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Select Equity Data Snapshot

Canadian Solar Inc

Semiconductors & Semiconductor

CANADA


DCF Model Assumptions

Risk Free Rate

2.00%

Country Equity Risk Premium

6.00%

Cost of Debt

5.75%

Cost of Debt

5.75%

Long Term Growth

2.00%

Beta Assumption

0.72

Current Market Cap mln$

1,188.77

Net Debt mln$

1,394.34

WACC Estimate

6.01%

Ordinary Current Price $

20.06

DCF Model

DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
Revenue3467.632853.083390.393744.514016.954398.284778.405209.905655.866150.416688.217273.047909.008600.579352.62
EBITDA Costs3126.042664.073021.783250.603454.833711.303966.944257.154557.084879.875225.525595.655991.996416.416870.90
EBITDA341.59189.01368.62493.91562.12686.99811.45952.741098.771270.541462.701677.391917.012184.162481.73
EBITDA Margin9.856.6210.8713.1913.9915.6216.9818.2919.4320.6621.8723.0624.2425.4026.54
Operating Costs3220.262759.913121.053379.863579.263847.274114.434417.704731.145068.795430.545818.106233.326678.177154.78
Operating Profit247.3793.16269.35364.66437.70551.01663.97792.19924.711081.621257.671454.941675.681922.402197.84
Operating Margin7.133.277.949.7410.9012.5313.9015.2116.3517.5918.8020.0021.1922.3523.50
Pretax Costs3244.162765.423255.873446.023681.333975.324268.374601.034944.845317.985719.276150.856614.997114.157650.98
PTP223.4787.66134.52298.49335.62422.96510.03608.86711.01832.43968.941122.191294.021486.431701.64
Pretax Margin6.443.073.977.978.369.6210.6711.6912.5713.5314.4915.4316.3617.2818.19
Net Income Costs3282.252787.833290.643492.253733.964038.024341.114685.175040.765427.585844.086292.546775.417295.347855.17
Net Income185.3865.2599.75252.26282.99360.26437.29524.73615.09722.83844.13980.501133.591305.231497.45
Net Margin5.352.292.946.747.048.199.1510.0710.8811.7512.6213.4814.3315.1816.01
Revenue Less Capex4110.393964.573701.074060.794029.284070.194110.974157.274205.124251.094297.564344.534392.024440.034488.56
Capex-642.77-1111.49-310.68-316.28-12.32328.09667.421052.621450.731899.322390.662928.513516.984160.554864.06
Capex to Revenues-18.54-38.96-9.16-8.45-0.317.4613.9720.2025.6530.8835.7440.2744.4748.3852.01
Revenue less FCF3696.744242.643497.153844.513463.583255.303047.692812.012568.442373.482193.312026.821872.971730.791599.41
FCF-229.11-1389.56-106.76-100.00553.381142.981730.702397.883087.413776.944494.905246.226036.036869.787753.21
FCF to Revenue-6.61-48.70-3.15-2.6713.7825.9936.2246.0354.5961.4167.2172.1376.3279.8882.90

CANADA Comparables

tickercompanycountryMarket Cap
2019
PE RATIO
2019
PE RATIO
2020
EV/EBITDA
2019
EV/EBITDA
2020
P/S
2019
DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
CSIQ USCanadian Solar IncCANADA 1188.779.447.636.645.920.330.0010.860.8910.6954.31

International Comparables

tickercompanycountryMarket Cap
2019
PE RATIO
2019
PE RATIO
2020
EV/EBITDA
2019
EV/EBITDA
2020
P/S
2019
DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
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XLNX USXilinx IncUNITED STATES 29331.5736.5827.5228.4223.387.101.1434.6911.2234.0848.17
IFX GRInfineon Technologies AGGERMANY 26644.8823.1020.9210.349.202.991.3628.033.3515.0429.25
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KLAC USKLA-Tencor CorpUNITED STATES 20525.1014.9713.8512.2111.114.632.3937.0417.3988.4145.96
MRVL USMarvell Technology Group LtdBERMUDA 16741.1447.3026.9437.8621.304.641.3012.231.66-3.1363.15
STM FPSTMicroelectronics NVSWITZERLAND 16437.0415.4513.537.666.821.711.3721.952.2915.1630.67
MXIM USMaxim Integrated Products IncUNITED STATES 16313.6824.5123.0317.3816.807.043.0838.0810.7639.9025.71
SWKS USSkyworks Solutions IncUNITED STATES 15315.8313.3811.959.218.434.301.7543.323.6528.3610.28
2454 TTMediaTek IncTAIWAN 14944.7421.0317.1712.5110.141.903.2611.561.638.1743.85
QRVO USQorvo IncUNITED STATES 9491.5613.7813.789.339.363.080.0033.242.1114.6810.84
CREE USCree IncUNITED STATES 6978.9984.6253.8726.9421.784.94-17.663.101.8286.20
FSLR USFirst Solar IncUNITED STATES 6452.4124.4618.238.726.741.96-15.201.184.8955.56
2303 TTUnited Microelectronics CorpTAIWAN 5271.6132.8022.013.273.091.133.7734.350.792.5715.15
968 HKXinyi Solar Holdings LtdCHINA 4544.0914.2012.0711.669.963.903.3642.492.7020.1386.80
3034 TTNovatek Microelectronics CorpTAIWAN 3915.7215.7115.0410.489.771.915.0815.473.7024.4249.92
5347 TTVanguard International Semiconductor CorpTAIWAN 3603.9117.4416.309.788.783.694.7232.253.6121.3736.56
2379 TTRealtek Semiconductor CorpTAIWAN 3343.4920.3518.6813.6912.821.993.5611.404.1019.8887.07