Intrinsic value of First Solar - FSLR

Previous Close

$47.73

  Intrinsic Value

$40.51

stock screener

  Rating & Target

hold

-15%

  Value-price divergence*

-69%

Previous close

$47.73

 
Intrinsic value

$40.51

 
Up/down potential

-15%

 
Rating

hold

 
Value-price divergence*

-69%

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

We calculate the intrinsic value of FSLR 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 5.0

 

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, %
  -17.55
  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
  2,951
  3,010
  3,079
  3,158
  3,247
  3,346
  3,454
  3,571
  3,699
  3,836
  3,983
  4,141
  4,309
  4,487
  4,678
  4,879
  5,093
  5,320
  5,559
  5,812
  6,079
  6,361
  6,658
  6,971
  7,301
  7,649
  8,015
  8,400
  8,805
  9,232
  9,680
Variable operating expenses, $m
 
  2,577
  2,636
  2,703
  2,779
  2,864
  2,956
  3,057
  3,166
  3,283
  3,409
  3,542
  3,686
  3,839
  4,002
  4,174
  4,357
  4,551
  4,756
  4,972
  5,201
  5,442
  5,696
  5,964
  6,246
  6,544
  6,857
  7,186
  7,533
  7,898
  8,282
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
  3,454
  2,577
  2,636
  2,703
  2,779
  2,864
  2,956
  3,057
  3,166
  3,283
  3,409
  3,542
  3,686
  3,839
  4,002
  4,174
  4,357
  4,551
  4,756
  4,972
  5,201
  5,442
  5,696
  5,964
  6,246
  6,544
  6,857
  7,186
  7,533
  7,898
  8,282
Operating income, $m
  -503
  433
  443
  455
  468
  482
  498
  515
  533
  553
  574
  598
  622
  648
  676
  705
  736
  769
  803
  840
  878
  919
  962
  1,007
  1,055
  1,105
  1,158
  1,214
  1,272
  1,334
  1,399
EBITDA, $m
  -503
  570
  583
  598
  615
  634
  654
  677
  701
  727
  755
  785
  816
  850
  886
  925
  965
  1,008
  1,053
  1,101
  1,152
  1,205
  1,261
  1,321
  1,383
  1,449
  1,519
  1,592
  1,668
  1,749
  1,834
Interest expense (income), $m
  0
  6
  7
  8
  9
  11
  13
  15
  17
  20
  22
  25
  28
  31
  34
  38
  42
  46
  50
  54
  59
  64
  69
  75
  81
  87
  93
  100
  108
  115
  123
Earnings before tax, $m
  -472
  428
  437
  447
  458
  471
  485
  500
  516
  533
  552
  573
  595
  617
  641
  667
  694
  723
  753
  785
  819
  855
  892
  932
  974
  1,018
  1,064
  1,113
  1,165
  1,219
  1,275
Tax expense, $m
  58
  116
  118
  121
  124
  127
  131
  135
  139
  144
  149
  155
  161
  167
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  263
  275
  287
  301
  314
  329
  344
Net income, $m
  -358
  312
  319
  326
  335
  344
  354
  365
  377
  389
  403
  419
  434
  451
  468
  487
  507
  528
  550
  573
  598
  624
  652
  680
  711
  743
  777
  813
  850
  890
  931

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,955
  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
  6,824
  4,967
  5,081
  5,212
  5,358
  5,521
  5,699
  5,893
  6,103
  6,330
  6,573
  6,833
  7,110
  7,405
  7,719
  8,052
  8,405
  8,778
  9,173
  9,591
  10,031
  10,496
  10,987
  11,503
  12,048
  12,622
  13,225
  13,861
  14,530
  15,234
  15,974
Adjusted assets (=assets-cash), $m
  4,869
  4,967
  5,081
  5,212
  5,358
  5,521
  5,699
  5,893
  6,103
  6,330
  6,573
  6,833
  7,110
  7,405
  7,719
  8,052
  8,405
  8,778
  9,173
  9,591
  10,031
  10,496
  10,987
  11,503
  12,048
  12,622
  13,225
  13,861
  14,530
  15,234
  15,974
Revenue / Adjusted assets
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
Average production assets, $m
  1,327
  1,355
  1,386
  1,421
  1,461
  1,506
  1,554
  1,607
  1,664
  1,726
  1,792
  1,863
  1,939
  2,019
  2,105
  2,196
  2,292
  2,394
  2,502
  2,615
  2,736
  2,862
  2,996
  3,137
  3,285
  3,442
  3,607
  3,780
  3,962
  4,154
  4,356
Working capital, $m
  2,880
  972
  995
  1,020
  1,049
  1,081
  1,116
  1,154
  1,195
  1,239
  1,287
  1,337
  1,392
  1,449
  1,511
  1,576
  1,645
  1,718
  1,796
  1,877
  1,963
  2,054
  2,150
  2,252
  2,358
  2,471
  2,589
  2,713
  2,844
  2,982
  3,127
Total debt, $m
  188
  191
  228
  271
  318
  371
  429
  491
  559
  633
  712
  796
  886
  981
  1,083
  1,191
  1,305
  1,426
  1,554
  1,689
  1,832
  1,983
  2,142
  2,309
  2,486
  2,671
  2,867
  3,073
  3,290
  3,518
  3,758
Total liabilities, $m
  1,606
  1,609
  1,646
  1,689
  1,736
  1,789
  1,847
  1,909
  1,977
  2,051
  2,130
  2,214
  2,304
  2,399
  2,501
  2,609
  2,723
  2,844
  2,972
  3,107
  3,250
  3,401
  3,560
  3,727
  3,904
  4,089
  4,285
  4,491
  4,708
  4,936
  5,176
Total equity, $m
  5,218
  3,358
  3,435
  3,523
  3,622
  3,732
  3,853
  3,984
  4,126
  4,279
  4,443
  4,619
  4,806
  5,006
  5,218
  5,443
  5,682
  5,934
  6,201
  6,483
  6,781
  7,095
  7,427
  7,776
  8,144
  8,532
  8,940
  9,370
  9,822
  10,298
  10,798
Total liabilities and equity, $m
  6,824
  4,967
  5,081
  5,212
  5,358
  5,521
  5,700
  5,893
  6,103
  6,330
  6,573
  6,833
  7,110
  7,405
  7,719
  8,052
  8,405
  8,778
  9,173
  9,590
  10,031
  10,496
  10,987
  11,503
  12,048
  12,621
  13,225
  13,861
  14,530
  15,234
  15,974
Debt-to-equity ratio
  0.036
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.140
  0.150
  0.160
  0.170
  0.180
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
Adjusted equity ratio
  0.670
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -358
  312
  319
  326
  335
  344
  354
  365
  377
  389
  403
  419
  434
  451
  468
  487
  507
  528
  550
  573
  598
  624
  652
  680
  711
  743
  777
  813
  850
  890
  931
Depreciation, amort., depletion, $m
  0
  137
  140
  144
  148
  152
  157
  162
  168
  174
  181
  186
  194
  202
  210
  220
  229
  239
  250
  262
  274
  286
  300
  314
  329
  344
  361
  378
  396
  415
  436
Funds from operations, $m
  473
  449
  459
  470
  482
  496
  511
  527
  544
  563
  584
  605
  628
  653
  679
  707
  736
  767
  800
  835
  872
  910
  951
  994
  1,040
  1,087
  1,138
  1,191
  1,246
  1,305
  1,367
Change in working capital, $m
  266
  19
  22
  26
  29
  32
  35
  38
  41
  44
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
  86
  91
  96
  101
  107
  112
  118
  124
  131
  138
  145
Cash from operations, $m
  207
  430
  436
  444
  453
  464
  476
  489
  503
  519
  536
  554
  574
  595
  617
  641
  667
  694
  723
  753
  785
  819
  855
  893
  933
  975
  1,019
  1,066
  1,115
  1,167
  1,222
Maintenance CAPEX, $m
  0
  -133
  -135
  -139
  -142
  -146
  -151
  -155
  -161
  -166
  -173
  -179
  -186
  -194
  -202
  -210
  -220
  -229
  -239
  -250
  -262
  -274
  -286
  -300
  -314
  -329
  -344
  -361
  -378
  -396
  -415
New CAPEX, $m
  -229
  -28
  -31
  -36
  -40
  -44
  -49
  -53
  -57
  -62
  -66
  -71
  -76
  -81
  -86
  -91
  -96
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -156
  -165
  -173
  -182
  -192
  -202
Cash from investing activities, $m
  145
  -161
  -166
  -175
  -182
  -190
  -200
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
  -301
  -316
  -331
  -347
  -364
  -382
  -401
  -420
  -441
  -463
  -485
  -509
  -534
  -560
  -588
  -617
Free cash flow, $m
  352
  269
  270
  270
  271
  273
  277
  280
  285
  291
  297
  304
  312
  320
  330
  340
  351
  363
  376
  389
  404
  419
  435
  452
  471
  490
  511
  532
  555
  579
  605
Issuance/(repayment) of debt, $m
  -116
  31
  37
  42
  48
  53
  58
  63
  68
  73
  79
  84
  90
  96
  102
  108
  114
  121
  128
  135
  143
  151
  159
  167
  176
  186
  196
  206
  217
  228
  240
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  
  -136
  31
  37
  42
  48
  53
  58
  63
  68
  73
  79
  84
  90
  96
  102
  108
  114
  121
  128
  135
  143
  151
  159
  167
  176
  186
  196
  206
  217
  228
  240
Total cash flow (excl. dividends), $m
  209
  301
  307
  312
  319
  326
  334
  343
  353
  364
  376
  388
  402
  416
  431
  448
  465
  484
  504
  524
  546
  570
  594
  620
  647
  676
  706
  738
  772
  807
  844
Retained Cash Flow (-), $m
  330
  -67
  -77
  -88
  -99
  -110
  -120
  -131
  -142
  -153
  -164
  -176
  -187
  -200
  -212
  -225
  -239
  -252
  -267
  -282
  -298
  -314
  -331
  -349
  -368
  -388
  -408
  -430
  -452
  -476
  -500
Prev. year cash balance distribution, $m
 
  1,927
  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
 
  2,161
  230
  224
  220
  216
  214
  212
  211
  211
  212
  212
  214
  216
  219
  223
  227
  231
  237
  242
  248
  255
  263
  271
  279
  288
  298
  308
  320
  331
  344
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,072
  210
  195
  181
  168
  155
  143
  132
  121
  111
  101
  91
  82
  74
  65
  58
  50
  44
  37
  32
  26
  22
  18
  14
  11
  9
  7
  5
  4
  3
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

First Solar, Inc. is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures. It operates through two segments: components and systems. The components segment is engaged in the design, manufacture and sale of cadmium telluride (CdTe) solar modules, which convert sunlight into electricity. The systems segment includes the development, construction, operation and maintenance of PV solar power systems, which primarily use its solar modules. In addition, the Company provides operations and maintenance (O&M) services to system owners that use solar modules manufactured by it or by third-party manufacturers. The Company's solar modules had an average rated power per module of approximately 114 watts, as of December 31, 2016.

FINANCIAL RATIOS  of  First Solar (FSLR)

Valuation Ratios
P/E Ratio -13.9
Price to Sales 1.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 24
Price to Free Cash Flow -225.7
Growth Rates
Sales Growth Rate -17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38%
Cap. Spend. - 3 Yr. Gr. Rate -4.1%
Financial Strength
Quick Ratio 70
Current Ratio 1
LT Debt to Equity 3.1%
Total Debt to Equity 3.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -5.1%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital -6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity -6.7%
Return On Equity - 3 Yr. Avg. 4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 23.9%
Gross Margin - 3 Yr. Avg. 24.6%
EBITDA Margin -16%
EBITDA Margin - 3 Yr. Avg. 3.8%
Operating Margin -17%
Oper. Margin - 3 Yr. Avg. 3.3%
Pre-Tax Margin -16%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin -12.1%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate -12.3%
Eff/ Tax Rate - 3 Yr. Avg. -2.1%
Payout Ratio 0%

FSLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FSLR stock intrinsic value calculation we used $2951 million for the last fiscal year's total revenue generated by First Solar. The default revenue input number comes from 2016 income statement of First 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 FSLR 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 4.3%, whose default value for FSLR is calculated based on our internal credit rating of First 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 First 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 FSLR stock the variable cost ratio is equal to 85.6%.

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 FSLR 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 First Solar.

Corporate tax rate of 27% is the nominal tax rate for First 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 FSLR 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 FSLR are equal to 45%.

Life of production assets of 10 years is the average useful life of capital assets used in First 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 FSLR is equal to 32.3%. 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 - $5218 million for First 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 104.808 million for First 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 First Solar at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ 2017 Has Been a Year of Surprises in Solar Energy   [Oct-18-17 09:03PM  Motley Fool]
▶ How to Make Enemies in Solar Energy   [Oct-16-17 09:31AM  Motley Fool]
▶ First Solar Comes Out in Favor of Import Tariffs   [Oct-11-17 05:02PM  Bloomberg]
▶ 3 Growth Stocks at Deep-Value Prices   [08:32AM  Motley Fool]
▶ 3 Stocks Building the World of Tomorrow   [06:32AM  Motley Fool]
▶ ITC Recommends Solar Import Restrictions   [Oct-01-17 03:45PM  Motley Fool]
▶ [$$] Will New Tariffs Dim the Solar-Power Boom?   [Sep-30-17 12:49AM  Barrons.com]
▶ First Solar to Host Analyst Day on Tuesday, December 5   [Sep-28-17 09:05AM  Business Wire]
▶ First Solar Traders Buy The Rumor, Sell The News   [Sep-26-17 03:39PM  Benzinga]
▶ 3 Stocks With Nike-Like Return Potential   [Sep-23-17 08:21PM  Motley Fool]
▶ Why First Solar stock jumped up today (and is up 78% in 6 months)   [Sep-22-17 05:30PM  American City Business Journals]
▶ First Solar Has a Lot Riding on Proposed Solar Tarrifs   [Sep-20-17 03:40PM  Motley Fool]
▶ First Solar, Inc. (FSLR) Stock Is Sizzling Again   [Sep-18-17 01:28PM  InvestorPlace]
▶ 3 Stocks That Look Just Like ExxonMobil in 1996   [Sep-16-17 12:00PM  Motley Fool]
▶ First Solar Jumps On Buy Rating As Industry Gains Strength   [Sep-15-17 04:31PM  Investor's Business Daily]
▶ Dow Logs Best Week Since December As Boeing, Nvidia Break Out   [04:07PM  Investor's Business Daily]
▶ Is First Solar Inc (FSLR) Undervalued?   [07:25AM  Simply Wall St.]
▶ 3 Innovative Stocks for September   [Sep-14-17 06:16AM  Motley Fool]
▶ 3 Stocks That Could Put Intel's Returns to Shame   [Sep-11-17 10:24AM  Motley Fool]
▶ What Does First Solar's Future Really Look Like?   [Aug-31-17 09:17AM  Motley Fool]
▶ Analyst: The Sun Hasn't Set On First Solar's Upside   [Aug-29-17 01:55PM  Benzinga]
▶ Solar Stock Faceoff: First Solar Vs. SunPower   [Aug-28-17 09:10PM  Forbes]
▶ This Week in Solar   [Aug-25-17 10:38AM  Motley Fool]
▶ Solar eclipse: Power grid, solar, utilities survive   [Aug-22-17 01:25PM  American City Business Journals]
Financial statements of FSLR
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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