Projected Income Statement: Trina Solar Co., Ltd.

Forecast Balance Sheet: Trina Solar Co., Ltd.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - 6,265 -1,898 4,989 23,721 25,828 33,884 35,927
Change - - -130.3% 362.86% 375.47% 8.88% 31.19% 6.03%
Announcement Date 2/24/21 2/22/22 2/23/23 2/23/24 2/27/25 - - -
1CNY in Million
Estimates

Cash Flow Forecast: Trina Solar Co., Ltd.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 4,687 6,427 8,076 18,791 13,142 5,615 5,816 5,782
Change - 37.13% 25.65% 132.68% -30.06% -57.28% 3.58% -0.58%
Free Cash Flow (FCF) 1 - -5,329 1,161 5,205 -5,134 - - -
Change - - 121.79% 348.32% -198.64% 100% - -
Announcement Date 2/24/21 2/22/22 2/23/23 2/23/24 2/27/25 - - -
1CNY in Million
Estimates

Forecast Financial Ratios: Trina Solar Co., Ltd.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) - 7.96% 7.36% 8.99% 5.63% 1.79% 6.89% 8.91%
EBIT Margin (%) 4.95% 5.32% 4.99% 6.13% -4.69% -8.43% 2.77% 4.25%
EBT Margin (%) 4.86% 5.35% 4.89% 5.76% -4.56% -8.98% 0.62% 3.27%
Net margin (%) 4.17% 4.22% 4.35% 4.88% -4.3% -8.1% -1.51% 2.68%
FCF margin (%) - -11.98% 1.36% 4.59% -6.39% - - -
FCF / Net Income (%) - -284.01% 31.29% 94.11% 148.61% - - -

Profitability

        
ROA 3% 3.44% 4.55% 5.26% -2.81% -5.53% -1.53% 2.17%
ROE 8.94% 11.79% 16.16% 18.97% -11.9% -24.14% -4.47% 10.66%

Financial Health

        
Leverage (Debt/EBITDA) - 1.77x - 0.49x 5.24x 20.82x 6x 4.24x
Debt / Free cash flow - -1.18x - 0.96x -4.62x - - -

Capital Intensity

        
CAPEX / Current Assets (%) 15.88% 14.45% 9.47% 16.57% 16.36% 8.11% 7.1% 6.08%
CAPEX / EBITDA (%) - 181.55% 128.75% 184.25% 290.42% 452.7% 103.04% 68.21%
CAPEX / FCF (%) - -120.61% 695.55% 360.99% -255.97% - - -

Items per share

        
Cash flow per share 1 1.45 0.5295 4.25 11.04 3.674 4.05 4.38 4.885
Change - -63.47% 702.72% 159.74% -66.72% 10.22% 8.15% 11.53%
Dividend per Share 1 - 0.23 0.478 0.633 - - - 0.2185
Change - - 107.83% 32.43% - - - -
Book Value Per Share 1 - 8.25 12.12 14.22 12.29 9.06 8.785 9.815
Change - - 46.91% 17.3% -13.55% -26.28% -3.04% 11.72%
EPS 1 0.64 0.91 1.73 2.42 -1.59 -2.53 -0.5467 1.165
Change - 42.19% 90.11% 39.88% -165.7% -59.11% 78.39% 313.18%
Nbr of stocks (in thousands) 2,068,026 2,068,026 2,169,325 2,165,534 2,166,794 2,323,888 2,323,888 2,323,888
Announcement Date 2/24/21 2/22/22 2/23/23 2/23/24 2/27/25 - - -
1CNY
Estimates
2025 *2026 *
P/E ratio -7.81x -36.1x
PBR 2.18x 2.25x
EV / Sales 1.04x 0.97x
Yield - -

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
19.76CNY
Average target price
24.02CNY
Spread / Average Target
+21.57%

Quarterly revenue - Rate of surprise

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  4. Financials Trina Solar Co., Ltd.