Intrinsic value of Canadian Solar - CSIQ

Previous Close

$15.86

  Intrinsic Value

$203.41

stock screener

  Rating & Target

str. buy

+999%

Previous close

$15.86

 
Intrinsic value

$203.41

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of CSIQ 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, %
  -17.73
  38.80
  35.42
  32.38
  29.64
  27.18
  24.96
  22.96
  21.17
  19.55
  18.09
  16.79
  15.61
  14.55
  13.59
  12.73
  11.96
  11.26
  10.64
  10.07
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
Revenue, $m
  2,853
  3,960
  5,363
  7,099
  9,203
  11,704
  14,625
  17,984
  21,790
  26,050
  30,764
  35,927
  41,534
  47,576
  54,042
  60,923
  68,209
  75,892
  83,964
  92,422
  101,263
  110,487
  120,098
  130,100
  140,503
  151,316
  162,554
  174,231
  186,367
  198,982
  212,099
Variable operating expenses, $m
 
  2,982
  4,037
  5,344
  6,928
  8,811
  11,009
  13,537
  16,403
  19,609
  23,157
  27,043
  31,264
  35,811
  40,679
  45,858
  51,342
  57,125
  63,202
  69,568
  76,223
  83,166
  90,400
  97,929
  105,759
  113,899
  122,357
  131,147
  140,282
  149,778
  159,651
Fixed operating expenses, $m
 
  640
  656
  672
  689
  706
  724
  742
  760
  779
  799
  819
  839
  860
  882
  904
  926
  949
  973
  998
  1,022
  1,048
  1,074
  1,101
  1,129
  1,157
  1,186
  1,215
  1,246
  1,277
  1,309
Total operating expenses, $m
  2,757
  3,622
  4,693
  6,016
  7,617
  9,517
  11,733
  14,279
  17,163
  20,388
  23,956
  27,862
  32,103
  36,671
  41,561
  46,762
  52,268
  58,074
  64,175
  70,566
  77,245
  84,214
  91,474
  99,030
  106,888
  115,056
  123,543
  132,362
  141,528
  151,055
  160,960
Operating income, $m
  96
  339
  670
  1,083
  1,586
  2,187
  2,892
  3,704
  4,627
  5,662
  6,808
  8,065
  9,431
  10,904
  12,482
  14,161
  15,940
  17,817
  19,789
  21,857
  24,018
  26,273
  28,624
  31,070
  33,615
  36,261
  39,011
  41,869
  44,839
  47,927
  51,139
EBITDA, $m
  192
  472
  850
  1,320
  1,894
  2,579
  3,381
  4,306
  5,356
  6,532
  7,836
  9,265
  10,818
  12,493
  14,286
  16,196
  18,218
  20,351
  22,593
  24,943
  27,399
  29,963
  32,634
  35,414
  38,307
  41,313
  44,438
  47,686
  51,062
  54,572
  58,221
Interest expense (income), $m
  71
  91
  145
  214
  299
  403
  526
  670
  835
  1,022
  1,231
  1,463
  1,717
  1,993
  2,290
  2,608
  2,946
  3,304
  3,682
  4,079
  4,495
  4,929
  5,383
  5,855
  6,347
  6,859
  7,390
  7,943
  8,517
  9,114
  9,734
Earnings before tax, $m
  88
  248
  525
  869
  1,287
  1,784
  2,366
  3,035
  3,792
  4,640
  5,576
  6,602
  7,715
  8,912
  10,192
  11,554
  12,995
  14,513
  16,108
  17,778
  19,523
  21,344
  23,241
  25,215
  27,268
  29,402
  31,620
  33,926
  36,322
  38,814
  41,405
Tax expense, $m
  18
  67
  142
  235
  347
  482
  639
  819
  1,024
  1,253
  1,506
  1,783
  2,083
  2,406
  2,752
  3,120
  3,509
  3,918
  4,349
  4,800
  5,271
  5,763
  6,275
  6,808
  7,362
  7,939
  8,537
  9,160
  9,807
  10,480
  11,179
Net income, $m
  65
  181
  383
  634
  939
  1,303
  1,727
  2,215
  2,769
  3,387
  4,071
  4,820
  5,632
  6,506
  7,440
  8,434
  9,486
  10,594
  11,759
  12,978
  14,252
  15,581
  16,966
  18,407
  19,905
  21,463
  23,083
  24,766
  26,515
  28,334
  30,226

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  511
  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
  5,407
  6,792
  9,198
  12,176
  15,786
  20,076
  25,086
  30,847
  37,376
  44,682
  52,768
  61,625
  71,243
  81,606
  92,697
  104,500
  116,997
  130,174
  144,021
  158,528
  173,693
  189,515
  206,000
  223,157
  241,000
  259,547
  278,823
  298,853
  319,669
  341,307
  363,806
Adjusted assets (=assets-cash), $m
  4,896
  6,792
  9,198
  12,176
  15,786
  20,076
  25,086
  30,847
  37,376
  44,682
  52,768
  61,625
  71,243
  81,606
  92,697
  104,500
  116,997
  130,174
  144,021
  158,528
  173,693
  189,515
  206,000
  223,157
  241,000
  259,547
  278,823
  298,853
  319,669
  341,307
  363,806
Revenue / Adjusted assets
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
Average production assets, $m
  1,097
  1,521
  2,059
  2,726
  3,534
  4,494
  5,616
  6,906
  8,367
  10,003
  11,813
  13,796
  15,949
  18,269
  20,752
  23,395
  26,192
  29,142
  32,242
  35,490
  38,885
  42,427
  46,118
  49,959
  53,953
  58,105
  62,421
  66,905
  71,565
  76,409
  81,446
Working capital, $m
  70
  1,980
  2,681
  3,549
  4,602
  5,852
  7,313
  8,992
  10,895
  13,025
  15,382
  17,964
  20,767
  23,788
  27,021
  30,462
  34,105
  37,946
  41,982
  46,211
  50,632
  55,244
  60,049
  65,050
  70,251
  75,658
  81,277
  87,116
  93,184
  99,491
  106,050
Total debt, $m
  3,106
  4,147
  6,117
  8,557
  11,512
  15,026
  19,129
  23,847
  29,195
  35,179
  41,801
  49,055
  56,932
  65,419
  74,503
  84,169
  94,404
  105,197
  116,537
  128,419
  140,839
  153,797
  167,298
  181,349
  195,963
  211,153
  226,940
  243,344
  260,393
  278,115
  296,541
Total liabilities, $m
  4,522
  5,563
  7,533
  9,973
  12,928
  16,442
  20,545
  25,263
  30,611
  36,595
  43,217
  50,471
  58,348
  66,835
  75,919
  85,585
  95,820
  106,613
  117,953
  129,835
  142,255
  155,213
  168,714
  182,765
  197,379
  212,569
  228,356
  244,760
  261,809
  279,531
  297,957
Total equity, $m
  885
  1,229
  1,665
  2,204
  2,857
  3,634
  4,541
  5,583
  6,765
  8,088
  9,551
  11,154
  12,895
  14,771
  16,778
  18,914
  21,176
  23,562
  26,068
  28,694
  31,438
  34,302
  37,286
  40,391
  43,621
  46,978
  50,467
  54,092
  57,860
  61,777
  65,849
Total liabilities and equity, $m
  5,407
  6,792
  9,198
  12,177
  15,785
  20,076
  25,086
  30,846
  37,376
  44,683
  52,768
  61,625
  71,243
  81,606
  92,697
  104,499
  116,996
  130,175
  144,021
  158,529
  173,693
  189,515
  206,000
  223,156
  241,000
  259,547
  278,823
  298,852
  319,669
  341,308
  363,806
Debt-to-equity ratio
  3.510
  3.370
  3.670
  3.880
  4.030
  4.140
  4.210
  4.270
  4.320
  4.350
  4.380
  4.400
  4.420
  4.430
  4.440
  4.450
  4.460
  4.460
  4.470
  4.480
  4.480
  4.480
  4.490
  4.490
  4.490
  4.490
  4.500
  4.500
  4.500
  4.500
  4.500
Adjusted equity ratio
  0.164
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  65
  181
  383
  634
  939
  1,303
  1,727
  2,215
  2,769
  3,387
  4,071
  4,820
  5,632
  6,506
  7,440
  8,434
  9,486
  10,594
  11,759
  12,978
  14,252
  15,581
  16,966
  18,407
  19,905
  21,463
  23,083
  24,766
  26,515
  28,334
  30,226
Depreciation, amort., depletion, $m
  96
  133
  180
  238
  308
  392
  489
  601
  728
  871
  1,028
  1,200
  1,387
  1,589
  1,805
  2,034
  2,278
  2,534
  2,804
  3,086
  3,381
  3,689
  4,010
  4,344
  4,692
  5,053
  5,428
  5,818
  6,223
  6,644
  7,082
Funds from operations, $m
  -620
  314
  563
  872
  1,247
  1,694
  2,216
  2,817
  3,497
  4,258
  5,099
  6,019
  7,018
  8,094
  9,245
  10,469
  11,764
  13,129
  14,562
  16,064
  17,633
  19,270
  20,976
  22,751
  24,597
  26,516
  28,511
  30,584
  32,738
  34,978
  37,308
Change in working capital, $m
  -342
  553
  701
  868
  1,052
  1,251
  1,461
  1,679
  1,903
  2,130
  2,357
  2,582
  2,804
  3,021
  3,233
  3,440
  3,643
  3,841
  4,036
  4,229
  4,420
  4,612
  4,805
  5,001
  5,201
  5,407
  5,619
  5,839
  6,068
  6,308
  6,558
Cash from operations, $m
  -278
  -239
  -139
  4
  195
  444
  756
  1,138
  1,594
  2,128
  2,742
  3,437
  4,215
  5,073
  6,012
  7,028
  8,121
  9,287
  10,526
  11,835
  13,213
  14,658
  16,171
  17,750
  19,396
  21,109
  22,892
  24,745
  26,670
  28,671
  30,749
Maintenance CAPEX, $m
  0
  -95
  -132
  -179
  -237
  -307
  -391
  -488
  -600
  -728
  -870
  -1,027
  -1,200
  -1,387
  -1,589
  -1,805
  -2,034
  -2,278
  -2,534
  -2,804
  -3,086
  -3,381
  -3,689
  -4,010
  -4,344
  -4,692
  -5,053
  -5,428
  -5,818
  -6,223
  -6,644
New CAPEX, $m
  -1,111
  -424
  -539
  -667
  -808
  -960
  -1,122
  -1,290
  -1,462
  -1,636
  -1,810
  -1,983
  -2,153
  -2,320
  -2,483
  -2,642
  -2,798
  -2,950
  -3,100
  -3,248
  -3,395
  -3,542
  -3,690
  -3,841
  -3,995
  -4,152
  -4,315
  -4,484
  -4,660
  -4,844
  -5,037
Cash from investing activities, $m
  -1,043
  -519
  -671
  -846
  -1,045
  -1,267
  -1,513
  -1,778
  -2,062
  -2,364
  -2,680
  -3,010
  -3,353
  -3,707
  -4,072
  -4,447
  -4,832
  -5,228
  -5,634
  -6,052
  -6,481
  -6,923
  -7,379
  -7,851
  -8,339
  -8,844
  -9,368
  -9,912
  -10,478
  -11,067
  -11,681
Free cash flow, $m
  -1,321
  -759
  -809
  -842
  -850
  -824
  -757
  -640
  -468
  -236
  62
  427
  862
  1,367
  1,940
  2,581
  3,289
  4,060
  4,892
  5,783
  6,732
  7,735
  8,791
  9,899
  11,057
  12,266
  13,524
  14,833
  16,192
  17,604
  19,068
Issuance/(repayment) of debt, $m
  862
  1,552
  1,970
  2,439
  2,956
  3,513
  4,104
  4,718
  5,347
  5,984
  6,622
  7,254
  7,877
  8,487
  9,084
  9,666
  10,235
  10,792
  11,340
  11,882
  12,420
  12,958
  13,501
  14,051
  14,613
  15,190
  15,786
  16,405
  17,049
  17,722
  18,427
Issuance/(repurchase) of shares, $m
  25
  163
  53
  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  
  1,300
  1,715
  2,023
  2,439
  2,956
  3,513
  4,104
  4,718
  5,347
  5,984
  6,622
  7,254
  7,877
  8,487
  9,084
  9,666
  10,235
  10,792
  11,340
  11,882
  12,420
  12,958
  13,501
  14,051
  14,613
  15,190
  15,786
  16,405
  17,049
  17,722
  18,427
Total cash flow (excl. dividends), $m
  -33
  956
  1,214
  1,597
  2,106
  2,689
  3,347
  4,077
  4,879
  5,749
  6,684
  7,681
  8,739
  9,854
  11,024
  12,248
  13,524
  14,852
  16,232
  17,665
  19,152
  20,693
  22,292
  23,950
  25,670
  27,456
  29,310
  31,237
  33,241
  35,325
  37,495
Retained Cash Flow (-), $m
  -66
  -344
  -435
  -539
  -653
  -776
  -907
  -1,043
  -1,182
  -1,323
  -1,463
  -1,603
  -1,741
  -1,876
  -2,008
  -2,136
  -2,262
  -2,385
  -2,506
  -2,626
  -2,745
  -2,864
  -2,984
  -3,105
  -3,230
  -3,357
  -3,489
  -3,625
  -3,768
  -3,917
  -4,072
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
 
  612
  778
  1,058
  1,453
  1,913
  2,440
  3,035
  3,697
  4,426
  5,220
  6,078
  6,998
  7,978
  9,016
  10,111
  11,262
  12,467
  13,726
  15,039
  16,407
  17,829
  19,308
  20,845
  22,441
  24,099
  25,822
  27,612
  29,473
  31,409
  33,423
Discount rate, %
 
  11.20
  11.76
  12.35
  12.97
  13.61
  14.29
  15.01
  15.76
  16.55
  17.37
  18.24
  19.16
  20.11
  21.12
  22.18
  23.28
  24.45
  25.67
  26.95
  28.30
  29.72
  31.20
  32.76
  34.40
  36.12
  37.93
  39.82
  41.81
  43.91
  46.10
PV of cash for distribution, $m
 
  550
  623
  746
  892
  1,011
  1,095
  1,140
  1,147
  1,116
  1,052
  962
  854
  737
  617
  501
  395
  303
  225
  161
  112
  76
  49
  31
  19
  11
  6
  3
  2
  1
  0
Current shareholders' claim on cash, %
  100
  84.9
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6
  81.6

Canadian Solar Inc. is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment. It designs, develops and manufactures solar wafers, solar cells and solar power products. The module segment primarily involves the design, development, manufacturing and sale of a range of solar power products, including standard solar modules and specialty solar products, and solar system kits. Its energy development segment consists of solar power project development, engineering, procurement and construction services, and operation and maintenance services. Its electricity generation segment consists of holding solar power projects for the purpose of generating income from the sale of electricity to the local or national grid or other power purchasers.

FINANCIAL RATIOS  of  Canadian Solar (CSIQ)

Valuation Ratios
P/E Ratio 14.1
Price to Sales 0.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow -3.3
Price to Free Cash Flow -0.7
Growth Rates
Sales Growth Rate -17.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 72.8%
Cap. Spend. - 3 Yr. Gr. Rate 117.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.6
LT Debt to Equity 69.9%
Total Debt to Equity 351%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 24.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 14.6%
Gross Margin - 3 Yr. Avg. 17%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 11.6%
Operating Margin 3.4%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 3.1%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 20.5%
Eff/ Tax Rate - 3 Yr. Avg. 22.2%
Payout Ratio 0%

CSIQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSIQ stock intrinsic value calculation we used $2853 million for the last fiscal year's total revenue generated by Canadian Solar. The default revenue input number comes from 2016 income statement of Canadian Solar. 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 CSIQ stock valuation model: a) initial revenue growth rate of 38.8% 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 11.2%, whose default value for CSIQ is calculated based on our internal credit rating of Canadian Solar, 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 Canadian Solar.
    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 CSIQ stock the variable cost ratio is equal to 75.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $624 million in the base year in the intrinsic value calculation for CSIQ 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 3.5% for Canadian Solar.

Corporate tax rate of 27% is the nominal tax rate for Canadian Solar. 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 CSIQ 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 CSIQ are equal to 38.4%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Canadian Solar 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 CSIQ is equal to 50%. 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 - $885 million for Canadian Solar - 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 57.967 million for Canadian Solar 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 Canadian Solar at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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SPWR SunPower 8.55 1.76  str.sell
JKS JinkoSolar Hol 24.07 26.99  hold
JASO JA Solar Holdi 7.48 21.07  str.buy
FSLR First Solar 71.09 12.30  str.sell
TRP TransCanada 48.22 2.18  str.sell

COMPANY NEWS

▶ Will 2018 Be Canadian Solar Inc.'s Best Year Yet?   [Jan-18-18 09:02AM  Motley Fool]
▶ Top Solar Analyst Explains Canadian Solar Downgrade   [Dec-15-17 03:36PM  Benzinga]
▶ World's Biggest Solar Manufacturer Could Go Private   [Dec-13-17 07:38AM  Motley Fool]
▶ What to Expect From Canadian Solar Inc. in 2018   [Dec-05-17 09:35AM  Motley Fool]
▶ Oppenheimer's Top Stock Picks For December   [Nov-30-17 10:17AM  Benzinga]
▶ What Do Analysts Expect for Yingli Solars Margins in 3Q17?   [Nov-28-17 09:03AM  Market Realist]
▶ Canadian Solar Beat Analysts 3Q17 Revenue Estimates   [Nov-21-17 02:35PM  Market Realist]
▶ 3 Red Flags From Canadian Solar's Earnings Report   [Nov-10-17 05:18PM  Motley Fool]
▶ Canadian Solar meets 3Q profit forecasts   [07:23AM  Associated Press]
▶ Canadian Solar Joins Rank Of Stocks With RS Ratings Over 90   [03:00AM  Investor's Business Daily]
▶ Stocks To Watch: Canadian Solar Sees Relative Strength Rating Jump To 84   [Oct-31-17 03:00AM  Investor's Business Daily]
▶ Canadian Solar Sees RS Rating Improve To 76   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Canadian Solar Earns RS Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Chart Patterns Suggest Solar Stocks Are About to Shine   [Oct-04-17 08:49AM  Investopedia]
▶ This Week in Solar   [Sep-29-17 06:49PM  Motley Fool]
▶ Why China Is Crushing the U.S. in Solar Energy   [Sep-17-17 07:02AM  Motley Fool]
Financial statements of CSIQ
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