Intrinsic value of ReneSola ADR - SOL

Previous Close

$1.66

  Intrinsic Value

$9.65

stock screener

  Rating & Target

str. buy

+481%

Previous close

$1.66

 
Intrinsic value

$9.65

 
Up/down potential

+481%

 
Rating

str. buy

We calculate the intrinsic value of SOL 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 0.0

 

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, %
  27.90
  25.61
  23.55
  21.69
  20.02
  18.52
  17.17
  15.95
  14.86
  13.87
  12.98
  12.19
  11.47
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.51
  7.26
  7.03
  6.83
  6.64
  6.48
  6.33
  6.20
  6.08
Revenue, $m
  132
  165
  204
  249
  299
  354
  415
  481
  552
  629
  710
  797
  888
  984
  1,085
  1,191
  1,301
  1,415
  1,535
  1,659
  1,788
  1,923
  2,062
  2,207
  2,358
  2,514
  2,677
  2,847
  3,023
  3,207
Variable operating expenses, $m
  107
  135
  167
  203
  244
  289
  338
  392
  451
  513
  580
  650
  725
  803
  886
  972
  1,061
  1,155
  1,252
  1,354
  1,459
  1,569
  1,683
  1,801
  1,924
  2,052
  2,185
  2,323
  2,467
  2,617
Fixed operating expenses, $m
  13
  14
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  21
  22
  22
  23
  23
  24
  24
  25
Total operating expenses, $m
  120
  149
  181
  217
  258
  304
  353
  407
  467
  529
  597
  667
  742
  821
  904
  990
  1,080
  1,174
  1,272
  1,374
  1,480
  1,590
  1,704
  1,823
  1,946
  2,075
  2,208
  2,347
  2,491
  2,642
Operating income, $m
  11
  17
  24
  32
  40
  50
  61
  73
  86
  100
  114
  130
  146
  164
  182
  201
  221
  241
  263
  285
  309
  333
  358
  384
  411
  440
  469
  500
  532
  565
EBITDA, $m
  17
  24
  33
  42
  53
  66
  79
  94
  110
  127
  145
  164
  185
  206
  229
  253
  277
  303
  330
  357
  386
  416
  448
  480
  514
  549
  586
  624
  663
  705
Interest expense (income), $m
  35
  6
  10
  15
  20
  26
  33
  41
  49
  58
  68
  79
  90
  102
  114
  128
  142
  156
  171
  187
  204
  221
  239
  257
  276
  296
  317
  339
  361
  385
  409
Earnings before tax, $m
  5
  7
  9
  11
  14
  17
  20
  24
  28
  31
  36
  40
  44
  49
  54
  59
  64
  70
  76
  82
  88
  94
  101
  108
  115
  123
  130
  139
  147
  156
Tax expense, $m
  1
  2
  2
  3
  4
  5
  6
  6
  7
  8
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  40
  42
Net income, $m
  3
  5
  7
  8
  10
  13
  15
  17
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  55
  60
  64
  69
  74
  79
  84
  90
  95
  101
  107
  114

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
  429
  539
  666
  810
  972
  1,153
  1,350
  1,566
  1,799
  2,048
  2,314
  2,596
  2,894
  3,207
  3,535
  3,879
  4,237
  4,611
  5,000
  5,404
  5,825
  6,262
  6,717
  7,189
  7,680
  8,190
  8,720
  9,273
  9,847
  10,446
Adjusted assets (=assets-cash), $m
  429
  539
  666
  810
  972
  1,153
  1,350
  1,566
  1,799
  2,048
  2,314
  2,596
  2,894
  3,207
  3,535
  3,879
  4,237
  4,611
  5,000
  5,404
  5,825
  6,262
  6,717
  7,189
  7,680
  8,190
  8,720
  9,273
  9,847
  10,446
Revenue / Adjusted assets
  0.308
  0.306
  0.306
  0.307
  0.308
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
Average production assets, $m
  112
  140
  174
  211
  253
  300
  352
  408
  469
  534
  603
  677
  754
  836
  921
  1,011
  1,104
  1,202
  1,303
  1,409
  1,518
  1,632
  1,751
  1,874
  2,002
  2,135
  2,273
  2,417
  2,567
  2,723
Working capital, $m
  23
  29
  36
  44
  52
  62
  73
  84
  97
  110
  124
  139
  155
  172
  190
  208
  228
  248
  269
  290
  313
  336
  361
  386
  413
  440
  469
  498
  529
  561
Total debt, $m
  175
  255
  347
  453
  571
  703
  847
  1,005
  1,174
  1,356
  1,551
  1,756
  1,974
  2,202
  2,442
  2,693
  2,954
  3,227
  3,511
  3,807
  4,114
  4,433
  4,765
  5,109
  5,467
  5,840
  6,227
  6,630
  7,050
  7,487
Total liabilities, $m
  313
  393
  486
  591
  710
  841
  986
  1,143
  1,313
  1,495
  1,689
  1,895
  2,112
  2,341
  2,581
  2,831
  3,093
  3,366
  3,650
  3,945
  4,252
  4,571
  4,903
  5,248
  5,606
  5,979
  6,366
  6,769
  7,189
  7,625
Total equity, $m
  116
  145
  180
  219
  263
  311
  365
  423
  486
  553
  625
  701
  781
  866
  954
  1,047
  1,144
  1,245
  1,350
  1,459
  1,573
  1,691
  1,813
  1,941
  2,073
  2,211
  2,355
  2,504
  2,659
  2,820
Total liabilities and equity, $m
  429
  538
  666
  810
  973
  1,152
  1,351
  1,566
  1,799
  2,048
  2,314
  2,596
  2,893
  3,207
  3,535
  3,878
  4,237
  4,611
  5,000
  5,404
  5,825
  6,262
  6,716
  7,189
  7,679
  8,190
  8,721
  9,273
  9,848
  10,445
Debt-to-equity ratio
  1.510
  1.750
  1.930
  2.070
  2.180
  2.260
  2.320
  2.380
  2.420
  2.450
  2.480
  2.510
  2.530
  2.540
  2.560
  2.570
  2.580
  2.590
  2.600
  2.610
  2.620
  2.620
  2.630
  2.630
  2.640
  2.640
  2.640
  2.650
  2.650
  2.650
Adjusted equity ratio
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  5
  7
  8
  10
  13
  15
  17
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  55
  60
  64
  69
  74
  79
  84
  90
  95
  101
  107
  114
Depreciation, amort., depletion, $m
  6
  7
  9
  11
  13
  15
  18
  21
  24
  27
  31
  35
  39
  43
  47
  52
  57
  62
  67
  72
  78
  84
  90
  96
  103
  109
  117
  124
  132
  140
Funds from operations, $m
  9
  12
  15
  19
  23
  28
  33
  38
  44
  50
  57
  64
  71
  79
  87
  95
  104
  113
  122
  132
  142
  152
  163
  175
  187
  199
  212
  225
  239
  254
Change in working capital, $m
  5
  6
  7
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
Cash from operations, $m
  4
  6
  9
  11
  15
  18
  22
  27
  32
  37
  43
  49
  55
  62
  69
  76
  84
  93
  101
  110
  119
  129
  139
  149
  160
  172
  183
  196
  208
  221
Maintenance CAPEX, $m
  -4
  -6
  -7
  -9
  -11
  -13
  -15
  -18
  -21
  -24
  -27
  -31
  -35
  -39
  -43
  -47
  -52
  -57
  -62
  -67
  -72
  -78
  -84
  -90
  -96
  -103
  -109
  -117
  -124
  -132
New CAPEX, $m
  -24
  -29
  -33
  -38
  -42
  -47
  -52
  -56
  -61
  -65
  -69
  -73
  -78
  -82
  -86
  -90
  -93
  -97
  -101
  -105
  -110
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -156
Cash from investing activities, $m
  -28
  -35
  -40
  -47
  -53
  -60
  -67
  -74
  -82
  -89
  -96
  -104
  -113
  -121
  -129
  -137
  -145
  -154
  -163
  -172
  -182
  -192
  -202
  -213
  -224
  -236
  -247
  -261
  -274
  -288
Free cash flow, $m
  -25
  -28
  -32
  -35
  -38
  -42
  -45
  -47
  -50
  -52
  -54
  -56
  -57
  -58
  -59
  -60
  -61
  -61
  -62
  -62
  -63
  -63
  -63
  -63
  -64
  -64
  -64
  -65
  -66
  -66
Issuance/(repayment) of debt, $m
  68
  80
  93
  105
  118
  131
  144
  157
  170
  182
  194
  206
  217
  229
  240
  251
  262
  273
  284
  295
  307
  319
  332
  345
  358
  372
  387
  403
  420
  437
Issuance/(repurchase) of shares, $m
  22
  25
  28
  31
  33
  36
  39
  41
  43
  44
  46
  47
  48
  49
  49
  50
  50
  50
  50
  50
  50
  49
  49
  49
  49
  48
  48
  48
  48
  48
Cash from financing (excl. dividends), $m  
  90
  105
  121
  136
  151
  167
  183
  198
  213
  226
  240
  253
  265
  278
  289
  301
  312
  323
  334
  345
  357
  368
  381
  394
  407
  420
  435
  451
  468
  485
Total cash flow (excl. dividends), $m
  65
  77
  89
  101
  113
  126
  138
  151
  163
  174
  186
  197
  208
  219
  230
  240
  251
  261
  272
  283
  294
  306
  318
  330
  343
  357
  371
  386
  402
  418
Retained Cash Flow (-), $m
  -25
  -30
  -34
  -39
  -44
  -49
  -53
  -58
  -63
  -67
  -72
  -76
  -80
  -85
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -127
  -133
  -138
  -143
  -149
  -155
  -162
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
  40
  47
  54
  62
  70
  77
  85
  92
  100
  107
  114
  121
  128
  134
  141
  147
  154
  160
  167
  174
  180
  188
  195
  203
  211
  219
  228
  237
  247
  257
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  37
  41
  43
  44
  45
  45
  43
  41
  39
  36
  32
  28
  25
  21
  18
  15
  12
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  74.3
  57.0
  44.8
  36.0
  29.5
  24.7
  21.0
  18.1
  15.8
  14.0
  12.5
  11.3
  10.3
  9.4
  8.7
  8.1
  7.6
  7.2
  6.8
  6.4
  6.1
  5.9
  5.6
  5.4
  5.2
  5.1
  4.9
  4.8
  4.7
  4.5

ReneSola Ltd is a holding company. The Company is a brand and technology provider of energy-efficient products based in China. The Company's segments include solar power projects. The solar power projects segment involves sales of solar power projects and electricity generation revenue of certain project assets it owns and operates. The Company develops, builds and sells solar power projects. The Company is focused on its retail and residential-oriented business development. The Company's solar power projects pipeline includes early to mid-stage projects pipeline and late-stage projects pipeline.

FINANCIAL RATIOS  of  ReneSola ADR (SOL)

Valuation Ratios
P/E Ratio -9.5
Price to Sales 0.4
Price to Book 5
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 18.5
Growth Rates
Sales Growth Rate -27.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate -35.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 43.9%
Total Debt to Equity 945.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.3%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital -4.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.9%
Return On Equity -39.3%
Return On Equity - 3 Yr. Avg. -21.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 11.8%
Gross Margin - 3 Yr. Avg. 13.3%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 8.6%
Operating Margin -1.6%
Oper. Margin - 3 Yr. Avg. 1.1%
Pre-Tax Margin -3.4%
Pre-Tax Margin - 3 Yr. Avg. -2%
Net Profit Margin -3.8%
Net Profit Margin - 3 Yr. Avg. -2.1%
Effective Tax Rate -9.4%
Eff/ Tax Rate - 3 Yr. Avg. -11.5%
Payout Ratio 0%

SOL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SOL stock intrinsic value calculation we used $102.973999 million for the last fiscal year's total revenue generated by ReneSola ADR. The default revenue input number comes from 0001 income statement of ReneSola 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 SOL stock valuation model: a) initial revenue growth rate of 27.9% 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 7.5%, whose default value for SOL is calculated based on our internal credit rating of ReneSola 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 ReneSola 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 SOL stock the variable cost ratio is equal to 81.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $13 million in the base year in the intrinsic value calculation for SOL 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 5.8% for ReneSola ADR.

Corporate tax rate of 27% is the nominal tax rate for ReneSola 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 SOL 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 SOL are equal to 84.9%.

Life of production assets of 19.5 years is the average useful life of capital assets used in ReneSola 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 SOL is equal to 17.5%. 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 - $90.48247 million for ReneSola 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 16.095 million for ReneSola 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 ReneSola ADR at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
JKS JinkoSolar Hol 9.08 13.02  hold

COMPANY NEWS

▶ Sasol Oil (Pty) Ltd - Tax Litigation Update   [Nov-14-18 02:44PM  PR Newswire]
▶ When Should You Buy ReneSola Ltd (NYSE:SOL)?   [Nov-08-18 01:11PM  Simply Wall St.]
▶ Sasol Announces Pricing of Notes   [Sep-21-18 07:50AM  PR Newswire]
▶ Sasol Announces Filing of Shelf Registration Statement   [Sep-11-18 09:19AM  PR Newswire]
▶ ReneSola: 2Q Earnings Snapshot   [Sep-06-18 06:43AM  Associated Press]
▶ ReneSola Announces Results of Annual General Meeting   [Sep-05-18 06:30AM  PR Newswire]
▶ ReneSola Announces Change of Auditor   [Aug-23-18 06:30AM  PR Newswire]
▶ ReneSola Announces Notice of Annual General Meeting   [Jul-25-18 06:30AM  PR Newswire]
▶ ReneSola: 1Q Earnings Snapshot   [07:09AM  Associated Press]
▶ Should You Buy ReneSola Ltd (NYSE:SOL) At This PE Ratio?   [Jun-19-18 09:01PM  Simply Wall St.]
▶ First Solar, Inc. Gets Major Downgrades So Now What?   [Jun-07-18 12:10PM  InvestorPlace]
▶ How Financially Strong Is ReneSola Ltd (NYSE:SOL)?   [May-31-18 01:30PM  Simply Wall St.]
▶ ReneSola Appoints New Chief Financial Officer   [May-23-18 06:30AM  PR Newswire]
▶ ReneSola Files 2017 Annual Report on Form 20-F   [May-03-18 06:30AM  PR Newswire]
▶ ReneSola: 4Q Earnings Snapshot   [Apr-25-18 06:55AM  Associated Press]
▶ At $2.51, Is It Time To Buy ReneSola Ltd (NYSE:SOL)?   [Mar-26-18 06:48AM  Simply Wall St.]
▶ Long-Term Marketing Agreement Between Sasol and HELM AG   [Mar-12-18 12:25PM  PR Newswire]
▶ ReneSola Announces Change in CFO Transition Plan   [Mar-02-18 06:30AM  PR Newswire]
▶ Breakeven On The Horizon For ReneSola Ltd (NYSE:SOL)   [Mar-01-18 02:59PM  Simply Wall St.]
▶ South Africa's water crisis spreads from Cape Town   [Jan-31-18 10:12AM  Reuters]
▶ ReneSola Comments on U.S. Solar Products Tariff Ruling   [Jan-23-18 06:30AM  PR Newswire]
▶ The AlphaDirect EnergyTech Monitor: December In Review   [Jan-04-18 09:00AM  ACCESSWIRE]
▶ ReneSola Announces Change of Auditor   [06:00AM  PR Newswire]
▶ Should You Buy ReneSola Ltd (SOL)?   [05:40AM  Simply Wall St.]
▶ Is ReneSola Ltds (SOL) Balance Sheet A Threat To Its Future?   [Nov-13-17 03:55PM  Simply Wall St.]

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