Intrinsic value of JA Solar Holdings ADR - JASO

Previous Close

$7.89

  Intrinsic Value

$22.01

stock screener

  Rating & Target

str. buy

+179%

  Value-price divergence*

-77%

Previous close

$7.89

 
Intrinsic value

$22.01

 
Up/down potential

+179%

 
Rating

str. buy

 
Value-price divergence*

-77%

*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 0.4

 

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
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  2,277
  2,423
  2,574
  2,732
  2,897
  3,068
  3,247
  3,434
  3,628
  3,831
  4,044
  4,266
  4,498
  4,740
  4,994
  5,260
  5,538
  5,830
  6,135
  6,454
  6,789
  7,140
  7,508
  7,894
  8,298
  8,723
  9,167
  9,634
  10,124
  10,637
  11,176
Variable operating expenses, $m
 
  2,219
  2,358
  2,503
  2,653
  2,811
  2,974
  3,145
  3,323
  3,510
  3,704
  3,907
  4,120
  4,342
  4,575
  4,818
  5,073
  5,340
  5,619
  5,912
  6,219
  6,540
  6,877
  7,231
  7,601
  7,990
  8,397
  8,825
  9,273
  9,744
  10,237
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
  2,261
  2,401
  2,547
  2,698
  2,857
  3,022
  3,194
  3,373
  3,561
  3,756
  3,961
  4,175
  4,399
  4,633
  4,877
  5,134
  5,402
  5,683
  5,978
  6,286
  6,609
  6,948
  7,303
  7,675
  8,066
  8,475
  8,905
  9,355
  9,828
  10,323
Operating income, $m
  152
  161
  173
  185
  198
  211
  225
  240
  255
  271
  287
  305
  323
  342
  362
  382
  404
  427
  451
  477
  503
  531
  560
  591
  623
  657
  692
  729
  769
  810
  853
EBITDA, $m
  284
  301
  321
  343
  365
  388
  412
  437
  464
  491
  520
  550
  582
  614
  649
  685
  723
  763
  804
  848
  894
  942
  992
  1,045
  1,100
  1,159
  1,220
  1,284
  1,351
  1,422
  1,496
Interest expense (income), $m
  42
  27
  32
  37
  43
  48
  54
  60
  66
  73
  80
  87
  94
  102
  110
  119
  128
  137
  147
  157
  168
  179
  191
  203
  216
  230
  244
  259
  275
  291
  309
Earnings before tax, $m
  122
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  218
  228
  240
  251
  264
  277
  290
  304
  319
  335
  352
  369
  387
  407
  427
  448
  470
  494
  518
  544
Tax expense, $m
  18
  36
  38
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
Net income, $m
  99
  98
  103
  108
  113
  119
  125
  131
  138
  144
  152
  159
  167
  175
  183
  192
  202
  212
  222
  233
  245
  257
  269
  283
  297
  312
  327
  343
  360
  378
  397

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
  2,534
  2,693
  2,858
  3,030
  3,209
  3,396
  3,592
  3,795
  4,008
  4,230
  4,462
  4,705
  4,959
  5,224
  5,502
  5,793
  6,098
  6,417
  6,751
  7,102
  7,469
  7,854
  8,257
  8,680
  9,124
  9,589
  10,078
  10,590
  11,127
  11,691
Adjusted assets (=assets-cash), $m
  2,381
  2,534
  2,693
  2,858
  3,030
  3,209
  3,396
  3,592
  3,795
  4,008
  4,230
  4,462
  4,705
  4,959
  5,224
  5,502
  5,793
  6,098
  6,417
  6,751
  7,102
  7,469
  7,854
  8,257
  8,680
  9,124
  9,589
  10,078
  10,590
  11,127
  11,691
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
  739
  785
  833
  884
  936
  990
  1,047
  1,107
  1,169
  1,233
  1,301
  1,372
  1,446
  1,523
  1,604
  1,689
  1,778
  1,871
  1,969
  2,071
  2,178
  2,290
  2,408
  2,531
  2,660
  2,796
  2,938
  3,088
  3,244
  3,409
Working capital, $m
  233
  380
  404
  429
  455
  482
  510
  539
  570
  602
  635
  670
  706
  744
  784
  826
  870
  915
  963
  1,013
  1,066
  1,121
  1,179
  1,239
  1,303
  1,369
  1,439
  1,513
  1,589
  1,670
  1,755
Total debt, $m
  888
  608
  705
  805
  909
  1,018
  1,132
  1,250
  1,374
  1,503
  1,638
  1,778
  1,926
  2,080
  2,241
  2,410
  2,586
  2,771
  2,965
  3,168
  3,381
  3,604
  3,837
  4,082
  4,339
  4,608
  4,891
  5,187
  5,498
  5,824
  6,166
Total liabilities, $m
  1,819
  1,538
  1,635
  1,735
  1,839
  1,948
  2,062
  2,180
  2,304
  2,433
  2,568
  2,708
  2,856
  3,010
  3,171
  3,340
  3,516
  3,701
  3,895
  4,098
  4,311
  4,534
  4,767
  5,012
  5,269
  5,538
  5,821
  6,117
  6,428
  6,754
  7,096
Total equity, $m
  935
  996
  1,058
  1,123
  1,191
  1,261
  1,335
  1,411
  1,492
  1,575
  1,662
  1,754
  1,849
  1,949
  2,053
  2,162
  2,277
  2,396
  2,522
  2,653
  2,791
  2,935
  3,086
  3,245
  3,411
  3,586
  3,769
  3,960
  4,162
  4,373
  4,594
Total liabilities and equity, $m
  2,754
  2,534
  2,693
  2,858
  3,030
  3,209
  3,397
  3,591
  3,796
  4,008
  4,230
  4,462
  4,705
  4,959
  5,224
  5,502
  5,793
  6,097
  6,417
  6,751
  7,102
  7,469
  7,853
  8,257
  8,680
  9,124
  9,590
  10,077
  10,590
  11,127
  11,690
Debt-to-equity ratio
  0.950
  0.610
  0.670
  0.720
  0.760
  0.810
  0.850
  0.890
  0.920
  0.950
  0.990
  1.010
  1.040
  1.070
  1.090
  1.110
  1.140
  1.160
  1.180
  1.190
  1.210
  1.230
  1.240
  1.260
  1.270
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
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
  98
  103
  108
  113
  119
  125
  131
  138
  144
  152
  159
  167
  175
  183
  192
  202
  212
  222
  233
  245
  257
  269
  283
  297
  312
  327
  343
  360
  378
  397
Depreciation, amort., depletion, $m
  132
  139
  148
  157
  167
  177
  187
  198
  209
  220
  233
  245
  259
  273
  287
  303
  319
  335
  353
  371
  391
  411
  432
  454
  478
  502
  528
  554
  583
  612
  643
Funds from operations, $m
  31
  237
  251
  265
  280
  296
  312
  329
  346
  365
  384
  404
  426
  448
  471
  495
  521
  547
  575
  605
  635
  668
  702
  737
  774
  813
  855
  898
  943
  990
  1,040
Change in working capital, $m
  -117
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  81
  85
Cash from operations, $m
  148
  214
  227
  240
  254
  269
  284
  299
  316
  333
  351
  370
  389
  410
  431
  453
  477
  502
  527
  554
  583
  613
  644
  676
  711
  747
  785
  824
  866
  910
  956
Maintenance CAPEX, $m
  0
  -131
  -139
  -148
  -157
  -167
  -177
  -187
  -198
  -209
  -220
  -233
  -245
  -259
  -273
  -287
  -303
  -319
  -335
  -353
  -371
  -391
  -411
  -432
  -454
  -478
  -502
  -528
  -554
  -583
  -612
New CAPEX, $m
  -254
  -43
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -136
  -142
  -149
  -157
  -164
Cash from investing activities, $m
  -446
  -174
  -185
  -196
  -207
  -219
  -232
  -244
  -257
  -271
  -285
  -301
  -316
  -333
  -350
  -368
  -388
  -408
  -428
  -450
  -473
  -498
  -523
  -550
  -577
  -607
  -638
  -670
  -703
  -740
  -776
Free cash flow, $m
  -298
  40
  42
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  154
  162
  171
  179
Issuance/(repayment) of debt, $m
  177
  92
  96
  100
  104
  109
  114
  118
  124
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  311
  326
  342
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
  92
  96
  100
  104
  109
  114
  118
  124
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  311
  326
  342
Total cash flow (excl. dividends), $m
  -45
  132
  138
  144
  151
  159
  166
  174
  183
  191
  200
  210
  220
  231
  242
  254
  266
  279
  293
  307
  322
  338
  354
  372
  390
  409
  430
  451
  473
  497
  521
Retained Cash Flow (-), $m
  -93
  -61
  -62
  -65
  -68
  -70
  -73
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -222
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
 
  71
  75
  80
  84
  88
  93
  97
  102
  108
  113
  119
  125
  131
  138
  145
  152
  159
  167
  175
  184
  193
  203
  213
  224
  235
  247
  259
  272
  286
  300
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
 
  68
  68
  68
  67
  66
  65
  63
  61
  58
  55
  52
  48
  45
  41
  37
  33
  29
  26
  22
  19
  16
  13
  10
  8
  6
  5
  4
  3
  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 19
Price to Sales 0.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow -17.7
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 6.4% 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 48.273 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
JKS JinkoSolar Hol 28.71 22.74  hold
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SPWR SunPower 8.39 1.81  str.sell
HQCL Hanwha Q CELLS 7.65 64.11  str.buy

COMPANY NEWS

▶ 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]
▶ 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]
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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