Thank you for this deep dive, but my big concern is the almost $6 Billion in debt they carry on the balance sheet which gives me a lot of pause before investing in something like this
Good point. I think more detailed segment financial statements would provide helpful insight. Debt which is secured by stabilized operating utility assets should be low risk. CSIQ does show that of Recurrent Energy's $2.5Bn in debt, $1.1Bn is non-recourse.
fslr has no advantage. it is surviving because of government subsides. and its scale is tiny compared to major players. flsr heavily sponsored Biden to get all they want in the past a few years. it is going to collapse in a fair competition. meanwhile csiq has the best earning result among the major players during this crazy down cycle
Thank you for this deep dive, but my big concern is the almost $6 Billion in debt they carry on the balance sheet which gives me a lot of pause before investing in something like this
Good point. I think more detailed segment financial statements would provide helpful insight. Debt which is secured by stabilized operating utility assets should be low risk. CSIQ does show that of Recurrent Energy's $2.5Bn in debt, $1.1Bn is non-recourse.
The very lack of disclosures you mention in the article is the key reason most investors will continue to avoid CSIQ.
The NAV discount itself is irrelevant as there is a zero likelihood that anyone would buy out CSIQ to realise that discount.
Even FSLR with all it's advantages is not able to rally within the solar sector.
fslr has no advantage. it is surviving because of government subsides. and its scale is tiny compared to major players. flsr heavily sponsored Biden to get all they want in the past a few years. it is going to collapse in a fair competition. meanwhile csiq has the best earning result among the major players during this crazy down cycle