Canadian Solar Inc. (CSIQ)

Market price: $9.70

3 valuation methods

• EV / EBITDA: $0.00 to $91.73 (midpoint $21.15)
• P / E — mid-cycle: $22.80 to $62.57 (midpoint $38.72)
• EV / EBITDA — mid-cycle: $0.00 to $140.73 (midpoint $43.25)

Debt is most of what funds this company — its shares are about 7% of its total enterprise value. The enterprise-value bars here (2) value the whole business and then subtract the debt, so a small difference in the business's value becomes a large one per share. That is arithmetic, not a fault in the estimate, but it is why those ranges are wide.