Company Valuation: Trina Solar Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 47,875 163,167 138,316 61,783 41,819 37,461 37,461 -
Change - 240.82% -15.23% -55.33% -32.31% -10.42% 0% -
Enterprise Value (EV) 1 47,875 169,433 136,418 66,772 65,540 63,289 71,345 73,388
Change - 253.91% -19.49% -51.05% -1.85% -3.43% 12.73% 2.86%
P/E ratio 36.2x 86.7x 36.9x 11.8x -12.1x -5.12x -16.7x 13.8x
PBR - 9.56x 5.26x 2.01x 1.57x 1.76x 1.83x 1.64x
PEG - 2.1x 0.4x 0.3x 0x -0x 0.3x -0x
Capitalization / Revenue 1.62x 3.67x 1.62x 0.54x 0.52x 0.57x 0.46x 0.39x
EV / Revenue 1.62x 3.81x 1.6x 0.59x 0.82x 0.91x 0.88x 0.77x
EV / EBITDA - 47.9x 21.7x 6.55x 14.5x 51x 9.57x 8.66x
EV / EBIT 32.8x 71.6x 32.1x 9.6x -17.4x -10.8x 31.5x 18.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - 0.23 0.478 0.633 - - - 0.2185
Rate of return - 0.29% 0.75% 2.22% - - - 1.36%
EPS 2 0.64 0.91 1.73 2.42 -1.59 -3.23 -0.9664 1.165
Distribution rate - 25.3% 27.6% 26.2% - - - 18.7%
Net sales 1 29,505 44,490 85,248 113,392 80,334 67,279 81,014 95,165
EBITDA 1 - 3,540 6,273 10,199 4,525 1,240 7,455 8,477
EBIT 1 1,460 2,367 4,250 6,955 -3,766 -8,023 2,268 4,044
Net income 1 1,232 1,876 3,711 5,531 -3,455 -6,994 -2,148 2,554
Net Debt 1 - 6,265 -1,898 4,989 23,721 25,828 33,884 35,927
Reference price 2 23.15 78.90 63.76 28.53 19.30 16.12 16.12 16.12
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 -
Announcement Date 2/24/21 2/22/22 2/23/23 2/23/24 2/27/25 2/26/26 - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-6.37x0.91x51.03x-.--% 5.49B
43.28x3.12x21.5x1.05% 168B
17.25x2.32x12.43x1.32% 39.32B
39.56x1.03x14.59x1.71% 5.24B
98.8x - - 0.21% 3.02B
23.09x - - - 2.2B
32.25x0.98x6.69x-.--% 1.1B
Average 35.41x 1.67x 21.25x 0.72% 32.04B
Weighted average by Cap. 37.91x 2.86x 20.37x 1.07%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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