Intrinsic value of JinkoSolar Holding ADR - JKS

Previous Close

$23.83

  Intrinsic Value

$22.74

stock screener

  Rating & Target

hold

-5%

  Value-price divergence*

-130%

Previous close

$23.83

 
Intrinsic value

$22.74

 
Up/down potential

-5%

 
Rating

hold

 
Value-price divergence*

-130%

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

We calculate the intrinsic value of JKS 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 0.8

 

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, %
  38.46
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  3,096
  3,387
  3,691
  4,007
  4,335
  4,677
  5,033
  5,402
  5,786
  6,185
  6,599
  7,031
  7,479
  7,946
  8,432
  8,939
  9,467
  10,017
  10,592
  11,191
  11,817
  12,471
  13,155
  13,870
  14,617
  15,399
  16,218
  17,075
  17,972
  18,912
  19,897
Variable operating expenses, $m
 
  3,143
  3,425
  3,718
  4,023
  4,341
  4,670
  5,013
  5,369
  5,739
  6,124
  6,524
  6,941
  7,374
  7,825
  8,295
  8,785
  9,296
  9,829
  10,385
  10,966
  11,573
  12,208
  12,871
  13,565
  14,291
  15,050
  15,845
  16,678
  17,551
  18,465
Fixed operating expenses, $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
Total operating expenses, $m
  2,900
  3,143
  3,425
  3,718
  4,023
  4,341
  4,670
  5,013
  5,369
  5,739
  6,124
  6,524
  6,941
  7,374
  7,825
  8,295
  8,785
  9,296
  9,829
  10,385
  10,966
  11,573
  12,208
  12,871
  13,565
  14,291
  15,050
  15,845
  16,678
  17,551
  18,465
Operating income, $m
  196
  244
  266
  288
  312
  337
  362
  389
  417
  445
  475
  506
  539
  572
  607
  644
  682
  721
  763
  806
  851
  898
  947
  999
  1,052
  1,109
  1,168
  1,229
  1,294
  1,362
  1,433
EBITDA, $m
  310
  369
  402
  437
  472
  510
  548
  589
  630
  674
  719
  766
  815
  866
  919
  974
  1,031
  1,091
  1,154
  1,219
  1,287
  1,359
  1,433
  1,511
  1,593
  1,678
  1,767
  1,860
  1,958
  2,060
  2,168
Interest expense (income), $m
  97
  87
  102
  119
  136
  155
  173
  193
  213
  234
  256
  279
  303
  327
  353
  380
  408
  437
  467
  498
  531
  566
  602
  639
  679
  720
  763
  808
  855
  904
  956
Earnings before tax, $m
  181
  157
  163
  169
  176
  182
  189
  196
  203
  211
  219
  227
  236
  245
  254
  264
  274
  285
  296
  307
  319
  332
  345
  359
  374
  389
  405
  422
  439
  457
  477
Tax expense, $m
  38
  42
  44
  46
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  129
Net income, $m
  264
  115
  119
  124
  128
  133
  138
  143
  148
  154
  160
  166
  172
  179
  185
  193
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
  308
  321
  334
  348

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
  3,775
  3,722
  4,055
  4,403
  4,764
  5,140
  5,530
  5,936
  6,358
  6,796
  7,252
  7,726
  8,219
  8,732
  9,266
  9,823
  10,403
  11,008
  11,639
  12,298
  12,986
  13,705
  14,456
  15,241
  16,063
  16,922
  17,822
  18,764
  19,750
  20,783
  21,865
Adjusted assets (=assets-cash), $m
  3,403
  3,722
  4,055
  4,403
  4,764
  5,140
  5,530
  5,936
  6,358
  6,796
  7,252
  7,726
  8,219
  8,732
  9,266
  9,823
  10,403
  11,008
  11,639
  12,298
  12,986
  13,705
  14,456
  15,241
  16,063
  16,922
  17,822
  18,764
  19,750
  20,783
  21,865
Revenue / Adjusted assets
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
Average production assets, $m
  676
  738
  805
  873
  945
  1,020
  1,097
  1,178
  1,261
  1,348
  1,439
  1,533
  1,630
  1,732
  1,838
  1,949
  2,064
  2,184
  2,309
  2,440
  2,576
  2,719
  2,868
  3,024
  3,187
  3,357
  3,535
  3,722
  3,918
  4,123
  4,338
Working capital, $m
  192
  1,497
  1,631
  1,771
  1,916
  2,067
  2,224
  2,388
  2,557
  2,734
  2,917
  3,108
  3,306
  3,512
  3,727
  3,951
  4,184
  4,428
  4,681
  4,946
  5,223
  5,512
  5,814
  6,130
  6,461
  6,806
  7,168
  7,547
  7,944
  8,359
  8,795
Total debt, $m
  1,626
  1,484
  1,726
  1,978
  2,240
  2,512
  2,796
  3,090
  3,396
  3,713
  4,044
  4,387
  4,745
  5,117
  5,504
  5,908
  6,328
  6,767
  7,224
  7,702
  8,201
  8,722
  9,266
  9,836
  10,432
  11,055
  11,707
  12,390
  13,105
  13,854
  14,638
Total liabilities, $m
  2,840
  2,698
  2,940
  3,192
  3,454
  3,726
  4,010
  4,304
  4,610
  4,927
  5,258
  5,601
  5,959
  6,331
  6,718
  7,122
  7,542
  7,981
  8,438
  8,916
  9,415
  9,936
  10,480
  11,050
  11,646
  12,269
  12,921
  13,604
  14,319
  15,068
  15,852
Total equity, $m
  935
  1,024
  1,115
  1,211
  1,310
  1,413
  1,521
  1,632
  1,748
  1,869
  1,994
  2,125
  2,260
  2,401
  2,548
  2,701
  2,861
  3,027
  3,201
  3,382
  3,571
  3,769
  3,975
  4,191
  4,417
  4,654
  4,901
  5,160
  5,431
  5,715
  6,013
Total liabilities and equity, $m
  3,775
  3,722
  4,055
  4,403
  4,764
  5,139
  5,531
  5,936
  6,358
  6,796
  7,252
  7,726
  8,219
  8,732
  9,266
  9,823
  10,403
  11,008
  11,639
  12,298
  12,986
  13,705
  14,455
  15,241
  16,063
  16,923
  17,822
  18,764
  19,750
  20,783
  21,865
Debt-to-equity ratio
  1.739
  1.450
  1.550
  1.630
  1.710
  1.780
  1.840
  1.890
  1.940
  1.990
  2.030
  2.060
  2.100
  2.130
  2.160
  2.190
  2.210
  2.240
  2.260
  2.280
  2.300
  2.310
  2.330
  2.350
  2.360
  2.380
  2.390
  2.400
  2.410
  2.420
  2.430
Adjusted equity ratio
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  264
  115
  119
  124
  128
  133
  138
  143
  148
  154
  160
  166
  172
  179
  185
  193
  200
  208
  216
  224
  233
  242
  252
  262
  273
  284
  296
  308
  321
  334
  348
Depreciation, amort., depletion, $m
  114
  125
  136
  148
  160
  173
  186
  200
  214
  229
  244
  260
  276
  294
  312
  330
  350
  370
  391
  414
  437
  461
  486
  512
  540
  569
  599
  631
  664
  699
  735
Funds from operations, $m
  -871
  240
  256
  272
  288
  306
  324
  343
  362
  383
  404
  426
  448
  472
  497
  523
  550
  578
  607
  638
  670
  703
  738
  775
  813
  853
  895
  939
  985
  1,033
  1,083
Change in working capital, $m
  -610
  129
  134
  140
  145
  151
  157
  163
  170
  176
  183
  191
  198
  206
  215
  224
  233
  243
  254
  265
  277
  289
  302
  316
  330
  346
  362
  379
  397
  415
  435
Cash from operations, $m
  -261
  111
  121
  132
  143
  155
  167
  179
  193
  206
  220
  235
  250
  266
  282
  299
  316
  335
  353
  373
  393
  414
  436
  459
  483
  507
  533
  560
  588
  617
  648
Maintenance CAPEX, $m
  0
  -115
  -125
  -136
  -148
  -160
  -173
  -186
  -200
  -214
  -229
  -244
  -260
  -276
  -294
  -312
  -330
  -350
  -370
  -391
  -414
  -437
  -461
  -486
  -512
  -540
  -569
  -599
  -631
  -664
  -699
New CAPEX, $m
  -302
  -62
  -66
  -69
  -72
  -75
  -77
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
  -136
  -143
  -149
  -156
  -163
  -171
  -178
  -187
  -196
  -205
  -215
Cash from investing activities, $m
  -1,000
  -177
  -191
  -205
  -220
  -235
  -250
  -267
  -284
  -301
  -319
  -338
  -358
  -378
  -400
  -422
  -445
  -470
  -495
  -522
  -550
  -580
  -610
  -642
  -675
  -711
  -747
  -786
  -827
  -869
  -914
Free cash flow, $m
  -1,261
  -66
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -94
  -99
  -103
  -107
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -226
  -239
  -252
  -266
Issuance/(repayment) of debt, $m
  898
  230
  242
  252
  262
  272
  283
  294
  306
  318
  330
  344
  357
  372
  387
  404
  421
  439
  458
  478
  499
  521
  545
  569
  596
  623
  652
  683
  715
  749
  785
Issuance/(repurchase) of shares, $m
  3
  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  
  1,079
  230
  242
  252
  262
  272
  283
  294
  306
  318
  330
  344
  357
  372
  387
  404
  421
  439
  458
  478
  499
  521
  545
  569
  596
  623
  652
  683
  715
  749
  785
Total cash flow (excl. dividends), $m
  -171
  165
  172
  179
  185
  192
  200
  207
  215
  223
  232
  241
  250
  260
  270
  281
  292
  303
  316
  328
  342
  356
  371
  386
  403
  420
  438
  457
  476
  497
  519
Retained Cash Flow (-), $m
  -310
  -89
  -92
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -136
  -141
  -147
  -153
  -160
  -166
  -174
  -181
  -189
  -198
  -207
  -216
  -226
  -236
  -247
  -259
  -271
  -284
  -298
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
 
  76
  80
  83
  86
  89
  92
  96
  99
  103
  107
  110
  114
  119
  123
  127
  132
  137
  142
  147
  153
  158
  164
  170
  177
  183
  190
  198
  205
  213
  221
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  71
  69
  66
  62
  58
  54
  50
  45
  41
  36
  32
  28
  24
  20
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  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

JinkoSolar Holding Co., Ltd. operates in the photovoltaic (PV) industry. The Company has built a vertically integrated solar power product value chain, from recovering silicon materials to manufacturing solar modules and solar power generation. The Company's segments include the manufacturing segment and the solar power projects segment. The manufacturing segment comprises its vertically integrated solar power product manufacturing business, under which the Company manufactures silicon ingots, wafers, cells and solar modules. The solar power projects segment comprises the downstream solar power generation, construction and operation business, including power generation; engineering, procurement and construction (EPC), and connecting solar power projects to the grid, and operation and maintenance (O&M) of the solar power projects. The Company sells its solar modules under the JinkoSolar brand. Its services include solar system EPC and processing services.

FINANCIAL RATIOS  of  JinkoSolar Holding ADR (JKS)

Valuation Ratios
P/E Ratio 11.4
Price to Sales 1
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow -11.6
Price to Free Cash Flow -5.4
Growth Rates
Sales Growth Rate 38.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 127.1%
Cap. Spend. - 3 Yr. Gr. Rate 34.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 8.2%
Total Debt to Equity 173.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 12.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.2%
Return On Equity 33.8%
Return On Equity - 3 Yr. Avg. 25.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 18.1%
Gross Margin - 3 Yr. Avg. 19.5%
EBITDA Margin 12.7%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 7.4%
Pre-Tax Margin 5.8%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 21%
Eff/ Tax Rate - 3 Yr. Avg. 2.5%
Payout Ratio 0%

JKS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JKS stock intrinsic value calculation we used $3096 million for the last fiscal year's total revenue generated by JinkoSolar Holding ADR. The default revenue input number comes from 2016 income statement of JinkoSolar Holding 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 JKS stock valuation model: a) initial revenue growth rate of 9.4% 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 7.3%, whose default value for JKS is calculated based on our internal credit rating of JinkoSolar Holding 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 JinkoSolar Holding 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 JKS stock the variable cost ratio is equal to 92.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for JKS 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 6.9% for JinkoSolar Holding ADR.

Corporate tax rate of 27% is the nominal tax rate for JinkoSolar Holding 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 JKS 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 JKS are equal to 21.8%.

Life of production assets of 5.9 years is the average useful life of capital assets used in JinkoSolar Holding 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 JKS is equal to 44.2%. 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 JinkoSolar Holding 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 32.193 million for JinkoSolar Holding 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 JinkoSolar Holding ADR at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Should You Buy JinkoSolar Holding Co Ltd (JKS) Now?   [Sep-22-17 11:11AM  Simply Wall St.]
▶ Why China Is Crushing the U.S. in Solar Energy   [Sep-17-17 07:02AM  Motley Fool]
▶ First Solar Jumps On Buy Rating As Industry Gains Strength   [Sep-15-17 04:31PM  Investor's Business Daily]
▶ This Week in Solar   [Sep-08-17 05:05PM  Motley Fool]
▶ JinkoSolar posts 2Q profit   [Sep-06-17 11:57PM  Associated Press]
▶ Stock Indexes Edge Higher; Price-Target Hike No Help To Apple   [01:35PM  Investor's Business Daily]
▶ JinkoSolar, HD Supply, RH, Beige Book Due: Investing Action Plan   [Sep-05-17 04:03PM  Investor's Business Daily]
▶ JinkoSolar Invited to Attend the 9th BRICS Summit   [Sep-03-17 12:21PM  PR Newswire]
▶ Solar Stocks Are Heating Up   [Aug-09-17 01:00PM  Investopedia]
▶ 3 Stocks Billionaires Can't Buy but You Can   [Aug-05-17 11:32AM  Motley Fool]
▶ Sunny Times Ahead for the Solar Sector   [10:47AM  Investopedia]
▶ Solar Stocks Jump -- and Theres a Lot More Room to Run   [Jun-25-17 10:14AM  Motley Fool]
▶ Solar Stocks Fly As Trump Repeats Idea Of Border Wall Providing Energy   [Jun-22-17 04:21PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [02:47PM  Investor's Business Daily]
▶ Solar Manufacturers Face a Tough Market in 2017   [Jun-08-17 01:39PM  Motley Fool]
▶ 3 Stocks With MercadoLibre-Like Return Potential   [Jun-07-17 09:25AM  Motley Fool]
▶ Story Stocks from Briefing.com   [10:44AM  Briefing.com]
▶ JinkoSolar posts 1Q profit   [06:17AM  Associated Press]
▶ This Week in Solar   [Jun-02-17 04:34PM  Motley Fool]
▶ This Week in Solar   [May-30-17 08:05AM  Motley Fool]
▶ Why Shares of JinkoSolar Holding Co. Plunged 11% Today   [May-26-17 04:27PM  Motley Fool]
▶ /C O R R E C T I O N -- JinkoSolar Co., Ltd./   [May-16-17 04:43AM  PR Newswire]
▶ JinkoSolar Files 2016 Annual Report on Form 20-F   [Mar-30-17 06:50AM  PR Newswire]
▶ Chinese Solar Manufacturers Are Their Own Worst Enemies   [Mar-28-17 03:23PM  Motley Fool]
Financial statements of JKS
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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