Intrinsic value of JA Solar Holdings ADR - JASO

Previous Close

$7.47

  Intrinsic Value

$21.07

stock screener

  Rating & Target

str. buy

+182%

Previous close

$7.47

 
Intrinsic value

$21.07

 
Up/down potential

+182%

 
Rating

str. buy

We calculate the intrinsic value of JASO 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  16.35
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  2,277
  2,375
  2,479
  2,589
  2,705
  2,828
  2,957
  3,094
  3,239
  3,391
  3,551
  3,720
  3,898
  4,085
  4,282
  4,489
  4,707
  4,936
  5,177
  5,431
  5,697
  5,977
  6,272
  6,581
  6,906
  7,247
  7,606
  7,983
  8,379
  8,795
  9,231
Variable operating expenses, $m
 
  2,175
  2,270
  2,371
  2,478
  2,590
  2,709
  2,834
  2,966
  3,106
  3,253
  3,407
  3,570
  3,742
  3,922
  4,112
  4,312
  4,522
  4,743
  4,975
  5,219
  5,475
  5,745
  6,028
  6,326
  6,638
  6,967
  7,312
  7,675
  8,056
  8,456
Fixed operating expenses, $m
 
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
Total operating expenses, $m
  2,125
  2,217
  2,313
  2,415
  2,523
  2,636
  2,757
  2,883
  3,016
  3,157
  3,305
  3,461
  3,625
  3,799
  3,980
  4,171
  4,373
  4,584
  4,807
  5,041
  5,286
  5,544
  5,816
  6,100
  6,400
  6,714
  7,045
  7,392
  7,757
  8,140
  8,542
Operating income, $m
  152
  157
  165
  173
  182
  191
  201
  211
  222
  234
  246
  259
  272
  287
  302
  318
  335
  352
  371
  391
  411
  433
  456
  480
  506
  533
  561
  591
  622
  655
  689
EBITDA, $m
  284
  294
  308
  322
  338
  354
  371
  389
  408
  429
  450
  473
  497
  522
  548
  576
  605
  636
  669
  703
  739
  777
  817
  859
  903
  950
  999
  1,050
  1,104
  1,161
  1,221
Interest expense (income), $m
  42
  27
  31
  34
  38
  42
  46
  50
  55
  60
  65
  70
  76
  82
  88
  95
  102
  109
  117
  125
  133
  142
  152
  162
  172
  183
  195
  207
  219
  233
  247
Earnings before tax, $m
  122
  130
  135
  139
  144
  149
  155
  161
  167
  174
  181
  188
  196
  205
  214
  223
  233
  243
  254
  266
  278
  291
  304
  319
  334
  350
  366
  384
  403
  422
  443
Tax expense, $m
  18
  35
  36
  38
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
  120
Net income, $m
  99
  95
  98
  102
  105
  109
  113
  117
  122
  127
  132
  138
  143
  149
  156
  163
  170
  178
  186
  194
  203
  212
  222
  233
  244
  255
  267
  280
  294
  308
  323

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  372
  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
  2,753
  2,484
  2,593
  2,708
  2,829
  2,958
  3,093
  3,237
  3,388
  3,547
  3,714
  3,891
  4,077
  4,273
  4,479
  4,696
  4,924
  5,164
  5,416
  5,681
  5,959
  6,252
  6,560
  6,884
  7,224
  7,581
  7,956
  8,350
  8,764
  9,199
  9,656
Adjusted assets (=assets-cash), $m
  2,381
  2,484
  2,593
  2,708
  2,829
  2,958
  3,093
  3,237
  3,388
  3,547
  3,714
  3,891
  4,077
  4,273
  4,479
  4,696
  4,924
  5,164
  5,416
  5,681
  5,959
  6,252
  6,560
  6,884
  7,224
  7,581
  7,956
  8,350
  8,764
  9,199
  9,656
Revenue / Adjusted assets
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
  0.956
Average production assets, $m
  696
  724
  756
  790
  825
  862
  902
  944
  988
  1,034
  1,083
  1,135
  1,189
  1,246
  1,306
  1,369
  1,436
  1,506
  1,579
  1,656
  1,738
  1,823
  1,913
  2,007
  2,106
  2,210
  2,320
  2,435
  2,555
  2,682
  2,816
Working capital, $m
  233
  373
  389
  406
  425
  444
  464
  486
  508
  532
  558
  584
  612
  641
  672
  705
  739
  775
  813
  853
  894
  938
  985
  1,033
  1,084
  1,138
  1,194
  1,253
  1,315
  1,381
  1,449
Total debt, $m
  888
  578
  644
  714
  787
  865
  948
  1,035
  1,126
  1,223
  1,325
  1,432
  1,545
  1,664
  1,789
  1,920
  2,059
  2,204
  2,357
  2,518
  2,687
  2,865
  3,052
  3,248
  3,455
  3,672
  3,899
  4,139
  4,390
  4,654
  4,931
Total liabilities, $m
  1,819
  1,508
  1,574
  1,644
  1,717
  1,795
  1,878
  1,965
  2,056
  2,153
  2,255
  2,362
  2,475
  2,594
  2,719
  2,850
  2,989
  3,134
  3,287
  3,448
  3,617
  3,795
  3,982
  4,178
  4,385
  4,602
  4,829
  5,069
  5,320
  5,584
  5,861
Total equity, $m
  935
  976
  1,019
  1,064
  1,112
  1,162
  1,216
  1,272
  1,331
  1,394
  1,460
  1,529
  1,602
  1,679
  1,760
  1,845
  1,935
  2,029
  2,128
  2,233
  2,342
  2,457
  2,578
  2,705
  2,839
  2,979
  3,127
  3,282
  3,444
  3,615
  3,795
Total liabilities and equity, $m
  2,754
  2,484
  2,593
  2,708
  2,829
  2,957
  3,094
  3,237
  3,387
  3,547
  3,715
  3,891
  4,077
  4,273
  4,479
  4,695
  4,924
  5,163
  5,415
  5,681
  5,959
  6,252
  6,560
  6,883
  7,224
  7,581
  7,956
  8,351
  8,764
  9,199
  9,656
Debt-to-equity ratio
  0.950
  0.590
  0.630
  0.670
  0.710
  0.740
  0.780
  0.810
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.020
  1.040
  1.060
  1.090
  1.110
  1.130
  1.150
  1.170
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.270
  1.290
  1.300
Adjusted equity ratio
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  95
  98
  102
  105
  109
  113
  117
  122
  127
  132
  138
  143
  149
  156
  163
  170
  178
  186
  194
  203
  212
  222
  233
  244
  255
  267
  280
  294
  308
  323
Depreciation, amort., depletion, $m
  132
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  271
  284
  298
  313
  328
  344
  361
  379
  397
  417
  438
  459
  482
  506
  531
Funds from operations, $m
  31
  232
  241
  251
  261
  272
  283
  296
  308
  322
  336
  352
  368
  385
  402
  421
  441
  462
  483
  506
  531
  556
  583
  611
  641
  672
  705
  740
  776
  814
  854
Change in working capital, $m
  -117
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
  69
Cash from operations, $m
  148
  216
  225
  233
  243
  253
  263
  274
  286
  298
  311
  325
  340
  355
  371
  389
  407
  426
  446
  467
  489
  512
  537
  563
  590
  619
  649
  681
  714
  749
  786
Maintenance CAPEX, $m
  0
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -271
  -284
  -298
  -313
  -328
  -344
  -361
  -379
  -397
  -417
  -438
  -459
  -482
  -506
New CAPEX, $m
  -254
  -29
  -32
  -34
  -35
  -37
  -40
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -133
Cash from investing activities, $m
  -446
  -160
  -169
  -177
  -184
  -193
  -203
  -212
  -222
  -232
  -244
  -256
  -268
  -281
  -295
  -309
  -324
  -341
  -358
  -375
  -394
  -413
  -434
  -455
  -478
  -501
  -526
  -553
  -580
  -609
  -639
Free cash flow, $m
  -298
  56
  56
  57
  58
  59
  61
  62
  64
  65
  67
  69
  71
  74
  76
  79
  82
  85
  88
  91
  95
  99
  103
  108
  112
  117
  122
  128
  134
  140
  147
Issuance/(repayment) of debt, $m
  177
  62
  66
  70
  74
  78
  82
  87
  92
  97
  102
  107
  113
  119
  125
  132
  138
  146
  153
  161
  169
  178
  187
  196
  206
  217
  228
  239
  251
  264
  277
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  
  247
  62
  66
  70
  74
  78
  82
  87
  92
  97
  102
  107
  113
  119
  125
  132
  138
  146
  153
  161
  169
  178
  187
  196
  206
  217
  228
  239
  251
  264
  277
Total cash flow (excl. dividends), $m
  -45
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  177
  184
  193
  201
  210
  220
  230
  241
  252
  264
  277
  290
  304
  319
  334
  350
  367
  385
  404
  424
Retained Cash Flow (-), $m
  -93
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -127
  -134
  -140
  -147
  -155
  -163
  -171
  -180
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
 
  77
  79
  82
  84
  87
  90
  93
  96
  99
  103
  107
  111
  116
  120
  125
  131
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  212
  222
  233
  244
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  73
  72
  70
  68
  65
  63
  60
  57
  54
  50
  47
  43
  39
  36
  32
  28
  25
  22
  19
  16
  13
  11
  9
  7
  5
  4
  3
  2
  2
  1
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

JA Solar Holdings Co., Ltd. is a holding company. The Company designs, develops, manufactures and sells solar power products that convert sunlight into electricity for a range of uses. The Company is engaged in manufacturing and selling solar modules, as well as silicon wafer manufacturing. The Company operates through two segments, including manufacturing and solar projects. The manufacturing segment includes design, development and manufacture of photovoltaic (PV) products. The solar projects segment includes downstream solar projects, which are involved in electricity generation. The Company's principal products consist of both monocrystalline and multicrystalline solar cells and solar modules. The Company sells its products primarily under JA Solar brand name, and also produces original equipment for manufacturers or customers. The Company is also engaged in the provision of solar product processing services and project development services.

FINANCIAL RATIOS  of  JA Solar Holdings ADR (JASO)

Valuation Ratios
P/E Ratio 17.9
Price to Sales 0.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow -16.8
Growth Rates
Sales Growth Rate 16.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 96.9%
Cap. Spend. - 3 Yr. Gr. Rate 35.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 41.8%
Total Debt to Equity 95%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 11.1%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 14.6%
Gross Margin - 3 Yr. Avg. 15.7%
EBITDA Margin 13%
EBITDA Margin - 3 Yr. Avg. 13.2%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 5.2%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 4.2%
Effective Tax Rate 14.8%
Eff/ Tax Rate - 3 Yr. Avg. 16.2%
Payout Ratio 0%

JASO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JASO stock intrinsic value calculation we used $2277 million for the last fiscal year's total revenue generated by JA Solar Holdings ADR. The default revenue input number comes from 2016 income statement of JA Solar Holdings 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 JASO stock valuation model: a) initial revenue growth rate of 4.3% 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 4.8%, whose default value for JASO is calculated based on our internal credit rating of JA Solar Holdings 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 JA Solar Holdings 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 JASO stock the variable cost ratio is equal to 91.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $41 million in the base year in the intrinsic value calculation for JASO 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 5.3% for JA Solar Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for JA Solar Holdings 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 JASO 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 JASO are equal to 30.5%.

Life of production assets of 5.3 years is the average useful life of capital assets used in JA Solar Holdings 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 JASO is equal to 15.7%. 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 - $935 million for JA Solar Holdings 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 47.33 million for JA Solar Holdings 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 JA Solar Holdings ADR at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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HQCL Hanwha Q CELLS 7.35 12.16  str.buy
SOL ReneSola ADR 2.80 0.44  str.sell

COMPANY NEWS

▶ 10 Chinese Stocks For Alpha Seekers   [Dec-20-17 08:43AM  Forbes]
▶ What Do Analysts Expect for Yingli Solars Margins in 3Q17?   [Nov-28-17 09:03AM  Market Realist]
▶ Yingli Solar Stock Has a Sell Rating before Its 3Q17 Results   [Nov-27-17 01:45PM  Market Realist]
▶ Analyzing JA Solars Leverage and Liquidity Position   [Nov-22-17 09:03AM  Market Realist]
▶ How JA Solar Beat Analysts 3Q17 Revenue Estimates   [Nov-21-17 03:10PM  Market Realist]
▶ JA Solars External Shipments Rose in 3Q17   [01:40PM  Market Realist]
▶ JA Solar To Take Itself Private In Deal Valued At $362 Million   [Nov-17-17 05:32PM  Investor's Business Daily]
▶ Why JA Solar's Shares Plunged 15% Today   [01:49PM  Motley Fool]
▶ JA Solar Stock Sinks on Q3 Earnings Miss   [12:32PM  InvestorPlace]
▶ JA Solar posts 3Q profit   [07:06AM  Associated Press]
▶ Cisco Leads These Four Top Stocks Just Below Buys With Earnings Due   [Nov-14-17 09:34AM  Investor's Business Daily]
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▶ [$$] Will New Tariffs Dim the Solar-Power Boom?   [Sep-30-17 12:49AM  Barrons.com]
▶ New Strong Buy Stocks for September 26th   [Sep-26-17 08:33AM  Zacks]
▶ Top 10 Stocks Under $20   [Sep-21-17 01:41PM  Zacks]
▶ Why China Is Crushing the U.S. in Solar Energy   [Sep-17-17 07:02AM  Motley Fool]
▶ New Strong Buy Stocks for September 12th   [Sep-12-17 08:29AM  Zacks]
▶ 3 Strong Buy Stocks Hitting New Highs Right Now   [Sep-08-17 01:30PM  Zacks]
▶ Alternative Energy Stock Outlook - August 2017   [Aug-24-17 03:00PM  Zacks]
▶ JA Solar posts 2Q profit   [Aug-22-17 10:10PM  Associated Press]
▶ Last Week in Solar   [Jul-17-17 10:37AM  Motley Fool]
▶ JA Solar Announces Results of 2017 Annual General Meeting   [Jul-03-17 12:30PM  GlobeNewswire]
Financial statements of JASO
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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