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Renesola to Gain From Domestic & Foreign Late-Stage Projects
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Renesola Ltd. (SOL - Free Report) is poised to gain from its steady flow of contracts from domestic as well as international customers.
We recently issued an updated research report on Renesola. Estimates for the company have been revised upward in the past 60 days. Notably, the Zacks Consensus Estimate for the company’s 2019 and 2020 earnings has moved up 150% and 20% to 15 cents and 12 cents, respectively.
Additionally, the company delivered average four-quarter positive earnings surprise of 174.24%.
What’s Driving the Stock?
The company, on the back of successful execution of its downstream strategy, is currently expanding business in the international markets of Vietnam, Canada, Poland, Hungary, France, Spain and Turkey. Also, Renesola is actively pursuing opportunities in new markets like South Korea and India. As of Jun 30, it had 55 MW, 4.3 MW and 7.7 MW of completed projects in Poland, Canada and Hungary, respectively. These projects are currently up for sale.
On the domestic front, the company believes that the China rooftop solar market holds significant opportunities for expansion. As of Jun 30, ReneSola owned nearly 240.6 MW of rooftop projects, of which 201.3 MW projects are operated in China. Moreover, the company currently has more than 5 MW of rooftop projects under construction and expects to own approximately 350-400 MW of rooftop projects in China by the end of 2020.
ReneSola’s latest pipeline in Hungary has more than 67 micro projects, each with a capacity of 0.5 MW. This takes the total capacity to approximately 33.6 MW. The micro projects are under construction and will be connected to the grid in 2019. Of the late-stage projects, 21 MW are under construction and expected to be connected to the grid in the fourth quarter of 2019 or the first quarter of 2020. Such favorable growth projections and investment plans will likely enable ReneSola to achieve its long-term goals in DG projects.
However, revenues denominated in foreign currencies, foreign currency exchange risk as well as imposition of tariff on the import of solar panels and modules are tailwinds.
Price Movement
Shares of Renesola have surged 49.6% in the past three months compared with the industry’s rise of 15.5%.
Some other top-ranked stocks in the same industry are Canadian Solar Inc (CSIQ - Free Report) , SolarEdge Technologies, Inc (SEDG - Free Report) and Enphase Energy, Inc (ENPH - Free Report) . Canadian Solar and SolarEdge Technologies sport Zacks Rank #1, while Enphase Energy carries a Zacks Rank #2.
Canadian Solar delivered an average positive surprise of 115.66% in the last four quarters. The company’s long-term earnings growth is pegged at 32%.
SolarEdge Technologies delivered an average positive surprise of 1.23% in the trailing four quarters. The company’s long-term earnings growth is pegged at 22%.
For 2019, earnings estimates for Enphase Energy skyrocketed 690% on a year-over-year basis to 79 cents per share. The company delivered an average positive surprise of 16.28% in the trailing four quartersToday's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
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Renesola to Gain From Domestic & Foreign Late-Stage Projects
Renesola Ltd. (SOL - Free Report) is poised to gain from its steady flow of contracts from domestic as well as international customers.
We recently issued an updated research report on Renesola. Estimates for the company have been revised upward in the past 60 days. Notably, the Zacks Consensus Estimate for the company’s 2019 and 2020 earnings has moved up 150% and 20% to 15 cents and 12 cents, respectively.
Additionally, the company delivered average four-quarter positive earnings surprise of 174.24%.
What’s Driving the Stock?
The company, on the back of successful execution of its downstream strategy, is currently expanding business in the international markets of Vietnam, Canada, Poland, Hungary, France, Spain and Turkey. Also, Renesola is actively pursuing opportunities in new markets like South Korea and India. As of Jun 30, it had 55 MW, 4.3 MW and 7.7 MW of completed projects in Poland, Canada and Hungary, respectively. These projects are currently up for sale.
On the domestic front, the company believes that the China rooftop solar market holds significant opportunities for expansion. As of Jun 30, ReneSola owned nearly 240.6 MW of rooftop projects, of which 201.3 MW projects are operated in China. Moreover, the company currently has more than 5 MW of rooftop projects under construction and expects to own approximately 350-400 MW of rooftop projects in China by the end of 2020.
ReneSola’s latest pipeline in Hungary has more than 67 micro projects, each with a capacity of 0.5 MW. This takes the total capacity to approximately 33.6 MW. The micro projects are under construction and will be connected to the grid in 2019. Of the late-stage projects, 21 MW are under construction and expected to be connected to the grid in the fourth quarter of 2019 or the first quarter of 2020. Such favorable growth projections and investment plans will likely enable ReneSola to achieve its long-term goals in DG projects.
However, revenues denominated in foreign currencies, foreign currency exchange risk as well as imposition of tariff on the import of solar panels and modules are tailwinds.
Price Movement
Shares of Renesola have surged 49.6% in the past three months compared with the industry’s rise of 15.5%.
Zacks Rank & Key Picks
The company currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other top-ranked stocks in the same industry are Canadian Solar Inc (CSIQ - Free Report) , SolarEdge Technologies, Inc (SEDG - Free Report) and Enphase Energy, Inc (ENPH - Free Report) . Canadian Solar and SolarEdge Technologies sport Zacks Rank #1, while Enphase Energy carries a Zacks Rank #2.
Canadian Solar delivered an average positive surprise of 115.66% in the last four quarters. The company’s long-term earnings growth is pegged at 32%.
SolarEdge Technologies delivered an average positive surprise of 1.23% in the trailing four quarters. The company’s long-term earnings growth is pegged at 22%.
For 2019, earnings estimates for Enphase Energy skyrocketed 690% on a year-over-year basis to 79 cents per share. The company delivered an average positive surprise of 16.28% in the trailing four quartersToday's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>