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Canadian Solar Inc.(CSIQ)

 
123Jump Rating: - Value Gap   Underwriters: Deutsche Bank Sec.
      Lehman Brothers
Status: Priced  
 
Address: Xin Zhuang Industry Pk., Changshu Suzhou,
Jiangsu 215151,
FiledDate: 2006-10-23 00:00:00
  Jiangsu 215151,
   
  China
Filed Price Range ($): $13.00-15.00
       
Telephone: +86-512-6269-6011 Filed Offer Amount ($ Million): $132.82
       
Fax: +86-512-5247-7589 Shares Offered (Millions): 7.70
       
Websites: www.csisolar.com Shares Outstanding (Millions): 27.27
       
Management: Shawn Qu, Chair./Pres./CEO
IPO Date: 11/09/2006
  Bing Zhu, CFO/Dir.
   
  Robert Patterson, VP
Final Offer Price ($): $15.00
       
Industry: Energy Final Offer Size (Millions of Shares): 7.70
       
Employees: 196 Final Offer Amount ($ Million): $115.50
       
Competitors: BP Solar
S-1 Forms: 2006 S1-Form  download
  Shell Solar
   
  Suntech Power
 
       
     
     
     
       
 
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Major Stock Holders   (Prior To Offering)

Name

Class A
ATS Automation Tooling Systems Inc. 8.89%
HSBC HAV2 (III) Limited 17.09%
JAFCO Asia Technology Fund II (Barbados) Limited 8.82%
Shawn (Xiaohua) Qu 65.20%

Major Stock Holders  (After Offering)

Name

Common Stock Class A Class B Class C Class L ADS
ATS Automation Tooling Systems Inc. % 6.84% % % % %
HSBC HAV2 (III) Limited % 9.76% % % % %
JAFCO Asia Technology Fund II (Barbados) Limited % 5.04% % % % %
Shawn (Xiaohua) Qu % 50.14% % % % %

Business Environment

Solar power has recently emerged as one of the most rapidly growing renewable energy sources. Solar cells are fabricated from silicon wafers and convert sunlight into electricity through a process known as the photovoltaic effect. Solar modules, which are an array of interconnected solar cells encased in a weatherproof frame, are mounted in areas with direct exposure to the sun to generate electricity from sunlight.

Although solar power technology has been used for several decades, the solar power market has grown significantly in the past several years. According to Solarbuzz, the global solar power market, as measured by annual solar power system installations, increased from 345 MW in 2001 to 1,460 MW in 2005, representing a CAGR of 43.4%.

During the same period, solar power industry revenues grew from approximately $2.4 billion in 2001 to approximately $9.8 billion in 2005, representing a CAGR of 42.2%. Solarbuzz projects that solar power industry revenues and solar power system installations will reach $18.6 billion and 3,250 MW, respectively, by 2010.

Worldwide installations of solar power systems are expected to grow at a CAGR of 17.4% from 2005 to 2010, driven largely by on-grid shipments, according to Solarbuzz. Growth in the near term will be constrained by the limited availability of high-purity silicon, but, according to Solarbuzz, is expected to accelerate after 2007.

Company Strategy
The Company designs, manufactures and sells solar module products that convert sunlight into electricity for a variety of uses.

Product/Services Portfolio
The Company currently designs, develops, manufactures and sells solar module products, which consist of standard solar modules and specialty solar modules and products.

The Company’s standard solar modules are an array of interconnected solar cells encased in a weatherproof frame. The Company produces a wide variety of standard solar modules, currently ranging from 0.2 W to 300 W in power and using multi-crystalline and mono-crystalline solar cells.

The Company designs and manufactures specialty solar modules and products based on its customers’ specifications and requirements. The Company’s specialty solar modules and products consist of: customized solar modules; and complete specialty products.

- The customized solar modules are solar modules that the Company designs and manufactures for customers who incorporate its customized solar modules as a component of their own products;

- The Company designs and manufactures its complete specialty products, which combine the solar modules with various electronic components that the Company purchases from third party suppliers.

The Company also implements solar power development projects, primarily in conjunction with government organizations, to provide solar power generation in rural areas of China.

Investment Analysis
Total net revenues increased from $7.0 million for the six months ended June 30, 2005 to $26.0 million for the six months ended June 30, 2006.

Cost of revenues increased from $3.9 million for the six months ended June 30, 2005 to $18.6 million for the six months ended June 30, 2006.

Gross profit increased significantly from $3.1 million for the six months ended June 30, 2005 to $7.4 million for the six months ended June 30, 2006.

Operating expenses increased by 177.5% from $836,690 for the six months ended June 30, 2005 to $2.3 million for the six months ended June 30, 2006.

Interest expenses was approximately $1.6 million for the six months ended June 30, 2006 compared to none for the six months ended June 30, 2005.

Net income was $1.9 million for the six months ended June 30, 2005, as compared to a $4.6 million net loss for the six months ended June 30, 2006.

Income Data (Thousand $ Except EPS)
Year Revenues Costs Oper Income Taxes Net Income EPS
2003 4,113,175 2,372,314 643,267 -33,560 761,245 0.05
2004 9,684,820 6,465,191 1,840,542 -362,882 1,456,666 0.09
2005 18,323,800 11,210,878 5,231,104 -605,402 3,803,953 0.25
2006 26,041,055 18,623,364 5,094,508 110,568 -4,563,931 -0.30
*As of period ended June 30, 2006

Balance Sheet Data (Thousand $)

Year

Cash Acct Recv. Inventory Total Cur Assets Total Cur Liability PPE Total Assets LT Debt SH Equity
2003 1,879,083 257,114 312,960 2,794,568 1,201,169 243,560 3,053,477 0.00 1,512,425
2004 2,058,679 635,679 2,397,477 5,660,754 2,756,038 453,044 6,144,992 0.00 2,961,386
2005 6,279,795 2,067,162 12,162,588 26,432,840 15,367,163 931,958 27,430,017 0.00 6,967,080
2006 10,681,975 6,134,414 26,398,480 55,194,204 32,884,828 1,238,785 57,505,197 0.00 13,581,830
*As of period ended June 30, 2006

Cash Flow Summary (Thousand $)

Year

Net Cash-Ops Net Cash-Inv Net Cash-Fin Net Change
2003 1,752,431 -441,499 0.00 1,283,236
2004 439,550 -252,249 0.00 179,596
2005 -4,670,348 -645,997 9,330,315 4,221,116
2006 -10,146,413 -1,159,284 15,478,374 4,402,180
*As of period ended June 30, 2006
 

 

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.

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