JA Solar Holdings Co Ltd

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JASO : NASDAQ : Technology
$5.22 up 0.01 | 0.19%
Today's Range: 5.18 - 5.35
Avg. Daily Volume: 527000.0
12/09/16 - 4:00 PM ET

Financial Analysis


JA SOLAR HOLDINGS CO LTD's gross profit margin for the third quarter of its fiscal year 2016 has decreased when compared to the same period a year ago. Even though sales increased, the net income has decreased, representing a decrease to the bottom line. JA SOLAR HOLDINGS CO LTD has weak liquidity. Currently, the Quick Ratio is 0.69 which shows a lack of ability to cover short-term cash needs. The liquidity decreased from the same period a year ago, despite already having weak liquidity to begin with. This would indicate deteriorating cash flow.

At the same time, stockholders' equity ("net worth") has remained virtually unchanged only increasing by 4.31% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the future.

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Income Statement Q3 FY16 Q3 FY15
Net Sales ($mil)620.4580.78
EBITDA ($mil)0.00.0
EBIT ($mil)18.045.86
Net Income ($mil)6.5640.11


Balance Sheet Q3 FY16 Q3 FY15
Cash & Equiv. ($mil)412.15411.98
Total Assets ($mil)2798.482405.31
Total Debt ($mil)896.79761.64
Equity ($mil)923.82885.58


Profitability Q3 FY16 Q3 FY15
Gross Profit Margin13.7917.79
EBITDA Margin0.00.0
Operating Margin2.97.9
Sales Turnover0.870.82
Return on Assets2.973.82
Return on Equity9.0210.37
Debt Q3 FY16 Q3 FY15
Current Ratio1.181.45
Debt/Capital0.490.46
Interest Expense11.248.67
Interest Coverage1.65.29


Share Data Q3 FY16 Q3 FY15
Shares outstanding (mil)47.5750.46
Div / share0.00.0
EPS0.170.7
Book value / share19.4217.55
Institutional Own % n/a n/a
Avg Daily Volume520067.0490383.0

Valuation


HOLD. JA SOLAR HOLDINGS CO LTD's P/E ratio indicates a significant discount compared to an average of 31.19 for the Semiconductors & Semiconductor Equipment industry and a significant discount compared to the S&P 500 average of 25.79. For additional comparison, its price-to-book ratio of 0.28 indicates a significant discount versus the S&P 500 average of 2.86 and a significant discount versus the industry average of 4.31. The price-to-sales ratio is well below both the S&P 500 average and the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, JA SOLAR HOLDINGS CO LTD proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
JASO 3.81 Peers 31.19   JASO NA Peers 18.58

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

JASO is trading at a significant discount to its peers.

 

Neutral. The P/CF ratio is the stock’s price divided by the sum of the company's cash flow from operations. It is useful for comparing companies with different capital requirements or financing structures.

Ratio not available.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
JASO NM Peers 18.72   JASO NM Peers 2.03

Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations.

JASO is trading at a significant discount to its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

JASO's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
JASO 0.28 Peers 4.31   JASO -7.06 Peers 21.78

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

JASO is trading at a significant discount to its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, JASO is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
JASO 0.11 Peers 4.57   JASO 24.19 Peers 10.48

Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

JASO is trading at a significant discount to its industry on this measurement.

 

Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share.

JASO has a sales growth rate that significantly exceeds its peers.

 

 

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