Intrinsic value of Hanwha Q CELLS ADR - HQCL

Previous Close

$7.34

  Intrinsic Value

$12.40

stock screener

  Rating & Target

str. buy

+69%

  Value-price divergence*

+5000%

Previous close

$7.34

 
Intrinsic value

$12.40

 
Up/down potential

+69%

 
Rating

str. buy

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of HQCL 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 0.6

 

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, %
  34.70
  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
  2,426
  2,475
  2,531
  2,596
  2,670
  2,750
  2,839
  2,936
  3,041
  3,153
  3,274
  3,404
  3,542
  3,689
  3,845
  4,011
  4,187
  4,373
  4,570
  4,778
  4,997
  5,229
  5,473
  5,731
  6,002
  6,288
  6,589
  6,905
  7,239
  7,589
  7,958
Variable operating expenses, $m
 
  2,217
  2,268
  2,326
  2,392
  2,464
  2,544
  2,631
  2,724
  2,825
  2,934
  3,050
  3,174
  3,305
  3,445
  3,594
  3,751
  3,918
  4,095
  4,281
  4,477
  4,685
  4,904
  5,135
  5,378
  5,634
  5,903
  6,187
  6,486
  6,800
  7,130
Fixed operating expenses, $m
 
  64
  65
  67
  68
  70
  72
  74
  76
  77
  79
  81
  83
  85
  88
  90
  92
  94
  97
  99
  102
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
Total operating expenses, $m
  2,234
  2,281
  2,333
  2,393
  2,460
  2,534
  2,616
  2,705
  2,800
  2,902
  3,013
  3,131
  3,257
  3,390
  3,533
  3,684
  3,843
  4,012
  4,192
  4,380
  4,579
  4,789
  5,011
  5,244
  5,490
  5,749
  6,021
  6,308
  6,610
  6,927
  7,260
Operating income, $m
  192
  194
  198
  203
  209
  216
  223
  232
  241
  251
  261
  273
  285
  298
  312
  328
  344
  361
  379
  398
  418
  440
  463
  487
  512
  539
  568
  598
  629
  663
  698
EBITDA, $m
  286
  284
  290
  298
  306
  316
  327
  339
  351
  365
  380
  397
  414
  433
  452
  474
  496
  520
  545
  572
  600
  630
  662
  695
  731
  768
  808
  849
  893
  939
  988
Interest expense (income), $m
  55
  52
  53
  55
  58
  60
  63
  66
  69
  73
  77
  81
  85
  90
  95
  100
  106
  112
  118
  125
  132
  139
  147
  155
  164
  173
  183
  193
  204
  216
  227
Earnings before tax, $m
  123
  142
  145
  148
  152
  156
  161
  166
  172
  178
  185
  192
  200
  209
  218
  227
  238
  249
  261
  273
  287
  301
  316
  331
  348
  366
  385
  404
  425
  447
  470
Tax expense, $m
  -5
  38
  39
  40
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  99
  104
  109
  115
  121
  127
Net income, $m
  128
  104
  106
  108
  111
  114
  117
  121
  125
  130
  135
  140
  146
  152
  159
  166
  174
  182
  190
  199
  209
  219
  230
  242
  254
  267
  281
  295
  310
  326
  343

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  390
  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
  2,209
  2,135
  2,184
  2,240
  2,303
  2,373
  2,450
  2,533
  2,623
  2,721
  2,825
  2,937
  3,056
  3,183
  3,318
  3,461
  3,613
  3,773
  3,943
  4,122
  4,312
  4,512
  4,722
  4,945
  5,179
  5,425
  5,685
  5,958
  6,246
  6,548
  6,866
Adjusted assets (=assets-cash), $m
  1,819
  2,135
  2,184
  2,240
  2,303
  2,373
  2,450
  2,533
  2,623
  2,721
  2,825
  2,937
  3,056
  3,183
  3,318
  3,461
  3,613
  3,773
  3,943
  4,122
  4,312
  4,512
  4,722
  4,945
  5,179
  5,425
  5,685
  5,958
  6,246
  6,548
  6,866
Revenue / Adjusted assets
  1.334
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
  1.159
Average production assets, $m
  883
  901
  921
  945
  972
  1,001
  1,033
  1,069
  1,107
  1,148
  1,192
  1,239
  1,289
  1,343
  1,400
  1,460
  1,524
  1,592
  1,663
  1,739
  1,819
  1,903
  1,992
  2,086
  2,185
  2,289
  2,398
  2,514
  2,635
  2,762
  2,897
Working capital, $m
  222
  366
  375
  384
  395
  407
  420
  435
  450
  467
  485
  504
  524
  546
  569
  594
  620
  647
  676
  707
  740
  774
  810
  848
  888
  931
  975
  1,022
  1,071
  1,123
  1,178
Total debt, $m
  1,172
  1,090
  1,129
  1,174
  1,225
  1,281
  1,343
  1,410
  1,483
  1,561
  1,645
  1,735
  1,831
  1,933
  2,042
  2,157
  2,279
  2,408
  2,545
  2,690
  2,842
  3,003
  3,173
  3,351
  3,540
  3,738
  3,947
  4,167
  4,399
  4,642
  4,898
Total liabilities, $m
  1,801
  1,719
  1,758
  1,803
  1,854
  1,910
  1,972
  2,039
  2,112
  2,190
  2,274
  2,364
  2,460
  2,562
  2,671
  2,786
  2,908
  3,037
  3,174
  3,319
  3,471
  3,632
  3,802
  3,980
  4,169
  4,367
  4,576
  4,796
  5,028
  5,271
  5,527
Total equity, $m
  408
  416
  426
  437
  449
  463
  478
  494
  512
  531
  551
  573
  596
  621
  647
  675
  704
  736
  769
  804
  841
  880
  921
  964
  1,010
  1,058
  1,109
  1,162
  1,218
  1,277
  1,339
Total liabilities and equity, $m
  2,209
  2,135
  2,184
  2,240
  2,303
  2,373
  2,450
  2,533
  2,624
  2,721
  2,825
  2,937
  3,056
  3,183
  3,318
  3,461
  3,612
  3,773
  3,943
  4,123
  4,312
  4,512
  4,723
  4,944
  5,179
  5,425
  5,685
  5,958
  6,246
  6,548
  6,866
Debt-to-equity ratio
  2.873
  2.620
  2.650
  2.690
  2.730
  2.770
  2.810
  2.850
  2.900
  2.940
  2.990
  3.030
  3.070
  3.110
  3.160
  3.200
  3.240
  3.270
  3.310
  3.350
  3.380
  3.410
  3.450
  3.480
  3.510
  3.530
  3.560
  3.590
  3.610
  3.640
  3.660
Adjusted equity ratio
  0.217
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195
  0.195

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  104
  106
  108
  111
  114
  117
  121
  125
  130
  135
  140
  146
  152
  159
  166
  174
  182
  190
  199
  209
  219
  230
  242
  254
  267
  281
  295
  310
  326
  343
Depreciation, amort., depletion, $m
  94
  90
  92
  95
  97
  100
  103
  107
  111
  115
  119
  124
  129
  134
  140
  146
  152
  159
  166
  174
  182
  190
  199
  209
  218
  229
  240
  251
  263
  276
  290
Funds from operations, $m
  31
  194
  198
  203
  208
  214
  221
  228
  236
  245
  254
  264
  275
  287
  299
  312
  326
  341
  357
  373
  391
  410
  430
  451
  473
  496
  521
  546
  574
  603
  633
Change in working capital, $m
  -106
  7
  8
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
Cash from operations, $m
  137
  187
  189
  193
  197
  202
  208
  214
  221
  228
  236
  245
  255
  265
  276
  288
  300
  313
  328
  343
  359
  376
  393
  412
  432
  454
  476
  500
  525
  551
  579
Maintenance CAPEX, $m
  0
  -88
  -90
  -92
  -95
  -97
  -100
  -103
  -107
  -111
  -115
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -209
  -218
  -229
  -240
  -251
  -263
  -276
New CAPEX, $m
  0
  -18
  -21
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -115
  -121
  -128
  -134
Cash from investing activities, $m
  -21
  -106
  -111
  -116
  -122
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -191
  -200
  -210
  -220
  -231
  -242
  -254
  -266
  -279
  -293
  -308
  -322
  -339
  -355
  -372
  -391
  -410
Free cash flow, $m
  116
  80
  79
  77
  76
  75
  75
  75
  76
  76
  77
  79
  80
  82
  85
  87
  90
  93
  97
  101
  105
  109
  114
  119
  125
  131
  138
  145
  152
  160
  168
Issuance/(repayment) of debt, $m
  117
  33
  40
  45
  51
  56
  62
  67
  73
  78
  84
  90
  96
  102
  109
  115
  122
  129
  137
  144
  152
  161
  170
  179
  188
  198
  209
  220
  231
  243
  256
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  117
  33
  40
  45
  51
  56
  62
  67
  73
  78
  84
  90
  96
  102
  109
  115
  122
  129
  137
  144
  152
  161
  170
  179
  188
  198
  209
  220
  231
  243
  256
Total cash flow (excl. dividends), $m
  190
  113
  118
  122
  127
  132
  137
  142
  148
  155
  161
  169
  176
  185
  193
  202
  212
  222
  233
  245
  257
  270
  284
  298
  314
  330
  347
  364
  383
  403
  424
Retained Cash Flow (-), $m
  -68
  -8
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
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
 
  105
  109
  111
  115
  118
  122
  126
  131
  136
  141
  147
  153
  160
  167
  174
  183
  191
  200
  210
  220
  231
  243
  255
  268
  282
  296
  311
  327
  344
  362
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  98
  94
  89
  83
  78
  72
  67
  61
  55
  50
  44
  39
  34
  29
  24
  20
  17
  13
  10
  8
  6
  5
  3
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Hanwha Q CELLS Co., Ltd., a solar energy company, develops, manufactures, and sells solar cells and photovoltaic (PV) modules in the United States, Europe, South Korea, Japan, the People’s Republic of China, India, Turkey, and internationally. Its principal products include PV cells, PV modules, silicon ingots, and silicon wafers. The company also develops and builds solar power projects, and sells them to third-party purchasers; and offers engineering, procurement, and construction, as well as operation and management services comprising inspections, repair and replacement of plant equipment, site management, and administrative support services. It serves solar power system integrators and distributors through third party distributors. The company is headquartered in Seoul, South Korea. Hanwha Q CELLS Co., Ltd. operates as a subsidiary of Hanwha Solar Holdings Co., Ltd.

FINANCIAL RATIOS  of  Hanwha Q CELLS ADR (HQCL)

Valuation Ratios
P/E Ratio 238.6
Price to Sales 12.6
Price to Book 74.9
Price to Tangible Book
Price to Cash Flow 222.9
Price to Free Cash Flow 222.9
Growth Rates
Sales Growth Rate 34.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 157.8%
Total Debt to Equity 287.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity 34.2%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 18.1%
Gross Margin - 3 Yr. Avg. 15.1%
EBITDA Margin 11.2%
EBITDA Margin - 3 Yr. Avg. 5.9%
Operating Margin 7.9%
Oper. Margin - 3 Yr. Avg. 3.6%
Pre-Tax Margin 5.1%
Pre-Tax Margin - 3 Yr. Avg. -1.7%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. -1.7%
Effective Tax Rate -4.1%
Eff/ Tax Rate - 3 Yr. Avg. 5.5%
Payout Ratio 0%

HQCL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HQCL stock intrinsic value calculation we used $2426 million for the last fiscal year's total revenue generated by Hanwha Q CELLS ADR. The default revenue input number comes from 2016 income statement of Hanwha Q CELLS ADR. 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 HQCL 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 7.1%, whose default value for HQCL is calculated based on our internal credit rating of Hanwha Q CELLS ADR, 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 Hanwha Q CELLS ADR.
    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 HQCL stock the variable cost ratio is equal to 89.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $62 million in the base year in the intrinsic value calculation for HQCL 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 4.9% for Hanwha Q CELLS ADR.

Corporate tax rate of 27% is the nominal tax rate for Hanwha Q CELLS ADR. 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 HQCL 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 HQCL are equal to 36.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Hanwha Q CELLS ADR 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 HQCL is equal to 14.8%. 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 - $408 million for Hanwha Q CELLS ADR - 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 81.136 million for Hanwha Q CELLS ADR 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 Hanwha Q CELLS ADR at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Hanwha Q CELLS Reports Second Quarter 2017 Results   [Aug-10-17 07:00AM  PR Newswire]
▶ Solar Manufacturers Face a Tough Market in 2017   [Jun-08-17 01:39PM  Motley Fool]
▶ Hanwha Q CELLS Reports First Quarter 2017 Results   [May-25-17 07:00AM  PR Newswire]
▶ Hanwha Q CELLS Files its 2016 Annual Report on Form 20-F   [May-01-17 07:00AM  PR Newswire]
▶ Chinese Solar Manufacturers Are Their Own Worst Enemies   [Mar-28-17 03:23PM  Motley Fool]
▶ Hanwha Q CELLS to Attend 29th Annual ROTH Conference   [Mar-06-17 04:30PM  PR Newswire]
▶ 3 Solar Stocks to Watch in 2016   [Jul-26-16 08:08AM  at Motley Fool]
▶ Storm Damage Could Impact on Canadian Solar's Bottom Line   [Jun-28-16 05:36PM  at Motley Fool]
▶ 2 Cheap Tech Stocks You Can Buy Today   [03:38PM  at Motley Fool]
▶ HANWHA Q CELLS CO., LTD. Financials   [01:04PM  EDGAR Online Financials]
▶ Hanwha Q CELLS Files its 2015 Annual Report on Form 20-F   [Apr-27-16 05:20PM  PR Newswire]
▶ Tesla Rising With Solar ETFs As Key Vote Looms   [Dec-17  06:16PM  at Investor's Business Daily]
▶ [$$] Solar Tax Credit Faces Cloudier Outlook   [Dec-09  11:02AM  at Barrons.com]
Stock chart of HQCL Financial statements of HQCL
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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