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Canadian Solar Inc.
CSIQ Details
Canadian Solar Inc. (NASDAQ: CSIQ) is the solar power and battery company. The Company is the provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia as well as Asia.
Financial Results
Key Updates
CSIQ announced that e-STORAGE, which is the part of the Company's majority-owned subsidiary CSI Solar Co., Ltd., would be launching SolBank 3.0, the latest iteration of the utility-scale energy storage system.
Outlook
The outlook is subject to uncertainty regarding the customer demand, project construction and sale schedules, product sales prices as well as costs, etc. For Q4 FY 2023, the company is expected to post total revenue in between $1.6 Bn - $1.8 Bn.
Fundamental Valuation
P/E Based Relative Valuation (Illustrative)
Key Risks
CSIQ is exposed to the risks related to the supply chain constraints, geopolitical conflicts, the state of the solar as well as battery storage market and industry, etc.
Stock Recommendation
The stock has made a 52-week low and high of USD 17.82 and USD 45.29, respectively. The company is exposed to risks like delays in new product introduction, delays in utility-scale project approval process, etc. Therefore, investors should exit the stock.
Hence, a ‘Sell’ rating has been provided on the stock at the closing price of USD 26.43 per share, up by 2.4% as on 28th December 2023.
Technical Overview:
Daily Price Chart
Markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
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