Intrinsic value of JA Solar Holdings ADR - JASO

Previous Close

$6.48

  Intrinsic Value

$19.46

stock screener

  Rating & Target

str. buy

+200%

  Value-price divergence*

+84%

Previous close

$6.48

 
Intrinsic value

$19.46

 
Up/down potential

+200%

 
Rating

str. buy

 
Value-price divergence*

+84%

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

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

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 0.3

 

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
  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
  2,277
  2,323
  2,376
  2,437
  2,506
  2,582
  2,665
  2,756
  2,854
  2,960
  3,073
  3,195
  3,324
  3,463
  3,609
  3,765
  3,930
  4,105
  4,289
  4,484
  4,690
  4,908
  5,137
  5,379
  5,634
  5,902
  6,184
  6,481
  6,794
  7,123
  7,469
Variable operating expenses, $m
 
  2,127
  2,176
  2,232
  2,295
  2,365
  2,441
  2,524
  2,614
  2,711
  2,815
  2,926
  3,045
  3,172
  3,306
  3,449
  3,600
  3,760
  3,929
  4,108
  4,296
  4,496
  4,706
  4,927
  5,160
  5,406
  5,665
  5,937
  6,223
  6,525
  6,842
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
  2,169
  2,219
  2,276
  2,340
  2,411
  2,489
  2,573
  2,664
  2,762
  2,867
  2,980
  3,100
  3,229
  3,364
  3,508
  3,661
  3,822
  3,993
  4,174
  4,363
  4,565
  4,777
  4,999
  5,234
  5,482
  5,743
  6,017
  6,305
  6,609
  6,928
Operating income, $m
  152
  153
  157
  161
  165
  170
  176
  183
  190
  197
  206
  215
  224
  234
  245
  257
  269
  282
  296
  311
  327
  343
  361
  379
  399
  420
  442
  465
  489
  514
  541
EBITDA, $m
  284
  224
  229
  235
  242
  249
  258
  267
  277
  288
  299
  312
  326
  340
  355
  372
  389
  408
  427
  448
  470
  493
  518
  544
  571
  600
  630
  662
  696
  732
  769
Interest expense (income), $m
  42
  27
  29
  31
  33
  35
  38
  40
  43
  47
  50
  54
  58
  63
  67
  72
  77
  83
  89
  95
  102
  109
  116
  124
  132
  140
  149
  159
  169
  179
  190
Earnings before tax, $m
  122
  126
  128
  130
  132
  135
  139
  142
  146
  151
  155
  160
  166
  172
  178
  185
  192
  199
  208
  216
  225
  235
  245
  256
  267
  279
  292
  306
  320
  335
  351
Tax expense, $m
  18
  34
  34
  35
  36
  37
  37
  38
  40
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  83
  86
  90
  95
Net income, $m
  99
  92
  93
  95
  97
  99
  101
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  146
  151
  158
  164
  171
  179
  187
  195
  204
  213
  223
  234
  245
  256

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
  2,429
  2,485
  2,549
  2,621
  2,700
  2,788
  2,882
  2,985
  3,096
  3,215
  3,342
  3,477
  3,622
  3,775
  3,938
  4,111
  4,294
  4,487
  4,691
  4,906
  5,134
  5,374
  5,626
  5,893
  6,173
  6,469
  6,780
  7,107
  7,451
  7,813
Adjusted assets (=assets-cash), $m
  2,381
  2,429
  2,485
  2,549
  2,621
  2,700
  2,788
  2,882
  2,985
  3,096
  3,215
  3,342
  3,477
  3,622
  3,775
  3,938
  4,111
  4,294
  4,487
  4,691
  4,906
  5,134
  5,374
  5,626
  5,893
  6,173
  6,469
  6,780
  7,107
  7,451
  7,813
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
  708
  725
  743
  764
  787
  813
  840
  870
  903
  937
  974
  1,014
  1,056
  1,101
  1,148
  1,199
  1,252
  1,308
  1,368
  1,431
  1,497
  1,567
  1,641
  1,718
  1,800
  1,886
  1,977
  2,072
  2,173
  2,278
Working capital, $m
  233
  365
  373
  383
  393
  405
  418
  433
  448
  465
  483
  502
  522
  544
  567
  591
  617
  644
  673
  704
  736
  771
  807
  844
  884
  927
  971
  1,018
  1,067
  1,118
  1,173
Total debt, $m
  888
  545
  579
  617
  661
  709
  762
  820
  882
  949
  1,021
  1,099
  1,181
  1,268
  1,362
  1,461
  1,565
  1,676
  1,793
  1,917
  2,048
  2,186
  2,332
  2,485
  2,647
  2,817
  2,997
  3,185
  3,384
  3,593
  3,812
Total liabilities, $m
  1,819
  1,475
  1,509
  1,547
  1,591
  1,639
  1,692
  1,750
  1,812
  1,879
  1,951
  2,029
  2,111
  2,198
  2,292
  2,391
  2,495
  2,606
  2,723
  2,847
  2,978
  3,116
  3,262
  3,415
  3,577
  3,747
  3,927
  4,115
  4,314
  4,523
  4,742
Total equity, $m
  935
  955
  977
  1,002
  1,030
  1,061
  1,096
  1,133
  1,173
  1,217
  1,263
  1,313
  1,367
  1,423
  1,484
  1,548
  1,616
  1,687
  1,763
  1,844
  1,928
  2,018
  2,112
  2,211
  2,316
  2,426
  2,542
  2,664
  2,793
  2,928
  3,070
Total liabilities and equity, $m
  2,754
  2,430
  2,486
  2,549
  2,621
  2,700
  2,788
  2,883
  2,985
  3,096
  3,214
  3,342
  3,478
  3,621
  3,776
  3,939
  4,111
  4,293
  4,486
  4,691
  4,906
  5,134
  5,374
  5,626
  5,893
  6,173
  6,469
  6,779
  7,107
  7,451
  7,812
Debt-to-equity ratio
  0.950
  0.570
  0.590
  0.620
  0.640
  0.670
  0.700
  0.720
  0.750
  0.780
  0.810
  0.840
  0.860
  0.890
  0.920
  0.940
  0.970
  0.990
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.210
  1.230
  1.240
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
  92
  93
  95
  97
  99
  101
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  146
  151
  158
  164
  171
  179
  187
  195
  204
  213
  223
  234
  245
  256
Depreciation, amort., depletion, $m
  132
  71
  72
  74
  76
  79
  81
  84
  87
  90
  94
  97
  101
  106
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
Funds from operations, $m
  31
  163
  166
  169
  173
  178
  183
  188
  194
  200
  207
  215
  223
  231
  240
  250
  260
  271
  282
  295
  307
  321
  336
  351
  367
  384
  402
  421
  441
  462
  484
Change in working capital, $m
  -117
  7
  8
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
Cash from operations, $m
  148
  155
  157
  160
  162
  166
  169
  174
  178
  184
  189
  195
  202
  209
  217
  225
  234
  243
  253
  264
  275
  287
  300
  313
  327
  342
  358
  374
  392
  410
  430
Maintenance CAPEX, $m
  0
  -70
  -71
  -72
  -74
  -76
  -79
  -81
  -84
  -87
  -90
  -94
  -97
  -101
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -217
New CAPEX, $m
  -254
  -13
  -16
  -19
  -21
  -23
  -25
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
Cash from investing activities, $m
  -446
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -151
  -157
  -165
  -173
  -181
  -191
  -200
  -209
  -220
  -231
  -242
  -254
  -266
  -280
  -293
  -307
  -323
Free cash flow, $m
  -298
  73
  70
  68
  67
  66
  65
  65
  64
  64
  64
  65
  65
  66
  67
  68
  69
  70
  72
  74
  75
  78
  80
  83
  85
  88
  91
  95
  99
  103
  107
Issuance/(repayment) of debt, $m
  177
  29
  34
  39
  44
  48
  53
  58
  62
  67
  72
  77
  82
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  153
  162
  170
  179
  189
  199
  209
  220
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
  29
  34
  39
  44
  48
  53
  58
  62
  67
  72
  77
  82
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  153
  162
  170
  179
  189
  199
  209
  220
Total cash flow (excl. dividends), $m
  -45
  102
  104
  107
  111
  114
  118
  122
  127
  132
  137
  142
  147
  153
  160
  167
  174
  181
  189
  197
  206
  216
  226
  236
  247
  259
  271
  284
  297
  312
  327
Retained Cash Flow (-), $m
  -93
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -129
  -135
  -142
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
 
  82
  82
  82
  82
  83
  84
  85
  86
  88
  90
  92
  94
  97
  99
  103
  106
  109
  113
  117
  122
  126
  131
  137
  142
  148
  155
  161
  169
  176
  184
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
 
  78
  74
  70
  66
  63
  59
  55
  51
  48
  44
  40
  37
  33
  30
  26
  23
  20
  17
  15
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
  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., together with its subsidiaries, designs, develops, manufactures, and sells solar power products based on crystalline silicon technologies. The company’s principal products include monocrystalline and multicrystalline solar cells and modules. It also provides monocrystalline and multicrystalline silicon wafers; solar product processing services; and solar power plant project construction and development, and electricity generation services. The company sells its products primarily under the JA Solar brand name, as well as produces original equipment for manufacturers or customers under their brand names. JA Solar Holdings Co., Ltd. sells its solar cell and module products to module manufacturers, system integrators, project developers, and distributors worldwide. The company was founded in 2005 and is based in Shanghai, the People’s Republic of China.

FINANCIAL RATIOS  of  JA Solar Holdings ADR (JASO)

Valuation Ratios
P/E Ratio 15.6
Price to Sales 0.7
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow -14.5
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 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 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 10 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 46.565 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 $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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SPWR SunPower 10.85 1.86  str.sell
HQCL Hanwha Q CELLS 9.22 12.40  str.buy
SOL ReneSola ADR 2.60 0.84  str.sell

COMPANY NEWS

▶ 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]
▶ JA Solar Establishes New Subsidiary in Brazil   [Jun-13-17 07:00AM  PR Newswire]
▶ JA Solar Establishes New Subsidiary in Brazil   [Jun-12-17 07:00PM  PR Newswire]
▶ This Week in Solar   [Jun-09-17 04:41PM  Motley Fool]
▶ JA Solar Receives Takeover Bid From CEO Baofang Jin   [Jun-06-17 08:23AM  TheStreet.com]
▶ This Week in Solar   [May-30-17 08:05AM  Motley Fool]
▶ JA Solar posts 1Q profit   [May-24-17 07:24AM  Associated Press]
▶ JA Solar Files Annual Report on Form 20-F   [Apr-26-17 04:15PM  GlobeNewswire]
▶ Chinese Solar Manufacturers Are Their Own Worst Enemies   [Mar-28-17 03:23PM  at Motley Fool]
▶ Why JA Solar Holdings Co.'s Shares Jumped 17% Today   [Mar-16-17 02:06PM  Motley Fool]
▶ JA Solar posts 4Q profit   [07:04AM  Associated Press]
▶ This Week in Solar   [Feb-25-17 09:03AM  at Motley Fool]
▶ JA Solar Announces Preliminary 2016 Financial Results   [Feb-23-17 07:30AM  GlobeNewswire]
▶ Trina Solar Shareholders Ratify Deal to Go Private   [Dec-16-16 04:00PM  at Investopedia]
▶ Do Hedge Funds Love Container Store Group Inc (TCS)?   [Dec-15-16 10:16AM  at Insider Monkey]
▶ Patriot National Inc (PN): Hedge Funds Are Snapping Up   [Dec-13-16 11:55PM  at Insider Monkey]
▶ Is Olympic Steel, Inc. (ZEUS) A Good Stock to Buy?   [Dec-12-16 11:11PM  at Insider Monkey]
▶ Is Daktronics, Inc. (DAKT) A Good Stock To Buy?   [Dec-04-16 10:32PM  at Insider Monkey]
▶ Solar: Sell! Says Axiom, Trump Can Unravel Everything   [Nov-15-16 08:41PM  at Barrons.com]
▶ JA Solar Settles Lawsuit with Hemlock   [Nov-02-16 07:00AM  GlobeNewswire]
▶ Time to Buy Yingli Green Energy, Trina Solar, and JA Solar?   [Oct-07-16 01:41PM  at Motley Fool]
▶ This Week in Solar   [Oct-01-16 05:32PM  at Motley Fool]
Stock chart of JASO Financial statements of JASO Annual reports 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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