Collins Stewart Highlights Value of JA Solar (JASO) Related to Bosch Deal With Ersol Solar
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Collins Stewart discusses JA Solar Holdings Co., Ltd. (Nasdaq: JASO) related to news that Robert Bosch agreed to buy a 50.45% stake in Ersol Solar Energy.
The firm said the valuation being paid by Bosch implies a P/E of 21.4x Ersol's expected EPS in 2009, while JASO trades at 13.4x CY09 estimates. The firm said JASO's 2008 P/S is 3.3x and slightly below the 3.5x in the Bosch bid for Ersol. Collins Stewart also said Ersol is significantly more capital intensive than JASO and JASO has a much higher return on asset.
The firm notes that JASO tends to have superior growth, profitability and return on asset characteristics to those of competitors, while trading at a discount to them.
Collins Stewart has a Buy rating and $32 price target on JASO.
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