Intrinsic value of JinkoSolar Holding ADR - JKS

Previous Close

$9.08

  Intrinsic Value

$8.24

stock screener

  Rating & Target

hold

-9%

Previous close

$9.08

 
Intrinsic value

$8.24

 
Up/down potential

-9%

 
Rating

hold

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 0001), $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
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  627
  642
  658
  677
  697
  720
  744
  771
  799
  830
  863
  898
  935
  975
  1,017
  1,061
  1,109
  1,158
  1,211
  1,267
  1,326
  1,388
  1,453
  1,522
  1,594
  1,670
  1,751
  1,835
  1,924
  2,017
Variable operating expenses, $m
  579
  593
  608
  625
  643
  664
  686
  710
  737
  765
  787
  819
  853
  890
  928
  969
  1,012
  1,057
  1,105
  1,156
  1,210
  1,266
  1,326
  1,388
  1,454
  1,524
  1,597
  1,674
  1,755
  1,841
Fixed operating expenses, $m
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  54
  55
  57
  58
  59
  60
  62
  63
  65
  66
  67
  69
  70
  72
  74
  75
  77
Total operating expenses, $m
  620
  635
  651
  669
  688
  710
  733
  758
  786
  815
  838
  871
  906
  944
  983
  1,026
  1,070
  1,116
  1,165
  1,218
  1,273
  1,331
  1,392
  1,455
  1,523
  1,594
  1,669
  1,748
  1,830
  1,918
Operating income, $m
  7
  7
  8
  9
  9
  10
  11
  13
  14
  16
  25
  27
  29
  31
  34
  36
  39
  42
  46
  49
  53
  57
  61
  66
  71
  76
  81
  87
  93
  100
EBITDA, $m
  104
  107
  110
  113
  117
  121
  126
  131
  136
  142
  149
  156
  163
  171
  180
  189
  199
  209
  220
  231
  244
  257
  270
  285
  300
  316
  333
  351
  370
  390
Interest expense (income), $m
  97
  103
  106
  111
  115
  121
  127
  133
  141
  148
  157
  166
  175
  185
  196
  208
  220
  233
  247
  261
  277
  293
  310
  328
  347
  367
  388
  410
  434
  458
  484
Earnings before tax, $m
  -96
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -141
  -148
  -157
  -165
  -174
  -184
  -194
  -204
  -216
  -227
  -240
  -253
  -267
  -281
  -296
  -312
  -329
  -347
  -365
  -384
Tax expense, $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
Net income, $m
  -96
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -141
  -148
  -157
  -165
  -174
  -184
  -194
  -204
  -216
  -227
  -240
  -253
  -267
  -281
  -296
  -312
  -329
  -347
  -365
  -384

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  4,418
  4,519
  4,635
  4,766
  4,910
  5,069
  5,241
  5,428
  5,630
  5,846
  6,077
  6,323
  6,586
  6,865
  7,161
  7,475
  7,807
  8,158
  8,530
  8,922
  9,335
  9,771
  10,231
  10,715
  11,225
  11,762
  12,328
  12,923
  13,548
  14,207
Adjusted assets (=assets-cash), $m
  4,418
  4,519
  4,635
  4,766
  4,910
  5,069
  5,241
  5,428
  5,630
  5,846
  6,077
  6,323
  6,586
  6,865
  7,161
  7,475
  7,807
  8,158
  8,530
  8,922
  9,335
  9,771
  10,231
  10,715
  11,225
  11,762
  12,328
  12,923
  13,548
  14,207
Revenue / Adjusted assets
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
Average production assets, $m
  939
  961
  985
  1,013
  1,044
  1,077
  1,114
  1,154
  1,197
  1,243
  1,292
  1,344
  1,400
  1,459
  1,522
  1,589
  1,660
  1,734
  1,813
  1,896
  1,984
  2,077
  2,175
  2,278
  2,386
  2,500
  2,621
  2,747
  2,880
  3,020
Working capital, $m
  314
  321
  329
  338
  349
  360
  372
  385
  400
  415
  431
  449
  468
  487
  508
  531
  554
  579
  606
  633
  663
  694
  726
  761
  797
  835
  875
  918
  962
  1,009
Total debt, $m
  1,971
  2,049
  2,138
  2,238
  2,349
  2,470
  2,603
  2,746
  2,900
  3,065
  3,242
  3,431
  3,632
  3,846
  4,073
  4,313
  4,568
  4,837
  5,121
  5,422
  5,738
  6,072
  6,424
  6,795
  7,186
  7,598
  8,031
  8,486
  8,966
  9,470
Total liabilities, $m
  3,384
  3,462
  3,551
  3,651
  3,761
  3,883
  4,015
  4,158
  4,312
  4,478
  4,655
  4,844
  5,045
  5,259
  5,485
  5,726
  5,980
  6,249
  6,534
  6,834
  7,151
  7,485
  7,837
  8,208
  8,599
  9,010
  9,443
  9,899
  10,378
  10,882
Total equity, $m
  1,034
  1,057
  1,085
  1,115
  1,149
  1,186
  1,226
  1,270
  1,317
  1,368
  1,422
  1,480
  1,541
  1,606
  1,676
  1,749
  1,827
  1,909
  1,996
  2,088
  2,184
  2,286
  2,394
  2,507
  2,627
  2,752
  2,885
  3,024
  3,170
  3,324
Total liabilities and equity, $m
  4,418
  4,519
  4,636
  4,766
  4,910
  5,069
  5,241
  5,428
  5,629
  5,846
  6,077
  6,324
  6,586
  6,865
  7,161
  7,475
  7,807
  8,158
  8,530
  8,922
  9,335
  9,771
  10,231
  10,715
  11,226
  11,762
  12,328
  12,923
  13,548
  14,206
Debt-to-equity ratio
  1.910
  1.940
  1.970
  2.010
  2.040
  2.080
  2.120
  2.160
  2.200
  2.240
  2.280
  2.320
  2.360
  2.390
  2.430
  2.470
  2.500
  2.530
  2.570
  2.600
  2.630
  2.660
  2.680
  2.710
  2.740
  2.760
  2.780
  2.810
  2.830
  2.850
Adjusted equity ratio
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -96
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -141
  -148
  -157
  -165
  -174
  -184
  -194
  -204
  -216
  -227
  -240
  -253
  -267
  -281
  -296
  -312
  -329
  -347
  -365
  -384
Depreciation, amort., depletion, $m
  97
  99
  102
  104
  107
  111
  114
  118
  122
  127
  124
  129
  135
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264
  277
  290
Funds from operations, $m
  1
  0
  -1
  -2
  -4
  -6
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -28
  -31
  -34
  -38
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -72
  -77
  -82
  -88
  -94
Change in working capital, $m
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
Cash from operations, $m
  -5
  -7
  -9
  -12
  -14
  -17
  -20
  -23
  -26
  -30
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -63
  -68
  -73
  -78
  -84
  -90
  -97
  -103
  -110
  -117
  -125
  -133
  -141
Maintenance CAPEX, $m
  -89
  -90
  -92
  -95
  -97
  -100
  -104
  -107
  -111
  -115
  -119
  -124
  -129
  -135
  -140
  -146
  -153
  -160
  -167
  -174
  -182
  -191
  -200
  -209
  -219
  -229
  -240
  -252
  -264
  -277
New CAPEX, $m
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -140
Cash from investing activities, $m
  -108
  -112
  -117
  -123
  -128
  -134
  -141
  -147
  -154
  -161
  -168
  -176
  -185
  -194
  -203
  -213
  -224
  -235
  -246
  -257
  -270
  -284
  -298
  -312
  -327
  -343
  -360
  -378
  -397
  -417
Free cash flow, $m
  -112
  -119
  -126
  -134
  -142
  -151
  -160
  -170
  -180
  -191
  -202
  -213
  -226
  -239
  -252
  -266
  -281
  -297
  -313
  -331
  -349
  -368
  -388
  -409
  -431
  -454
  -478
  -503
  -530
  -558
Issuance/(repayment) of debt, $m
  67
  78
  89
  100
  111
  121
  132
  143
  154
  165
  177
  189
  201
  214
  227
  240
  254
  269
  284
  300
  317
  334
  352
  371
  391
  411
  433
  456
  479
  504
Issuance/(repurchase) of shares, $m
  119
  123
  130
  137
  145
  154
  162
  171
  181
  191
  195
  206
  218
  230
  243
  257
  272
  287
  303
  319
  337
  355
  374
  395
  416
  438
  461
  486
  512
  538
Cash from financing (excl. dividends), $m  
  186
  201
  219
  237
  256
  275
  294
  314
  335
  356
  372
  395
  419
  444
  470
  497
  526
  556
  587
  619
  654
  689
  726
  766
  807
  849
  894
  942
  991
  1,042
Total cash flow (excl. dividends), $m
  73
  82
  93
  103
  114
  124
  134
  145
  155
  166
  170
  182
  193
  206
  218
  231
  245
  259
  274
  289
  305
  321
  339
  357
  376
  396
  417
  438
  461
  485
Retained Cash Flow (-), $m
  -119
  -123
  -130
  -137
  -145
  -154
  -162
  -171
  -181
  -191
  -195
  -206
  -218
  -230
  -243
  -257
  -272
  -287
  -303
  -319
  -337
  -355
  -374
  -395
  -416
  -438
  -461
  -486
  -512
  -538
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
  -45
  -41
  -37
  -34
  -32
  -30
  -28
  -27
  -26
  -25
  -25
  -24
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
Discount rate, %
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
  -42
  -35
  -29
  -24
  -20
  -17
  -14
  -12
  -10
  -8
  -7
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  85.7
  73.2
  62.3
  52.7
  44.5
  37.3
  31.2
  26.0
  21.6
  17.9
  14.9
  12.3
  10.2
  8.4
  6.9
  5.7
  4.6
  3.8
  3.1
  2.5
  2.0
  1.7
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3

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 4.4
Price to Sales 0.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -4.4
Price to Free Cash Flow -2
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 $614.996509825 million for the last fiscal year's total revenue generated by JinkoSolar Holding ADR. The default revenue input number comes from 0001 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 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 7.8%, 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 92.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $40 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 5.4% 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 149.7%.

Life of production assets of 10.4 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 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 - $1011.07361578 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 28.53 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 $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ JinkoSolar Awarded 2018 World Brand Award   [Nov-12-18 05:50AM  PR Newswire]
▶ The Latest Solar Company Taking a Buyout   [Oct-19-18 07:48PM  Motley Fool]
▶ Solar Energy Could Grow 6,500% by 2050   [Oct-14-18 09:34AM  Motley Fool]
▶ Why Solar Stocks Are Struggling in 2018   [Sep-12-18 08:01PM  Motley Fool]
▶ JinkoSolar: 2Q Earnings Snapshot   [07:17AM  Associated Press]
▶ Solar Stocks Are Still Attractive Despite Recent Rally   [Aug-10-18 11:08AM  InvestorPlace]
▶ 4 High-Growth Solar Stocks Investors Should Watch   [Aug-02-18 02:27PM  InvestorPlace]
▶ Buy Solar Stocks to Profit From Coming Boom   [Jun-29-18 10:25PM  InvestorPlace]
▶ JinkoSolar Reports Earnings Miss for Q1   [Jun-26-18 12:30PM  InvestorPlace]
▶ JinkoSolar: 1Q Earnings Snapshot   [06:41AM  Associated Press]
▶ Why The Lights Went Out On Solar Stocks Today   [Jun-04-18 03:15PM  Motley Fool]
▶ [$$] Solar-Panel Makers Ramp Up U.S. Manufacturing Plans   [May-11-18 11:18PM  The Wall Street Journal]
▶ [$$] Solar-Panel Makers Ramp Up U.S. Manufacturing Plans   [08:39AM  The Wall Street Journal]
▶ JinkoSolar Files 2017 Annual Report on Form 20-F   [Apr-25-18 06:50AM  PR Newswire]
▶ JinkoSolar Extends Credit Limit with HSBC   [06:50AM  PR Newswire]
▶ Alternative Energy Stock Outlook - April 2018   [Apr-12-18 03:13PM  Zacks]
▶ NextEra Energy Partners inks $582M deal with pension fund   [01:24PM  American City Business Journals]

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