Abdalla Al-ayrot
Long only, deep value, special situations

High-Growth Company Trading At Ben Graham-Like Price

Business Overview

Canadian Solar Inc. (NASDAQ:CSIQ) is one of the world's leading vertically integrated solar module manufacturers, with production facilities located in China and Canada. The company has two strategic business units ("SBUs"):

  1. Solar cells and modules production
  2. Total solutions business

The solar cells and modules production SBU consists of production facilities in Canada (530MW capacity) and China (2,079MW). The company has one of the industry's lowest production costs per W. This is due to management's focus on reducing costs during the multi-year overcapacity in the industry. Their efforts have paid off, in the sense that the company's average production costs per W ("APC") has decreased by 61% in 2.5 years, from $1.31 in Q2 2011 to $0.53...

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