Intrinsic value of Canadian Solar - CSIQ

Previous Close

$16.63

  Intrinsic Value

$3.92

stock screener

  Rating & Target

str. sell

-76%

  Value-price divergence*

-1%

Previous close

$16.63

 
Intrinsic value

$3.92

 
Up/down potential

-76%

 
Rating

str. sell

 
Value-price divergence*

-1%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 0.9

 

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
  105
  108
  112
  116
  121
  126
  131
  138
  144
  151
  159
  167
  176
  186
  196
  206
  217
  229
  242
  255
  269
  284
  299
  316
  333
  351
  370
  391
  412
  434
Earnings before tax, $m
  88
  -26
  -28
  -29
  -29
  -28
  -25
  -20
  -14
  -7
  1
  12
  23
  36
  51
  67
  85
  105
  127
  150
  176
  204
  234
  266
  301
  339
  379
  422
  469
  518
  571
Tax expense, $m
  18
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  6
  10
  14
  18
  23
  28
  34
  41
  47
  55
  63
  72
  81
  91
  102
  114
  127
  140
  154
Net income, $m
  65
  -26
  -28
  -29
  -29
  -28
  -25
  -20
  -14
  -7
  1
  9
  17
  27
  37
  49
  62
  77
  92
  110
  128
  149
  171
  194
  220
  247
  277
  308
  342
  378
  417

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
  5,409
  5,533
  5,676
  5,835
  6,012
  6,206
  6,418
  6,646
  6,893
  7,158
  7,441
  7,742
  8,064
  8,406
  8,768
  9,153
  9,559
  9,989
  10,444
  10,924
  11,430
  11,964
  12,527
  13,120
  13,745
  14,402
  15,095
  15,823
  16,589
  17,395
Adjusted assets (=assets-cash), $m
  4,896
  5,409
  5,533
  5,676
  5,835
  6,012
  6,206
  6,418
  6,646
  6,893
  7,158
  7,441
  7,742
  8,064
  8,406
  8,768
  9,153
  9,559
  9,989
  10,444
  10,924
  11,430
  11,964
  12,527
  13,120
  13,745
  14,402
  15,095
  15,823
  16,589
  17,395
Revenue / Adjusted assets
  0.583
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
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
  3,090
  3,193
  3,312
  3,445
  3,592
  3,754
  3,930
  4,121
  4,326
  4,546
  4,782
  5,033
  5,301
  5,586
  5,888
  6,208
  6,547
  6,905
  7,284
  7,684
  8,105
  8,550
  9,019
  9,513
  10,033
  10,581
  11,158
  11,764
  12,403
  13,074
Total liabilities, $m
  4,522
  4,506
  4,609
  4,728
  4,861
  5,008
  5,170
  5,346
  5,537
  5,742
  5,962
  6,198
  6,449
  6,717
  7,002
  7,304
  7,624
  7,963
  8,321
  8,700
  9,100
  9,521
  9,966
  10,435
  10,929
  11,449
  11,997
  12,574
  13,180
  13,819
  14,490
Total equity, $m
  885
  903
  924
  948
  974
  1,004
  1,036
  1,072
  1,110
  1,151
  1,195
  1,243
  1,293
  1,347
  1,404
  1,464
  1,528
  1,596
  1,668
  1,744
  1,824
  1,909
  1,998
  2,092
  2,191
  2,295
  2,405
  2,521
  2,642
  2,770
  2,905
Total liabilities and equity, $m
  5,407
  5,409
  5,533
  5,676
  5,835
  6,012
  6,206
  6,418
  6,647
  6,893
  7,157
  7,441
  7,742
  8,064
  8,406
  8,768
  9,152
  9,559
  9,989
  10,444
  10,924
  11,430
  11,964
  12,527
  13,120
  13,744
  14,402
  15,095
  15,822
  16,589
  17,395
Debt-to-equity ratio
  3.510
  3.420
  3.460
  3.490
  3.530
  3.580
  3.620
  3.670
  3.710
  3.760
  3.800
  3.850
  3.890
  3.940
  3.980
  4.020
  4.060
  4.100
  4.140
  4.180
  4.210
  4.250
  4.280
  4.310
  4.340
  4.370
  4.400
  4.430
  4.450
  4.480
  4.500
Adjusted equity ratio
  0.164
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  65
  -26
  -28
  -29
  -29
  -28
  -25
  -20
  -14
  -7
  1
  9
  17
  27
  37
  49
  62
  77
  92
  110
  128
  149
  171
  194
  220
  247
  277
  308
  342
  378
  417
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
  72
  72
  73
  76
  81
  88
  96
  106
  117
  130
  142
  156
  171
  188
  207
  227
  248
  272
  297
  325
  354
  386
  419
  456
  494
  535
  579
  626
  676
  729
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
  44
  38
  35
  33
  34
  36
  39
  44
  51
  59
  66
  75
  85
  96
  109
  123
  139
  156
  175
  196
  218
  242
  268
  296
  326
  359
  393
  430
  470
  513
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
  -73
  -85
  -94
  -101
  -108
  -113
  -116
  -118
  -119
  -119
  -121
  -121
  -121
  -119
  -117
  -114
  -110
  -104
  -98
  -91
  -83
  -74
  -63
  -52
  -39
  -24
  -8
  9
  28
  48
Issuance/(repayment) of debt, $m
  790
  92
  104
  118
  133
  147
  162
  176
  191
  205
  220
  236
  252
  268
  285
  302
  320
  339
  358
  379
  400
  422
  445
  469
  494
  520
  548
  577
  607
  638
  671
Issuance/(repurchase) of shares, $m
  25
  44
  49
  53
  56
  57
  57
  55
  53
  48
  43
  38
  33
  27
  20
  11
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,300
  136
  153
  171
  189
  204
  219
  231
  244
  253
  263
  274
  285
  295
  305
  313
  322
  339
  358
  379
  400
  422
  445
  469
  494
  520
  548
  577
  607
  638
  671
Total cash flow (excl. dividends), $m
  -33
  64
  68
  78
  87
  97
  106
  115
  125
  134
  144
  153
  164
  174
  185
  197
  208
  229
  254
  280
  308
  339
  371
  406
  442
  482
  524
  568
  616
  666
  720
Retained Cash Flow (-), $m
  -66
  -44
  -49
  -53
  -56
  -57
  -57
  -55
  -53
  -48
  -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
 
  20
  19
  25
  32
  40
  49
  60
  72
  86
  100
  106
  113
  121
  128
  136
  144
  161
  182
  204
  228
  254
  282
  312
  343
  377
  414
  453
  494
  538
  585
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
 
  18
  15
  17
  19
  21
  22
  23
  22
  22
  20
  17
  14
  11
  9
  7
  5
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.5
  90.8
  86.1
  81.5
  77.2
  73.2
  69.7
  66.6
  63.9
  61.7
  59.9
  58.4
  57.2
  56.4
  56.0
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9
  55.9

Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar wafers, cells, and solar power products primarily under the Canadian Solar brand name. The company operates through Module, Energy Development, and Electricity Generation segments. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems. The company also provides specialty solar products consisting of Andes Solar Home System, an off-grid solar system, designed to provide an economical source of electricity to homes and communities without access to grid; and Maple Solar System, a clean energy solution for families, as well as solar system kits, which are a ready-to-install packages, such as inverters, racking system, and other accessories. In addition, it develops, builds, and sells solar power projects; performs the engineering, procurement, and construction (EPC) work for the solar projects; and offers operation and maintenance services that include inspection, repair, and replacement of plant equipment, site management, and administrative support services. It offers its products to distributors, system integrators, project developers, and installers/EPC companies. The company has operations in North America, South America, Europe, Africa, the Middle East, Australia, and Asia. Canadian Solar Inc. was founded in 2001 and is based in West Guelph, Canada.

FINANCIAL RATIOS  of  Canadian Solar (CSIQ)

Valuation Ratios
P/E Ratio 14.8
Price to Sales 0.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -3.5
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 55.881 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 $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
HQCL Hanwha Q CELLS 7.33 12.40  str.buy
SPWR SunPower 9.24 1.86  str.sell
JKS JinkoSolar Hol 26.33 24.84  hold
JASO JA Solar Holdi 6.22 19.46  str.buy
FSLR First Solar 48.06 42.60  hold
TRP TransCanada 49.51 2.22  str.sell

COMPANY NEWS

▶ 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]
▶ Canadian Solar tops Street 2Q forecasts   [07:05AM  Associated Press]
▶ Solar Stocks Are Heating Up   [Aug-09-17 01:00PM  Investopedia]
▶ Tech Stocks from Briefing.com   [Aug-01-17 10:03AM  Briefing.com]
▶ 3 Reasons Canadian Solar Inc. Stock Could Fall   [Jul-25-17 08:10AM  Motley Fool]
▶ Rounded Bottom Could Mean a Rally for These Stocks   [Jul-19-17 01:00PM  Investopedia]
▶ Canadian Solar Clears Key Benchmark, Hitting 80-Plus RS Rating   [Jul-13-17 10:50AM  Investor's Business Daily]
▶ Sunny Times Ahead for the Solar Sector   [10:47AM  Investopedia]
▶ Top 3 Solar Stocks as of July 2017   [Jul-12-17 04:36PM  Investopedia]
▶ Why the Solar Industry Is Rallying   [Jul-10-17 03:58PM  Motley Fool]
▶ Ignore Canadian Solar Inc.: Here Are 3 Better Stocks   [Jul-08-17 08:14AM  Motley Fool]
▶ Canadian Solar Inc. in 3 Charts   [Jul-06-17 08:13AM  Motley Fool]
▶ Solar Stocks Jump -- and Theres a Lot More Room to Run   [Jun-25-17 10:14AM  Motley Fool]
▶ Why Shares of Canadian Solar Inc. Popped 12% Today   [Jun-22-17 03:29PM  Motley Fool]
▶ PRESS DIGEST- Canada- June 7   [07:16AM  Reuters]
▶ Canadian Solar reports 1Q loss   [07:32AM  Associated Press]
▶ Better Buy: Canadian Solar Inc. vs. SunPower   [Jun-01-17 01:15PM  Motley Fool]
▶ ETFs with exposure to Canadian Solar, Inc. : May 30, 2017   [May-30-17 12:23PM  Capital Cube]
▶ ETFs with exposure to Canadian Solar, Inc. : May 18, 2017   [May-18-17 01:38PM  Capital Cube]
▶ Tech Stocks from Briefing.com   [May-12-17 12:00PM  Briefing.com]
▶ Solar Stocks Are Facing Major Resistance (TAN, FSLR)   [May-10-17 10:46AM  Investopedia]
▶ Solar Shake-Up: Why More Bankruptcies Are Coming in 2017   [Apr-18-17 08:08AM  Motley Fool]
▶ Canadian Solar May See Sunnier Days Ahead   [Apr-17-17 12:57PM  TheStreet.com]
▶ Canadian Solar May See Sunnier Days Ahead   [11:54AM  TheStreet.com]
▶ 4 Things You Didn't Know About Canadian Solar Inc.   [Apr-11-17 09:29AM  Motley Fool]
▶ New Strong Sell Stocks for April 6th   [Apr-06-17 09:11AM  Zacks]
Stock chart of CSIQ 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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