by Canadian Solar. The default revenue input number comes from 2016 income statement of Canadian Solar. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CSIQ stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.2%, whose default value for CSIQ is calculated based on our internal credit rating of Canadian Solar, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Canadian Solar.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CSIQ stock the variable cost ratio is equal to 75.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $624 million in the base year in the intrinsic value calculation for CSIQ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Canadian Solar.

Corporate tax rate of 27% is the nominal tax rate for Canadian Solar. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CSIQ stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CSIQ are equal to 38.4%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Canadian Solar operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CSIQ is equal to 50%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $885 million for Canadian Solar - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 57.83 million for Canadian Solar is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Canadian Solar at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
HQCL Hanwha Q CELLS 7.34 12.18  str.buy
SPWR SunPower 9.37 1.81  str.sell
JKS JinkoSolar Hol 24.37 39.97  str.buy
JASO JA Solar Holdi 7.44 33.89  str.buy
FSLR First Solar 68.96 40.69  hold
TRP TransCanada 47.87 2.18  str.sell

COMPANY NEWS

▶ Top Solar Analyst Explains Canadian Solar Downgrade   [Dec-15-17 03:36PM  Benzinga]
▶ World's Biggest Solar Manufacturer Could Go Private   [Dec-13-17 07:38AM  Motley Fool]
▶ What to Expect From Canadian Solar Inc. in 2018   [Dec-05-17 09:35AM  Motley Fool]
▶ Oppenheimer's Top Stock Picks For December   [Nov-30-17 10:17AM  Benzinga]
▶ What Do Analysts Expect for Yingli Solars Margins in 3Q17?   [Nov-28-17 09:03AM  Market Realist]
▶ Canadian Solar Beat Analysts 3Q17 Revenue Estimates   [Nov-21-17 02:35PM  Market Realist]
▶ 3 Red Flags From Canadian Solar's Earnings Report   [Nov-10-17 05:18PM  Motley Fool]
▶ Canadian Solar meets 3Q profit forecasts   [07:23AM  Associated Press]
▶ Canadian Solar Joins Rank Of Stocks With RS Ratings Over 90   [03:00AM  Investor's Business Daily]
▶ Stocks To Watch: Canadian Solar Sees Relative Strength Rating Jump To 84   [Oct-31-17 03:00AM  Investor's Business Daily]
▶ Canadian Solar Sees RS Rating Improve To 76   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Canadian Solar Earns RS Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Chart Patterns Suggest Solar Stocks Are About to Shine   [Oct-04-17 08:49AM  Investopedia]
▶ This Week in Solar   [Sep-29-17 06:49PM  Motley Fool]
▶ Why China Is Crushing the U.S. in Solar Energy   [Sep-17-17 07:02AM  Motley Fool]
▶ How solar powered devices work during an eclipse   [Aug-21-17 01:20PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Aug 21st, 2017   [09:40AM  Yahoo Finance Video]
▶ How Canadian Solar Inc. Makes Most of Its Money   [Aug-18-17 09:18AM  Motley Fool]
▶ Canadian Solar tops Street 2Q forecasts   [Aug-14-17 10:09PM  Associated Press]
Financial statements of CSIQ
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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